I think it is high time the target of regulatory fines are overhauled..
In the case of The Star Entertainment Group, the fines should be targeted at the senior leadership and the board who have allowed regulatory breaches to occur. Too many examples of fines being dished out to companies which purely punish the shareholders, who don't manage the operation of the businesses. Why are people being fined for something they didn't do, it's just plain stupid??
Come on - ASIC, NICC, ACT Gambling and Racing Commission, Liquor and Gaming NSW, Licensing Commission Queensland – Office of Liquor and Gaming Regulation, Independent Gambling Authority, Tasmanian Gaming Commission, Victorian Gambling and Casino Control Commission, Department of Racing, Gaming and Liquor, FIX THIS PROBLEM! It's no wonder the problem persists, your all punish the wrong people!
If the fines are targeted at management, they'd be more inclined to manage the business properly. At the moment shareholders get fined, management still gets paid and ride off into the sunset to look for another position elsewhere to maybe repeat the behaviour again. Fine them, bar them or whatever it takes to make them behave! That's what fines are suppose to be all about aren't they - deterring bad behaviour/management?
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