Book contents
- Frontmatter
- Contents
- Contributors
- Table of cases
- Table of statutes
- Preface
- Preface to the first edition
- PART ONE BASIC CONCEPTS, BOARD STRUCTURES AND COMPANY OFFICERS
- PART TWO CORPORATE GOVERNANCE IN AUSTRALIA
- PART THREE CORPORATE GOVERNANCE IN INTERNATIONAL AND GLOBAL CONTEXTS
- PART FOUR BUSINESS ETHICS AND FUTURE DIRECTION
- 14 The ethical obligations of corporations
- 15 Reflections on contemporary corporate governance and its future direction
- Index
15 - Reflections on contemporary corporate governance and its future direction
from PART FOUR - BUSINESS ETHICS AND FUTURE DIRECTION
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- Contributors
- Table of cases
- Table of statutes
- Preface
- Preface to the first edition
- PART ONE BASIC CONCEPTS, BOARD STRUCTURES AND COMPANY OFFICERS
- PART TWO CORPORATE GOVERNANCE IN AUSTRALIA
- PART THREE CORPORATE GOVERNANCE IN INTERNATIONAL AND GLOBAL CONTEXTS
- PART FOUR BUSINESS ETHICS AND FUTURE DIRECTION
- 14 The ethical obligations of corporations
- 15 Reflections on contemporary corporate governance and its future direction
- Index
Summary
If society is to improve itself and make good on its democratic promises, large corporations must be reformed so that they better fit and square with democratic theory and vision. The undertaking is immense, but it is entirely worthy of our collective energies. Accordingly, if we are to work towards good corporate governance, we must implement a sea change in how we think about corporations, how we constitute them, how we regulate them, and what we expect of them.
Allan C Hutchinson, The Companies We Keep, Toronto, Irwin Law (2005) 316The [global] financial crisis has reminded the world of the extreme dangers of unregulated markets and institutions, and of the eternal importance of transparency, disclosure, risk management, effective regulation, and robust governance.
Thomas Clarke, ‘Recurring Crisis in Anglo-American Corporate Governance’ (2010) Contributions to Political Economy (Oxford University Press) 1, 3… ethics and norms are not only more potent means to achieve compliance with the law than deterrence is, but in fact also delimit the relevance of deterrence.
Michael Wenzel, ‘The Social Side of Sanctions: Personal and Social Norms as Moderators of Deterrence’ (2004) 28 Law and Human Behavior 547, 549Introduction
This chapter builds on the discussion in Chapters 5 and 6 of this book, which dealt with how corporate governance is regulated in Australia (both the sources of regulation and the regulatory bodies), and introduced the so-called ‘pyramid’ of regulation developed by Ian Ayres and John Braithwaite in their 1992 book, Responsive Regulation.
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- Principles of Contemporary Corporate Governance , pp. 446 - 468Publisher: Cambridge University PressPrint publication year: 2010