Austal (ASX:ASB) said it appointed Sue Murphy, an independent non-executive director, as chair of the audit and risk committee in compliance with listing rules after the ASX noted it appeared that the company was in breach of listing rules because as of a Dec. 5, 2025, letter, the audit committee chair was not an independent director, according to a Friday Australian bourse filing.

Brent Cubis assumed the role of committee chair in February 2025, per the filing. The Austal board believed that although Cubis is not classified as "independent," due to his affiliation with a major shareholder of the company, he is considered as "sufficiently experienced, capable, and sensitive to the perception of independence to be able to bring an independent and objective judgment to his duties" as the audit and risk committee chair.

The company added that it had additional arrangements in place to ensure independent oversight of accounting judgments both before and after Murphy's appointment as committee chair.

Austal's shares jumped 3% in recent trading on Friday.