Penalties Regimes to Counter Corporate Misconduct in Australia – Views of Governance Professionals

Law and Financial Markets Review, 2017, Vol.11, No.1, pp.4-12

37 Pages Posted: 23 Jun 2017 Last revised: 15 Feb 2019

See all articles by George Gilligan

George Gilligan

University of Melbourne - Centre for Corporate Law

Andrew Godwin

Melbourne Law School

Jasper Hedges

Australian National University, Research School of Social Sciences

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: March 1, 2017

Abstract

The issues of corporate misconduct, its effects and how regulators and other law enforcement actors respond to such behaviour are increasingly contentious in Australia and overseas. In the wake of a succession of scandals in recent years in Australia’s financial sector there has been much debate about whether the penalties regimes available to the Australian Securities and Investments Commission (ASIC) are adequate and whether they are being implemented effectively. This paper discusses these issues drawing upon the results of an online survey of members of Governance Institute of Australia (GIA) conducted in mid-2016 by researchers at the University of Melbourne. The survey responses, (n = 365), provide interesting insights into how penalties regimes to counter corporate misconduct are perceived by governance professionals.

Keywords: Penalties, Corporate Misconduct, Regulation, Governance

JEL Classification: G18, G28, K22, K42

Suggested Citation

Gilligan, George and Godwin, Andrew and Hedges, Jasper and Ramsay, Ian, Penalties Regimes to Counter Corporate Misconduct in Australia – Views of Governance Professionals (March 1, 2017). Law and Financial Markets Review, 2017, Vol.11, No.1, pp.4-12. Available at SSRN: https://ssrn.com/abstract=2990844 or http://dx.doi.org/10.2139/ssrn.2990844

George Gilligan (Contact Author)

University of Melbourne - Centre for Corporate Law ( email )

185 Pelham Street, Carlton, Building 106
Victoria 3010
Australia
+61 3 8344 1079 (Phone)

HOME PAGE: http://www.law-cclsr@unimelb.edu.au

Andrew Godwin

Melbourne Law School ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

Jasper Hedges

Australian National University, Research School of Social Sciences ( email )

Canberra
Australia

HOME PAGE: http://www.anu.edu.au

Ian Ramsay

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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