Particularly in the last decades the awareness of companies themselves and the public for good corporate governance increased dramatically. “Corporate governance is set to be the primary focus for the 21st” century. Most of the advanced economies have released new corporate governance rules and codes or company laws, especially as a result of the financial crisis in 2007 and the breakdown of several big companies worldwide. In Australia attention to corporate governance has grown after the „major corporate collapses and scandals of 2001 and 2002“, which included „five publicly traded (…) companies (...) [such as the] telecom company (One.Tel)“.
One.Tel ran out of money and collapsed in 2001. The company could not be revived, all assets were sold and the workers laid off. It has once been the fourth largest telecom company in Australia. The collapse of the Australian company is „associated with serious deficiencies in its corporate governance, including weaknesses in internal control, (…) management communication with the board, and poor executive pay-to-performance link.“
In the first part, this paper will provide you with background information on the terms corporate governance and corporate control. The second part outlines corporate control in Australia by elaborating on the market for corporate control, monitoring by shareholders, monitoring by non-executives and renumeration.
Table of Contents
1. Raised awareness for corporate governance in Australia
2. Corporate governance and corporate control
2.1. Definition and purpose of corporate governance
2.2. Definition and purpose of corporate control
3. Corporate control in Australia
3.1. Market for corporate control
3.2. Monitoring by shareholders
3.2.1. Blockholders
3.2.2. Institutional Investors and Proxy Advisers
3.3. Monitoring by non-executive directors
3.4. Renumeration
4. Conclusion
Bibliography
Books and Other Independent Publications
Electronic Version of Print Book
Internet Sources
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