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Essay / Research Paper Abstract
This 5 page paper looks at the Australian Corporations Act 2001 to see if the act provides sufficient controls on the behaviour of the directors of public companies. This is discussed with reference to the failure of HIH and the Joint Committee of Public Accounts and Audit report. The bibliography cites 8 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEcorpact.rtf
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Unformatted sample text from the term paper:
for the shareholders. However, Australia has seen as spate of failures where directors do not appear to be performing as shareholders would wish, with a low level of perceived accountability
and a disregard for the spirit, if not always the letter of the law. It has been argued that corporate governance and the Corporations Act 2001 are not placing sufficient
controls on directors to increase the accountability of directors. To consider this we need to look at how and why the act may be falling short of expectations and what
can be done to change this situation. Corporate governance is the way in which this is undertaken. Directors may be seen as
acting for the shareholders, running the company on their behalf, however, this also means, as agents, there need to be some controls in order to protect the shareholders from negligent
actions on the part of the directors. The Australian Corporation Act 2001 has been the result of a decade of change, were the regulation of corporations have moved form regulated
at state level, to being regulated at national level, with cases such as Re Wakim (1999) and R v Huges (2000) establishing that this move was constitutional (Lexis, 2004). The
idea may have been to increase protection for shareholders and develop uniform standards, but with a string of failures, such as HIH, the question remains, does the most recent of
these acts, The Corporation Act 2001 give enough safeguards by placing sufficient controls on the actions of directors, or is it still falling short of the level required?
The duty and responsibilities of directors have been enshrined in both statute and common law for many years, these include the duty of care and
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