Corporate Law - Royal Commission Into Misconduct in the Banking Assessment Answer

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Corporate Law Assessment Answer

Assignment Task: The Interim and Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia, revealed some shocking practices in the banking and financial sectors: 1. Identify and explain 3 forms of misconduct identified by the Royal Commission and motivate why you consider them to be the 3 worst forms of misconduct; 2. The issue of unethical behaviour and bad corporate culture have been highlighted by both the Interim and the Final Royal Commission Reports: 1.1 Explain the main reasons the Commission gave for the unethical behaviour and bad corporate culture: 2.2 In your view, what should the role of the Regulators be to detect and to avoid unethical behaviour and bad corporate culture. 2.3 Critically analyse and discuss whether “corporate culture” should and could be “regulated”. 3.The focus of the Royal Commission was on “Misconduct in the Banking, Superannuation and Financial Services Industry”. However, there are many other large publicly listed companies and large proprietary companies in many other industries, like water and electricity, health services, age care services (which are currently being investigated) etc where misconduct, unethical behaviour and bad corporate culture may also be rife and affecting millions of ordinary Australians. Critically analyse whether a Royal Commission with wider terms of reference should investigate misconduct, unethical behaviour and bad corporate culture among Australian companies more widely?. 4. Based on your critical analysis in the last point, is it time we reconsider how corporate law and corporate governance is regulated in its entirety? Is it time for a Royal Commission to consider fundamental reform of the Australian corporate law and corporate governance models?

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