Director Liability Article Results

• Directors Counsel Getting legal costs back

  Content Type: CDM Article

  01 May 2010

  Professor Bob Baxt reviews a recent appeals ruling that provides directors with a victory when it comes to seeking reimbursement for legal costs. Getting legal costs back Last year, in this column (Company Director, April 2009), we discussed the decision by Justice Flick in Motor Tra...

• Feature Should litigation funders be regulated

  Content Type: CDM Article

  01 Mar 2010

  With the number and costs of class actions rising in Australia, Domini Stuart investigates whether litigation funders should be regulated. Should litigation funders be regulated? Should litigation funders be regulated? They operate like lawyers but do not have the same regulatio...

• Directors Counsel Time for a revised business judgement rule

  Content Type: CDM Article

  01 Feb 2010

  Professor Bob Baxt argues that it is time for action on a revised statutory business judgement rule, even though ASIC lost the Rich case. Time for a revised business judgement rule The decision of Justice Austin in ASIC v Rich and Anor (2009) NSWSC 1229 saw the Australian Secu...

• Directors Counsel Not far enough

  Content Type: CDM Article

  01 Dec 2009

  Professor Bob Baxt argues that MINCO’s recently released principles governing director liability are a step in the right direction, but do not go far enough. Not far enough The announcement on 6 November by the Minister for Corporate Law Chris Bowen that the Ministerial Council for Corpo...

• ASIC Report November 09

  Content Type: CDM Article

  01 Nov 2009

  Michael Kingston provides some recent examples of how ASIC has used enforcement to promote good governance. Enforcing good governance The Australia Securities and Investments Commission (ASIC) and AICD share a similar goal – to achieve the highest standards of governance and directorship...

• News Views November 09

  Content Type: CDM Article

  01 Nov 2009

  States’ poor report card Most Australian states have failed a new test that measures their “business-friendliness” from a director liability standpoint. AICD’s new Boardroom Burden Report Card examined each state and territory’s legal regime to determine how much it imposes liability on directors, ...

• Directors Counsel October 09

  Content Type: CDM Article

  01 Oct 2009

  Professor Bob Baxt reviews a recent case which shows that honesty alone may not be enough to prevent a director from breaching the Corporations Act . When directors’ honest belief may not be enough With the ongoing debate as to whether the statutory business judgment rule (S...

• CEO Report October 09

  Content Type: CDM Article

  01 Oct 2009

  In service of SMEs As I travel around the country meeting AICD members, and prospective members, it is sometimes surprisingly suggested by directors of small and medium–sized enterprises (SMEs) that “AICD is not for SMEs”. This is certainly not the case. Some feel AICD is not relevant to them, part...

• DO Update Look before you leap

  Content Type: CDM Article

  01 Oct 2009

  Look before you leap Directors cannot afford to get their D&O cover wrong, especially in the current economic climate. But Craig Claughton, NSW manager of the Financial and Professional Services Practice at Marsh, says they often fail to invest enough time in understanding how a D&O policy ...

• Directors Counsel The doctrine of equitable contribution

  Content Type: CDM Article

  01 Sep 2009

  Professor Bob Baxt reviews a recent case that exposes the difficulties of superimposing personal obligations in the context of a company structure. The doctrine of equitable contribution It is a trite observation that under Australian law, when a company is created, even though the compa...

• Feature Is it worth being a NED

  Content Type: CDM Article

  01 Aug 2009

  Domini Stuart investigates whether the rewards still outweigh the risks of being a non-executive director. Is it worth being a NED? Key points Personal liability and reputational risks of being a NED are high D&O insurance costs are rising and conditio...

• Directors Counsel Questions about litigation funders funding

  Content Type: CDM Article

  01 Jul 2009

  Professor Bob Baxt reviews a recent court decision that highlights the need for clarity in the way in which litigation funding is organised. Questions about litigation funders’ funding One of the most interesting developments in Australian law over the last few years has been the recogni...

• Interview QA with Chris Townsend

  Content Type: CDM Article

  01 Jun 2009

  Chris Townsend talks to Tony Featherstone about managing AIG Australia through a crisis, the lessons learned and what a surge in class actions means for D&O insurance policies. Q&A with Chris Townsend The global financial crisis has been hell for most CEOs, non...

• Directors Counsel NED duties in the firing line again

  Content Type: CDM Article

  01 Jun 2009

  Professor Bob Baxt reviews the findings in the recent James Hardie case and their implications for directors. NED duties in the firing line again The recent James Hardie case highlights the significant obligations imposed on company directors to ensure they undertake appropriate s...

• Feature Director liability in the eye of the storm

  Content Type: CDM Article

  01 May 2009

  Gabrielle Upton was a panellist for a discussion on director liability at the Clayton Utz 12th Risky Business conference. She reports on the highlights of the discussion. Director liability in the eye of the storm Clayton Utz’s annual Risky Business conference held on 31 Ma...

• Inside AICD Climate change Directors and the carbon economy

  Content Type: CDM Article

  01 May 2009

  Gabrielle Upton details AICD’s recent submissions on the Carbon Pollution Reduction Scheme Bill. Directors and the carbon economy Climate change is an issue that requires the focus of directors because it represents a commercial, financial, risk management and compliance challenge as well as a ...

• Directors Counsel The perils of seeking immunity

  Content Type: CDM Article

  01 Nov 2008

  Professor Bob Baxt discusses the unexpected results of obtaining immunity for breaches of the trade practices or corporations laws. The perils of seeking immunity A culture has developed among corporate operators in both large and small organisations in Australia to seek immunity from pr...

• Director s Counsel The start of the avalanche Oct 08

  Content Type: CDM Article

  01 Oct 2008

  Professor Bob Baxt questions whether a recent case involving the disclosure of information to shareholders could spark an avalanche of class actions against directors. The start of the avalanche Recently, Aristocrat Leisure agreed to pay more than $140 million to ...

• Law Firms Risky business Sep 08

  Content Type: CDM Article

  01 Sep 2008

  The role of a director comes with many potential liabilities. Here’s what lawyers list as the current and emerging risks that directors need to be wary about. Risky business Being a director has always been a risky business. As Addisons Commercial Lawyers partner Philip Stern notes: “There is ...

• Director s Counsel A victory against litigation funders Sep 08

  Content Type: CDM Article

  01 Sep 2008

  Should security for costs be ordered when litigation funders back legal actions in the hope of sharing the spoils? Professor Bob Baxt reviews a recent case where this question came under the microscope. A victory against litigation funders In the February issue of Company Directo...