Newcrest has vowed to implement all the recommendations of an independent review of its disclosure practices, which the gold miner commissioned in the wake of claims it selectively briefed investment analysts about health of its business earlier this year.

The review, conducted by former ABC and Australian Securities Exchange chairman Maurice Newman, recommended that the company "tighten" its policies and procedures around disclosing financial information to the market.

But it said there was no sign that the company takes a "lax" approach to investor relations.

Newcrest chairman Don Mercer says the company's board supports "in principle all of Dr Newman's recommendations".

"We will now proceed with their implementation, noting that a number are already reflected, fully or in part, in existing company policies and procedures.”

Dr Newman was hired to investigate Newcrest's disclosure practices after the company's share price collapsed in the days before it announced major job cuts and writedowns on the value of its assets.

The sell-off triggered claims Newcrest had passed on information to analysts before releasing it to the market.

In the review, Dr Newman says there is no "smoking gun" indicating serious problems with Newcrest's disclosure practices.

"My sense is that the company takes its continuous disclosure obligations very seriously and, by and large, has in place processes to reinforce this," he wrote.

"That does not mean improvements in investor relations policies and procedures cannot be made."

The review recommends that the company imposes a "blackout period" banning contact with investors for up to 14 days before board meetings and major announcements.

It calls for all analyst briefing materials to be made public, and for meetings with investors to be recorded or broadcast.

And it recommends that the company conducts post-briefing audits to ensure no new material has been "inadvertently disclosed" to investors.

The Australian Securities Investment Commission is conducting its own investigation into Newcrest's disclosure practices.

 

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