AICD welcomes steps towards stronger penalties for corporate and financial sector misconduct

Tuesday, 25 September 2018

The Australian Institute of Company Directors today welcomed draft legislation that would significantly strengthen penalties for corporate and financial sector wrong-doing by individuals and corporations.

The AICD has long called for stronger criminal and civil penalties for corporate misconduct as they are an essential part of a robust enforcement regime.

AICD Managing Director & CEO Angus Armour said stronger penalties were needed to reflect the seriousness of corporate wrong-doing.

“Tough penalties serve a deterrent effect, and importantly will help restore and retain community trust,” he said.

“The vast majority of company directors in Australia do the right thing. Those that don’t should feel the full weight of the law.

“We welcome consultation on these important reforms, which implement some of the recommendations of the ASIC Enforcement Review Taskforce.”

The AICD will work through the elements of the Government’s proposal as part of the consultation process and provide a submission to the Treasury consultation.

Latest news

This is of of your complimentary pieces of content

This is exclusive content.

You have reached your limit for guest contents. The content you are trying to access is exclusive for AICD members. Please become a member for unlimited access.