ASIC encourages all boards to ensure that their companies have appropriate measures in place to monitor compliance with the company's legal obligations.
The relevant test to which a director will be held involves balancing the foreseeable risk of harm to the company against the potential benefits that could reasonably have been expected to accrue from the director's conduct.
Whether there has been, or foreseeably might be, a contravention of a law by the company is something directors should consider when performing this risk-benefit analysis for themselves.
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ASIC encourages all boards to ensure that their companies have...
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