The chairman of the Australian Securities and Investments Commission, Tony D'Aloisio, has signalled a potentially softer line on corporate misconduct by ordering a "stocktake" of the personal liabilities of company directors.
"There has been a concern expressed that personal liability may have gone too far," Mr D'Aloisio said.
The results of the review will be presented at ASIC's annual "Summer School" in February.
Speaking at an Australian Institute of Company Directors lunch yesterday, Mr D'Aloisio, who has been in the top job at the corporate regulator for six months, said the review would tackle concerns that "able and experienced women and men are shying away from the listed environment" because of the risks of being found personally liable.
"It is argued that even if claims are not successful, the potential of reputation damage is too much risk to accept board positions," he said.
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