Corporate governance are mechanisms, processes and relations by which corporations are controlled and operated ("governed").
Corporate law is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations. Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation. It thus encompasses the formation, funding, governance, and death of a corporation.
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
The Corporations Act 2001 (Cth) is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in the Commonwealth of Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated. The Act is the foundational basis of Australian corporate law, with every Australian state having adopted the Act as required by the Australian Constitution.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance has traditionally been explained by reference to the deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer and by others. This view has been supported by economic theory, which has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium. However, psychological research on motivation provides an alternative view: granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance.
The Faculty of Law and Justice of the University of New South Wales is a law school situated in Sydney, Australia. It is widely regarded as one of Australia's top law schools. The 2021 QS World University Rankings rank the UNSW Law Faculty 13th in the world, first for undergraduate law in Australia, 2nd overall in Australia and 3rd in the Asia-Pacific region, and the 2021 Times Higher Education subject rankings also rank it second in Australia, making it the top ranked law school in New South Wales according to both tables, as well as being the top undergraduate Law school in the country.
Professor Ian Ramsay is Harold Ford Professor of Commercial Law, Melbourne Law School and director of their Centre for Corporate Law and Securities Regulation in Melbourne, Australia. He is an academic lawyer, author, and prominent media commentator on corporate law and securities law issues in Australia.
Australian corporations law has historically borrowed heavily from UK company law. Its legal structure now consists of a single, national statute, the Corporations Act 2001. The statute is administered by a single national regulatory authority, the Australian Securities & Investments Commission (ASIC).
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses. It is a legal requirement for any Australian financial service business to obtain an AFSL from the day business operations begin unless provided a limited licence or exemption with special provisions under section 911A(2)(l) of the Corporations Act. The AFSL is issued by ASIC under Chapter 7 of the Corporations Act 2001, in line with its regulatory supervision of the financial services industry. Australian Financial Service Businesses must submit an application to ASIC coupled with supporting documents to be assessed. Licensees are obligated to provide efficient, honest and fair financial services under the conditions of their AFSL and the Corporations Act 2001. Failure to follow and uphold the policies under the AFSL and the Corporations Act 2001 will result in penalties against the business.
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 February 2004 when it was relinquished consequent to trademark objections from the NASDAQ stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 February 2004 until 14 June 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 June 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO was subject to a Storm Financial Prospectus which was dated 14 November 2007 and lodged with the Australian Securities & Investments Commission (ASIC) on the same date. Storm Financial Ltd continued to trade until external administrator Worrells Solvency and Forensic Accountants were appointed on 9 January 2009. The main creditor Commonwealth Bank appointed receivers and manager KordaMentha on 15 January 2009.
Financial regulation in Australia is extensive and detailed.
Julianne Schultz AM FAHA is an Australian academic, media manager, author and editor. She was the founding editor of the Australian literary and current affairs journal Griffith Review. She is currently a professor at Griffith University's Centre for Social and Cultural Research.
Professor Helen Lochhead is an Australian architect and urbanist who combines academic and expert advisory roles with practice. Her career has focused on the inception, planning, design, and delivery of complex urban projects ranging from city improvements programs to major urban regeneration projects. She has held numerous influential roles in government, industry and universities including Dean, Faculty of Built Environment and Pro Vice-Chancellor Precincts at UNSW Sydney, National President of the Australian Institute of Architects and Deputy Government Architect in NSW. She has served on various Panels and Boards including the NSW Independent Planning Commission, The Australian Heritage Council and the National Capital Authority.
Joseph Aloysius McCahery is an academic researcher, corporate lawyer and institutional adviser. McCahery is most notable for his contribution in corporate finance and law, European business law, financial markets and banking regulations, the political economy of federalism and taxation.
Marina Brogi is an Italian economist, Full Professor of Banking and Capital Markets at Sapienza University of Rome, author of numerous publications on corporate governance, banking and capital markets.
Rosemary Langford is a lawyer, writer and academic from Australia.
The Corporate Insolvency and Governance Act 2020 is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities.
Ross Buckley is a Laureate Fellow and a Scientia Professor at the University of New South Wales.
