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Byron Shire
March 31, 2023

Corporate governance breaches

Latest News

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I totally agree with Warren’s comments on our system of free-market capitalism in Australia, (28 January). This is despite our corporate governance regulations and our watchdog, ASIC. We have seen a shift from ethical corporate behaviour and healthy competition that benefitted the customer, to the benefit of shareholders, board members and executives.

As well as major corporations’ tax avoidance, globalisation has facilitated corporations shifting their factories offshore for cheaper labour, and undermining the wages of our own workers.

The Royal Commission of 2017 exposed widespread misconduct in banking, retail superannuation and financial services, yet a significant portion of Hayne’s recommendations remain unresolved. Few CEOs or board members were held accountable and the fines appeared inadequate given their corporations’ profits.

Other signs of poor corporate behaviour are evident in continuing excessive CEO pay packages, the prevalence of wage theft, cyber security lapses in protecting customers’ details, lack of compensation for corporate oversights and environmental violations. Last year Rio Tinto destroyed sacred rock shelters and Santos was recently allowed to drill 850 gas wells in native forests.

Malpractices and scandals within the gambling industry are escalating with social consequences. They involve major casino companies and overseas online gambling entities advertising at our major sporting events.

There seems to be a lack of government will to overcome these corporate impacts. I still see democracy as the only way to overcome our rising inequalities. Northern European democracies seem far more successful in this than that of the USA.

Sue McLeod, Myocum

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  1. Sue Mcleod, great piece.
    One wonders how it is that CEOs get the megabucks when there has been case upon case of fails.
    CEOs seem to be superb at cutting staff, their go to schtick. When it comes to actually managing, they are lost.


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