Newcrest brings on its own investigation

Gold miner Newcrest will conduct an independent review of its market disclosure practices. Source: AAP

GOLD miner Newcrest has brought in an experienced banking and financial executive to review its disclosure practices amid a scandal over recent announcements to the market.

Newcrest is currently under investigation by the Australian Securities and Investments Commission (ASIC) for events leading up to the company's announcement of a $6 billion writedown earlier this month.

The company's shares plunged in the days leading up to the announcement, and there have been claims Newcrest tipped off some analysts about the writedowns before making an announcement to the market.

Newcrest has recruited former ASX chairman Maurice Newman to conduct an independent review of its disclosure and investor relations practices, it announced on Tuesday.

"Whilst the board is already reviewing events leading up to 7 June 2013, we have decided to obtain an independent perspective," Newcrest chairman Don Mercer said on Tuesday.

Mr Newman worked for 40 years in stockbroking and investment banking.

He will provide a report to the Newcrest board as soon as possible, including recommendations for any improvements or changes in the company's disclosure practices.

"If steps are required to be taken as a result of the review of these matters, the board will ensure that this occurs without delay," Mr Mercer said.

"I intend to report publicly on any resulting actions we decide are necessary."

Chief executive Greg Robinson said Newcrest would continue to cooperate fully with any and all information requests and queries from the regulators investigating the company's recent disclosures.

Newcrest shares have fallen to decade-long lows since the writedowns were announced, and lost a further 23 cents, or 2.4 per cent, to $9.30 on Tuesday.

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