Correct Jake about that being the law. The Corporations Law...

Correct Jake about that being the law.

The Corporations Law requires that Directors act in the best interests of all shareholders and are duty bound to avoid conflicts of interests among many basic requirements.

One could deduce from the findings of the Takeovers panel ruling that the FMS directors of that time may have fallen short of meeting their corporate obligations as directors in this regard.

This could easily be tested in a court room as could many other elements of directors duties with what has transpired over the last 3 years in the FMS boardroom.

The unfortunate scenario is that our regulator ASIC whose responsibility it is to enforce the Corporations Law appears completely impotent when dealing with the widespread corporate governance issues within ASX listed companies.
This leaves Shareholders of companies with mutual interests to pursue proceedings when in fact it should be the regulator.