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
- 5 Corporate governance in Australia – background and business initiatives
- 6 Regulation of corporate governance
- 7 The role of the regulators: ASIC and ASX
- 8 Accounting governance
- 9 Auditors and audits
- 10 Directors' duties and liability
- 11 Enforcement of directors' duties
- PART THREE CORPORATE GOVERNANCE IN INTERNATIONAL AND GLOBAL CONTEXTS
- PART FOUR BUSINESS ETHICS AND FUTURE DIRECTION
- Index
6 - Regulation of corporate governance
from PART TWO - CORPORATE GOVERNANCE IN AUSTRALIA
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
- 5 Corporate governance in Australia – background and business initiatives
- 6 Regulation of corporate governance
- 7 The role of the regulators: ASIC and ASX
- 8 Accounting governance
- 9 Auditors and audits
- 10 Directors' duties and liability
- 11 Enforcement of directors' duties
- PART THREE CORPORATE GOVERNANCE IN INTERNATIONAL AND GLOBAL CONTEXTS
- PART FOUR BUSINESS ETHICS AND FUTURE DIRECTION
- Index
Summary
The impetus for considering the impact of regulation on law is the growing importance of regulation. There is a broad and general move in the community to manage or regulate risk. This focus on regulation and risk management is, in turn, part of a broader interest in using a range of governance mechanisms to directly and indirectly ‘influence the flow of events’.
Angus Corbett and Stephen Bottomley, ‘Regulating Corporate Governance’ in Christine Parker, Colin Scott, Nicola Lacey and John Braithwaite (eds), Regulating Law, Oxford, Oxford University Press (2004) 60Overview
It will be clear from Figure 3.10 in Chapter 3 that we consider regulation of corporate governance to be prominent in a good corporate governance model. This chapter builds upon that model by focusing on the regulation of corporate governance in particular. It deals specifically with the various mechanisms, legislative and non-legislative, which regulate the corporation and which set in place, collectively, a framework by which good governance can be achieved. Overall, this collective body of mechanisms forms part of what has recently been described as an emerging ‘law of corporate governance’.
The regulation of corporate governance in Australia is achieved through both binding and non-binding rules, international recommendations and industry specific standards, commentaries of scholars and practitioners and the decisions of judges. The legislature acts to facilitate the fulfillment of good corporate governance by refining the rules encompassing corporate law, and indirectly through the entire panoply of rules and regulations enacted, which have an impact on the corporation and its activities in a variety of ways.
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- Principles of Contemporary Corporate Governance , pp. 156 - 178Publisher: Cambridge University PressPrint publication year: 2010
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