Failure in Law Reform: The Case of Amp Limited

10 Pages Posted: 31 Dec 2000

See all articles by Shann Turnbull

Shann Turnbull

International Institute for Self-Governance; Sustainable Money Working Group; New Garden City Alliance

Date Written: November 2000


This article describes how directors subject to Anglophile corporate law can make themselves unaccountable to shareholders through their power to control shareholder meetings. The case study illustrates why extensive corporate law reform in Australia and the reforms being considered in the UK and Hong Kong will be an exercise in futility in making directors accountable to investors to improve either corporate performance or investor protection while permitting public companies to be controlled by a unitary board. The articles describes how Anglo corporate law allows corporations to adopt unethical constitutions and how a prominent director appointed by the Australian government to chair a committee to advise on reform of the financial system acted unethically in his role as chair of the largest financial institution in the country. These problems suggest why failures also arise in developing and transitional economies that adopt the Anglo governance system. The Peoples Republic of China could also become infected through Hong Kong with the defects of contemporary Anglophile law and listing rules.

Keywords: AMP Limited, Conduct of meetings, Corporate governance, Director accountability, Ethics, Law reform failure, Shareholder activism

JEL Classification: G3, K2

Suggested Citation

Turnbull, Shann, Failure in Law Reform: The Case of Amp Limited (November 2000). Available at SSRN:

Shann Turnbull (Contact Author)

International Institute for Self-Governance ( email )

PO Box 266 Woollahra
Cell: +61418222378
Sydney, New South Wales 1350
+61293278487 (Phone)
+61280655905 (Fax)

SKYPE: shann.turnbull

Sustainable Money Working Group ( email )

Holyoake House
Hanover Street
Manchester, M60 0AS
United Kingdom

New Garden City Alliance ( email )

113 Guinness Court
London, UK, SE1 3TA
United Kingdom
+44 207 378 1902 (Phone)


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