President's commentary — Call for review of Corporations Act

A recent roundtable of senior governance professionals has strongly recommended a holistic review of the Corporations Act 2001 (the Act) by an independent panel of experts.

The focus of this review would be to identify amendments required to modernise the Act to suit the new digital economy and modern corporate structures.

The roundtable is a valuable thought leadership initiative jointly hosted by LexisNexis and Governance Institute of Australia.

The roundtable report noted that the Act currently imposes inconsistent liabilities and defences which adds to the significant compliance burden and hampers the capacity of companies to perform responsibly.

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