Changes to directors' personal criminal liability

Summary: 
Proposed amendments to directors’ liability laws have been released for public comment.

The proposed amendments, including proposed amendments to the Corporations Act 2001, aim to ensure that where legislation imposes personal criminal liability for corporate fault, it is imposed in accordance with principles of good corporate governance and criminal justice and in a manner that will promote responsible entrepreneurialism and economic growth.

The proposed amendments form the first part of the Commonwealth government's implementation of the Council of Australian Governments' (COAG) Directors' Liability reform project.

The exposure draft of the Personal Liability for Corporate Fault Reform Bill 2012 can be found at http://www.treasury.gov.au/documents/2300/PDF/Exposure_draft.pdf 

 

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