Question 4 (11 marks) Picasso is the Chief Executive Officer of his company. He becomes aware that his company is seeking to tender some artwork needed by the company. Picassos cousin is in the art business, so Picasso tells him of the possibility of working with his company. Picasso tells his cousin the price range that the company will consider and something about other companies that are tendering. Picasso attends the meeting where they consider who will get the tender for the artwork but does not disclose his connection with his cousin, who has put in a tender and won the contract.

Required: Does Picasso have any potential liability for what he has done or has not done? Explain your answer. Cite relevant provisions of the Corporations Act 2001 (Cth).