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Here is an interesting read:
http://asic.gov.au/about-asic/media-...-penalty-case/
it involves the Directors of Centro : ASIC alleged that the seven directors of Centro Properties Group and Centro Retail Group failed to discharge their duties with due care and diligence in approving the financial reports for Centro Properties Ltd, Centro Property Trust, and Centro Retail Trust for the year ended 30 June 2007...ASIC sought orders to disqualify the directors and officers from managing corporations and asked the Court to impose pecuniary penalties on them.
and further:
ASIC Chairman Mr Greg Medcraft today welcomed the Federal Court’s decision in its case against eight directors and former executives of Centro Properties Group, citing it as a landmark decision in Australian corporate governance.
Mr Medcraft said Justice Middleton’s judgment on the legal duties of directors and management sent a clear message to boardrooms across the country about corporate accountability.
‘The central question in the proceeding was whether the directors were required to apply their own minds to, and carry out a careful review of, the proposed financial statements and the proposed directors report, to determine that the information they contained was consistent with the director's knowledge of the company's affairs, and that they did not omit material matters known to them or material matters that should have been known to them,’ Mr Medcraft said.