Role of directors could be broadened

Here is another attempt to define shareholder interests in an unacceptable manner. Let me be clear: it is in shareholder interests to ensure that the so-called 'social' issues are right.

Long term shareholder value, which is the responsability of the Board to ensure, is generated having these issues covered. The other talk is either a misunderstanding or a deliberate attempt to separate control from capital "you put the money in and I will decide what is done with it".

This is a formula for stifling investment!

OAM

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The Australian Federal Government is looking at whether the Corporations Act should be amended to make directors consider social responsibilities as well as shareholder interests.

The Government's external companies law adviser, the Companies and Markets Advisory Committee, is examining the obligation as part of an "integrated reform package" announced yesterday in response to last year's special commission of inquiry into James Hardie's underfunding of its asbestos liabilities.

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