The interests of stakeholders other than shareholders will be a
dominant issue in a government inquiry into the status of corporate
responsibility in Australia.
The inquiry, by the parliamentary joint committee on corporations and
financial services, is considering how much regard decision-makers have
and should have for these stakeholders’ interests, how far the present
law on directors’ duties encourages or discourages respect for those
interests, and whether the law should be modified.
Another part of the inquiry is asking what else, including voluntary
measures, could enhance respect for stakeholder interests, whether such
activities should be the subject of reports, and whether Australia can
learn from other countries’ experiences.
Public submissions are being taken into the account and the report is due out on November 29.
