Anthony Heraghty reportedly disclosed misleading information to the company’s board and the market
ASIC has accused former Super Retail Group CEO and managing director Anthony Heraghty of violating directors’ duties and disclosing misleading information to the company’s board and to the market.
ASIC announced that it had initiated civil penalty proceedings today 21 September. It claimed that Heraghty had violated s.180 and s.1309(2) of the Corporations Act by not exercising his powers and discharging his duties with the care and diligence a reasonable person would exercise given the circumstances as well as by sharing misleading information to an ASX company board.
The commission said he did not reveal and manage conflicts of interest from his supposedly secret relationship with a senior executive at the ASX-listed company. In fact, Heraghty remained the executive’s supervisor and contributed to decisions regarding their employment, compensation, benefits, and redundancy package.
He also joined board and committee discussions regarding complaints; moreover, he anticipated legal proceedings regarding the supposed relationship. In addition, he shared or authorized the publication of information for the company’s board and the market that did not include disclosure of the supposed relationship.
“ASIC alleges Mr Heraghty put himself in a position where his personal interests conflicted with his duties to Super Retail Group and that he failed to properly disclose and manage that conflict”, said Sarah Court, ASIC’s chair, in a media release. “This case is not about private relationships, but whether a director properly disclosed and managed conflicts of interest and met their duties to the company and shareholders”.
The commission said Heraghty’s actions exposed Super Retail Group to foreseeable risks of harm such as risks to the company’s corporate reputation, complaints and litigation, regulatory action, costs, and its share price and shareholders. It seeks declarations of contravention, pecuniary penalties and disqualification orders.
“The allegations in this matter raise important issues about governance, transparency and trust in the information provided to boards and the market”, Court said. “Trust and integrity underpin Australia’s market and corporate sector, and it is critical that directors fully meet their obligations of transparency and accountability; where we consider they have failed to do so ASIC will not hesitate to act”.
S.180 violations can result in a maximum penalty ranging from $1,110,000 to $1,565,000 for breaches that took place from 2022 to 2024. Meanwhile, S.1309(2) breaches could lead to penalties of up to $1,565,000 for each violation that occurred in 2024.
Heraghty was Super Retail Group’s CEO, managing director and board member from 31 March 2019 to 15 September 2025.
