SUNDAY, 21 JANUARY 2024
Maggie Marriott
Managing Director
a director commits an offence if they are reckless or intentionally dishonest and fail to act in good faith in the company's best interests or for a proper purpose. The matters for which a director can be prosecuted comply with the regulations preventing those directors, and related parties, from dishonestly using their position to gain an advantage or cause a detriment. Personal Liability for Corporate Fault Bill 2012. The Bill sets out proposed amendments to director s liability legislation and will see directors held criminally liable for the companys breach of certain legislation, such as the Corporations Act. Penalties will range from imprisonment to a fine or banning orders. A significant consequence of a director breaching their duties is damaging that persons reputation, not to mention potential financial consequences.
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