2019 has been a watershed year for the law of corporate governance. The conclusion of the Hayne Royal Commission in February 2019 heralded the beginning of a swathe of wide-ranging changes affecting not only officers and directors in the financial services industry, but all individuals involved in the management and stewardship of companies in Australia.
Regulators are more well-resourced and emboldened than ever – aided, in no doubt, by legislative changes which have significantly increased the civil and criminal penalties for contravening the Corporations Act and other statutes.
At the same time, the scope of directors’ and officers’ responsibilities have also broadened. For example, the fourth edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, released in February this year, now includes expectations that company leadership act to “preserve and protect” their business’s “reputation and standing in the community”, and consider non-financial risks when making decisions.
To help you stay on top of changes that may affect you, we’ve prepared a short summary of the key regulatory news and cases over the past 12 months.
GRT has a wealth of expertise in partnering with our clients on regulatory matters; with two of our senior lawyers having spent much of their careers working for regulators such as ASIC and the ACCC. For tailored advice on how these developments may affect you and your business, contact us on the details below.
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