Answered Essay: What is ASIC’s Role in Corporate Governance in Australia? 200 words

What is ASIC’s Role in Corporate Governance in Australia? 200 words

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ASIC’s role is corporate governance is bounded by the enforcements on one side and education on the other side. It acts as a continuum between enforcement and regulation. Its role in corporate governance is three-fold – First, it monitors, enforces, and administers the activities of the board on the basis of the corporate governance provisions available in Corporations Act. Second, it takes a public/ corporate education and advisory role using its policy guideline, industrial support, and disclosure guidelines. Finally, it takes an active participation in reforming the existing laws and regulations.

The first role, and particularly the enforcing compliance, was noticeable in ASIC’s proceedings with the corporate collapses in Australia in 2001-02. There is no doubt that in the consequence of the massive corporate collapses of that time, ASIC accomplished its role as the primary Australian corporate regulator, and it has continued to be highly active since then, with various actions taken against the directors of the boards, albeit with a mixed record of success. However, some biases have been observed regarding the decisions taken by ASIC in its history. It has been observed that more litigations were enforced in the case of individuals rather than companies, more men directors of finance-related companies have been penalized compared to women, and more actions were initiated against the directors of private firms.

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