Late Director Filing Raises Questions on Netlinkz’s Compliance Controls

Background to the Delay

Netlinkz Limited (ASX – NET) recently responded to an Australian Securities Exchange (ASX) query regarding the late lodgement of an Appendix 3X Initial Director’s Interest Notice for newly appointed director Mr. Velasquez. The filing, which should have been submitted within five business days of Mr. Velasquez’s appointment on 1 October 2025, was lodged one day late on 9 October 2025.

The company attributed the delay to an error by the Company Secretary, Guy Robertson, acknowledging the oversight but emphasizing it was not due to systemic failure.

Compliance Framework and Governance

Netlinkz reassured the market that it has established compliance mechanisms under ASX Listing Rule 3.19B to ensure timely disclosure of director interests. These include a Continuous Disclosure Policy, which outlines procedures and responsibilities, primarily managed by the Company Secretary.

Additionally, disclosure of directors’ notifiable interests is a standing agenda item at every board meeting, reinforcing the company’s commitment to transparency and regulatory adherence.

ASX’s Regulatory Expectations and Netlinkz’s Response

The ASX’s letter highlighted the importance of timely disclosures under Listing Rules 3.19A and 3.19B, which are designed to maintain market integrity and investor confidence. While the late filing technically breached these rules, Netlinkz’s response emphasized that its current arrangements are adequate and that no further steps are planned to enhance compliance protocols.

This stance suggests confidence in existing governance structures but leaves open questions about how similar errors will be prevented in the future.

Implications for Investors and Market Watchers

While the incident appears isolated and administrative in nature, it underscores the critical role of company secretaries and internal controls in meeting ASX’s continuous disclosure obligations. For investors, such lapses, even if minor, can raise concerns about the robustness of corporate governance practices.

Market participants will likely monitor Netlinkz’s subsequent filings closely to assess whether this was a one-off error or indicative of broader compliance challenges.