There is a whole chapter on Directors Duties in the Corporations Law. But its not the existence of these laws that matters, it the enforcement of those laws. Harder than you would think considering that the shareholders with the majority voting rights more often than not ensure that all resolutions are made i.e. election of directors. It would take all the rest of the minority shareholders acting collectively to stop a resolution...and from what I notice alot of these shareholders don't know the first thing about the companies they invest in and simply allocate their proxy vote to the Chairperson.
