CPA Australia has rejected proposals to extend corporate duties beyond directors and officers, instead claiming the wider body of corporate law provides adequate scope for regulating the activities of individuals who may from time to time be involved in senior business decision making in its submission responding to proposals outlined in the Companies and Markets Advisory Committee (CAMAC) discussion paper Corporate Duties Below Board Level.
According to CPA Australia President Mr Mark Coughlin, the current regulatory framework provides a strong and effective approach for Australian business and wider public.
'Contrary to some who believe corporate governance will be enhanced by roping in groups of employees, consultants and other individuals who may occasionally be part of senior decision making, CPA Australia believes such an approach would achieve the opposite,' warned Mr Coughlin, citing four key reasons.
See full Press Release.
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