The Architecture of Corporate Governance in Australia - Corporate Governance - National Report: Australia

COMPARATIVE CORPORATE GOVERNANCE, K. J. Hopt, ed., Cambridge University Press, Forthcoming

Sydney Law School Research Paper No. 10/75

Vanderbilt Law and Economics Research Paper No. 10-24

ECGI - Law Working Paper No. 164/2010

67 Pages Posted: 14 Aug 2010 Last revised: 21 Mar 2012

Jennifer G. Hill

University of Sydney - Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: August 12, 2010

Abstract

The paper was prepared as the Australian National Report on Corporate Governance for the International Academy of Comparative Law, 18th International Congress of Comparative Law, which was held in Washington from July 25 - August 1, 2010. The paper provides an overview of the structure of corporate governance in Australia, focusing on a number of recent developments in this area. Many elements of Australian corporate law differ markedly from the U.S. system. Specific corporate governance issues, which are discussed in the paper in an Australian context include: the effect of financial scandals on corporate law reform; composition and structure of the board of directors, including recent developments concerning board diversity; directors’ duties and the operation of the antipodean version of the business judgment rule; trends in the structure and regulation of executive compensation; shareholder rights and minority shareholder protection; shareholder activism; takeover regulation; the continuous disclosure regime; and enforcement by regulator, the Australian Securities and Investments Commission (ASIC).

Keywords: Australia, corporate governance, comparative corporate governance, corporate law, corporate scandals, board structure, independent directors, directors’ duties, business judgment rule, institutional investors, shareholder rights, continuous disclosure, enforcement

JEL Classification: D70, G01, G30, G32, G34, G38, K20, K22, K33, N20, M14

Suggested Citation

Hill, Jennifer G., The Architecture of Corporate Governance in Australia - Corporate Governance - National Report: Australia (August 12, 2010). Sydney Law School Research Paper No. 10/75; COMPARATIVE CORPORATE GOVERNANCE, K. J. Hopt, ed., Cambridge University Press, Forthcoming; Sydney Law School Research Paper No. 10/75; Vanderbilt Law and Economics Research Paper No. 10-24; ECGI - Law Working Paper No. 164/2010. Available at SSRN: https://ssrn.com/abstract=1657810

Jennifer G. Hill (Contact Author)

University of Sydney - Faculty of Law ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia
+61 2 9351 0280 (Phone)
+61 2 9351 0200 (Fax)

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

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