ASIC’s action against 11 Star officials, including former group general counsel Paula Martin, shows that legal advisers are no longer off limits.
Longo said general counsel should be “putting outcomes for customers and stakeholders at the centre of the way the firm operates, rather than relying solely on a checklist of legal obligations”.
“It’s not just about the law,” Longo told an online forum of GC100, a chapter of the Association of Corporate Counsel that covers those working for ASX 100 companies. “A good general counsel will display judgment and help boards and companies make good decisions about what transactions to enter into, who to do business with, manage reputational risk and, in particular, to help companies stay focused on what’s in the best interest of the organisation and its customers and shareholders.”Today, Longo referred to how directors and officers need to “bring an inquiring mind to business operations. It is not, ‘Set and forget’.
It also empowers lawyers by allowing them to more confidently push back on others who might be making different calculations about risk and reward. Some parts of the legal community might squeal about lawyers being unfairly targeted for the sins of their employers; that the commencement of civil proceedings doesn’t prove a thing, and that we should wait for the outcome before getting too carried away.
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