The peak body for governance professionals has warned that tighter regulations will not make Australian companies more socially responsible.
In a submission to the Parliamentary Joint Committee (PJC) inquiry into corporate responsibility, the Chartered Secretaries Australia (CSA) said existing laws are adequate.
CSA chief executive Tim Sheehy said further mandating corporate responsibility (CR) could turn it into a mechanical 'box-ticking' exercise.
"Companies that ignore the long-term social and environmental impact of their activities and refuse to participate in an ongoing dialogue with their stakeholders are putting their long-term future at risk," Mr Sheehy said.
"A short-sighted focus on profits alone is not a sustainable approach to business."
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