Governance News — 25 March 2014: corporate law and governance developments in Australia and overseas

Boards and directors: the Australian Financial Review (AFR) has reported that highly regarded chairman David Gonski believes excessive expectations of boards are sapping them of risk-taking initiative and hampering long-term performance. Also this week, director workload was topical with proxy adviser Institutional Shareholder Services (ISS) reportedly warning QBE shareholders against the proposed appointment of a Hong Kong-based nominee who already holds seven other directorships. And the dual questions of what makes a director independent and whether board independence adds value for shareholders have been explored by journalist Domini Stuart in the Company Director Magazine.

Directors’ and officers’ duties: Dr Bob Austin, the head of Corporate HQ Advisory, has called for statutory reform to introduce an effective business judgment rule so that company directors can make honest entrepreneurial decisions without fear of liability, and to that end he has prepared a draft rule. Also on the subject of director liability, the Australian Institute of Company Directors has urged the new Tasmanian government to fix ‘outdated director liability laws’, which it says impose an ‘excessive liability burden’ on directors; and a recent Supreme Court decision highlights the difficulties and potential dangers for directors in managing competing interests within a family-controlled corporate group…

Click on the link below to read the rest of the Minter Ellison briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Minter Ellison

View more briefings from Minter Ellison

Overview

Level 19, Aurora Place
88 Phillip Street
Sydney
2000
Australia
http://www.minterellison.com

Jurisdiction: Australia
No. of offices: 10
No. of qualified lawyers: 791