Veljanovski, Angelo, Brooks, Albie and Oliver, Judy (2009) Independent Directors and Australia's Corporate Governance Model: A Survey of Independent Directors' Views. The Australian Journal of Corporate Law, 24 (1). ISSN 1037-4124

Abstract

Recent national and international financial failures have focused attention on corporate governance issues and the appropriate mechanisms to achieve good corporate governance. One area of focus has been the role of directors and management in these collapses.There has been significant legislative response to these collapses and in Australia this was evident in the Corporate Law Economic Program (Audit Reform and Corporate Disclosure) Act 2004 with its main focus on auditor independence and other reforms. An issue that arises in the ongoing debate on corporate governance has been the use and importance of independent directors in achieving good corporate governance. While there is no legislative requirement for companies to have independent directors, good corporate governance practices seem to suggest they should. The unanswered question is whether independent directors make any difference in fact, as opposed to appearance, in achieving good corporate governance.

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