ASIC unveils new strategy to aid small business directors

The Australian Securities and Investments Commission (ASIC) has launched a refreshed small‑business strategy aimed at helping directors understand and meet their legal obligations. The plan focuses on four pillars – education, simplification, engagement and collaboration, and targeted enforcement – and is built on research involving 400 small‑business directors. While most directors felt confident about their duties, many were unsure of the consequences of non‑compliance and cited time pressures, regulatory complexity and the cost of professional advice as barriers.

ASIC Chair Sarah Court noted that more than 2.7 million small businesses operate in Australia and that their success is vital to communities and the economy. As part of the initiative, ASIC introduced the Small Business Director Essentials Hub, a digital resource offering guidance, learning modules and a director roadmap covering the full company lifecycle. ASIC Commissioner Kate O’Rourke highlighted the hub’s role in simplifying access to information and protecting small businesses, creditors and consumers from misconduct, while also improving the usability of ASIC’s registers, portals and digital services.