Hypothetical : board behaviour and the 21st century governance professional

Over the last five years corporate governance has proved an insistent issue in the boardrooms of Australia. The Royal Commissioner, the Hon Justice Neville Owen, in May 2008, re-stated the need for a commitment to education on the fiduciary principle and for greater professionalism in governance. In March 2003 the Australian Securities Exchange (ASX) launched its Principles of Good Corporate Governance and Best Practice Recommendations (ASX Principles). The following year amendments to the Corporations Act 2001 (Cth) came into force, designed to improve corporate accountability and auditing practices. In the corporate annual reports for 2004/2005, Australian corporations were asked to disclose more information about their corporate governance practices than ever before. This prompted a review of existing governance structures and procedures against those recommended or required by the new regulation.