Do we really need criminal and civil penalties for contraventions of directors' duties?

Article Abstract:

Australia's Corporations Law part 9.4B is a proper regime for criminal and civil penalties to punish directors' breach of duties. Civil penalties are created by 9.4B, with a maximum fine of $200,000 besides possible exclusion from corporate management. Both the criminal and civil measures are just, effective and necessary. A wide range of response is facilitated, which enables a balance of business regulation and suppport for legitimate business activity.

Discipline

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A spanner in the works: the impact of Mesenberg v Cord Industrial Recruiters on enforcement rights under the Corporations Law

Article Abstract:

The New South Wales Supreme Court narrowed the remedies available to shareholders against corporate directors in Mesenberg v. Cord Industrial Recruiters Pty. The Court found that Part 9.4B of the Corporations Law was the exclusive source of civil remedies. The ruling would serve to limit the rights of shareholders, but the decision can be attacked on a number of grounds, including remedy, standing and policy issues.

Cases, Stockholders' derivative actions, Shareholder lawsuits, Fiducia

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The duties of Australian institutional investors in relation to corporate governance

Article Abstract:

Australian investors are legally obligated to trustees and other fiduciary office holders to exercise their powers with genuine consideration, but shortcomings exists in the law concerning this duty. Law reform could remedy some of these shortcomings. Requiring compulsory voting by institutional stockholders, however, would not resolve the problems.

Powers and duties, Investors

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