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

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).