There is no simple universal formula for good Corporate Governance. Companies vary greatly in size, complexity, industry, ownership, structure and other characteristics. Often what is ideal in some cases may be inappropriate in others. We offer a range of services to support Directors to ensure you UNDERSTAND how to comply with the Corporations Act.
Tried and proven structures and processes can help to improve Corporate Governance, and can play an important role in building shareholder confidence in the soundness of their investments and thus a company's ability to attract capital.
It is important to appreciate the consequences of being sued under the Corporations Act (CA) and that both creditors and shareholders have a number of ways of bringing legal action against all the officers. Directors should be fully aware of their statutory responsibilities in governing a company.
Consequences of breaching duties range from civil to criminal. Fines are on penalty unit basis with one penalty unit equal to $110 and range from $137.50 (1.25 times a penalty unit) for a technical breach to $220,000 (2000 penalty units) for more serious breach. The more serious breach may result in disqualification from taking part in the management of any company for up to 5 years and or 5 years imprisonment for criminal breaches.
Azure Group offer a range of services to support Directors and ensure businesses comply with the Corporations Act.
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