Middle-level managers lacking insurance cover and access to company documents could be held liable for criminal prosecution under proposed corporate governance changes, legal experts say.
The changes are part of a discussion paper titled Personal Liability for Corporate Fault, prepared by the federal government's Corporations and Markets Advisory Committee (CAMAC).
It was prompted by the HIH Royal Commission which called for the Corporations Act to be changed so a person's duties, and not their title, defined responsibility.
It looked at options for so-called responsible officer templates and said failure to appoint such officers would leave directors personally liable for prosecution in the event of injuries, accidents or wrongdoing.
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