Australian Securities and Exchange Commission v. Whitlam… 1 answer below »

Australian Securities and Exchange Commission v. Whitlam
[Student Name]
Table of Contents 1. Executive Summary 3 2. Case Background 4 3. Analysis 4 4. Conclusion 7 5. References 8
Executive Summary
The case of Australian Securities and Exchange Commission v Whitlam [2002] NSWSC 591, is about the directors duties and corporate governance. It highlights the duties that needs to be performed as a director and chairman of a Board meeting and consequences of failure to do so.
Mr. Whitlam was director and Chairman of NRMA Insurance Group Limited (NIGL). He had been charged under various sections of the corporation law by ASIC that amounted to breach of duties and was unethical on the part of Whitlam. The resolutions pertaining to director’s remuneration were manipulated and minutes changes at various occasion of AGM.
The court found Whitlam guilty under various sections of Corporation Act and passed a prohibitory order which did not allow to work as a director for the corporation and a civil penalty of $ 20,000. The details of the cases and arguments from the plaintiff and defendants are provided in the report.
The report highlights the major breach of duties, sections it covers and the court view of these charges against Whitlam. Final section provides conclusion about the case and the rulings that has been applied in similar cases of late.

 

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