Directors' duties to stakeholders : a reform proposal based on three false assumptions

McConvill, James 2005, Directors' duties to stakeholders : a reform proposal based on three false assumptions, Australian journal of corporate law, vol. 18, no. 1, pp. 88-102.

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Title Directors' duties to stakeholders : a reform proposal based on three false assumptions
Author(s) McConvill, James
Journal name Australian journal of corporate law
Volume number 18
Issue number 1
Start page 88
End page 102
Publisher LexisNexis
Place of publication Sydney, N.S.W.
Publication date 2005
ISSN 1037-4124
Summary The Corporations and Markets Advisory Committee has been asked to consider whether the duties of directors under the Corporations Act 2001 (Cth) should be broadened to require directors to take into account the interests of stakeholder groups other than shareholders when making corporate decisions. In this article, the author argues that the existing statutory duties of directors in Australia should remain unchanged. The existing duties of directors, in particular the overriding duty of directors to act in the best interests of the company, already accommodates consideration of stakeholder interests by directors if the decision is justifiable as being in the company's best interests. Furthermore, corporate culture and norms are moving towards embracing stakeholder engagement, again with the implicit recognition that integrating stakeholder considerations within the decision-making processes of companies is integral to achieving long-term sustainable growth.
Language eng
Field of Research 180109 Corporations and Associations Law
HERDC Research category C1 Refereed article in a scholarly journal
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Document type: Journal Article
Collections: Faculty of Business and Law
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