There are three important corporate governance themes that underpin the civil action against the board of Star Entertainment and certain executives, ASIC chairman Joe Longo says.
Australian Securities and Investments Commission chairman Joe Longo says there are three important corporate governance themes that“I think this is a landmark case from the point of view of directors duties, but we’ve done a lot of important cases over the last 18 months – this is certainly right up there,” he tells Chanticleer.Longo says the first corporate governance theme running through the Star case is the actual role played by directors of public companies.
“We’re not talking about a situation of a subtle risk, or a risk that is a surprising risk. We’re actually talking about risks that go to the core of the business that are readily foreseeable. “So, I think the second big theme here is that even if you’re not a director, if you happen to be the in-house lawyer, or the chief financial officer, the duties of care and diligence on you are the same as or substantially the same as that of the director.”
“I’ve spoken about this a lot publicly, and my fundamental point is that successful general counsels are at the table, making an impact on what a firm does or doesn’t do, playing a critical role as a gatekeeper of legal risk and compliance within the firm,” he says. “It’s on all the directors to discharge their duties, not just one or two. We feel that all of the circumstances were all the directors had equal access to the issues, to the risks, to the information, then they’re all responsible, whether they’re executive or non-executives.”
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