He argues:
These dramatic changes require a major rewrite of compulsory disclosure rules. We should replace the outdated singular "reasonable person" benchmark with a more specific test. For example, we could require directors to disclose information if at least, say, 5 per cent of actual or potential investors may deem it price-sensitive. Recent outcries suggest many investors think director margin loan information is. I don't, but as a director I shouldn't deprive many investors of information they think is valuable just because I don't.
This change would generate more disclosures. Directors could readily minimise investor overload risk by flagging announcements that they consider most material. Investors who trust directors could just read the announcements the board flags. Others could readily scan the announcement's web page for items more relevant to them.
This would provide directors with valuable information, too. Observing price impacts of the various announcements helps them understand - rather than pre-judge - what investors find useful. With better information and less wriggle room, directors would serve shareholders' interests better and investors would be better informed.
BTW, you can find the actual continuous disclosure listing rules at the ASX website. <- link to pdf of chapter 3 of the ASX Listing Rules.
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