Steadfast Group has rejected allegations made in the Four Corners program last week, saying important information was selectively presented and it is fully committed to a transparent and competitive marketplace.

The company says the ABC program made no mention of the fact it commissioned John Trowbridge in late 2021 to conduct an independent review identifying how remuneration, transparency and disclosure practices could be improved.

Steadfast has already acted to improve its strata title remuneration transparency after the three Trowbridge reports and will undertake a further review to identify and address inappropriate behaviours, it said in statements to the Australian Securities Exchange.

“Steadfast is naturally concerned about any case that may fall short of our standards and expectations,” CEO Robert Kelly said. “Should instances be raised that require further action, we will of course investigate and act to rectify any shortfalls in our processes and procedures.”

The company’s shares were placed in a trading halt ahead of last Monday night’s program and slumped more than 10% when trading resumed on Tuesday.

The shares were trading at $5.63 about lunchtime today, down from $6.35 at the close on Friday September 6.

Steadfast says all its businesses, including brokerages and underwriting agencies, operate independently and compete with each other, and has rejected the allegation that brokers were misleading customers.

The program said in one example that a broker recommended a quote from Steadfast-owned CHU when there was another cheaper quote from SCI that was not put to the property owners.

But Steadfast says in its statement that the SCI quote required confirmation in advance that the building did not have defects.

At the time of renewal presentation, there was no confirmation the customer could accept conditions confirming the building contained no defects, and the broker did not believe it was appropriate to present quotes requiring that confirmation.

Steadfast says it supports the NSW government’s strengthening of legislation and increased oversight of the strata industry.