Armstrong, Anona (2004) Corporate governance standards: intangibles and their tangible value. Australian journal of corporate law, 17 (1). pp. 97-110. ISSN 1037-4124

Abstract

The requirements for compliance with corporate governance regulation are found in the Corporations Act. These provisions provide for prosecution of directors for non-compliance, especially in reference to criminal behaviour such as fraud or insider trading. They are not intended to provide guides for best practice in corporate governance, nor do they apply to all organisations. This role has fallen to organisations which have championed various voluntary codes and standards. The purpose of this article is to review some of the voluntary codes that go beyond legal duties to address some of those other responsibilities of directors related to ethical conduct and best practice corporate governance. In particular, The Australian AS 8000 series of standards are progressive in integrating some of the newer ideas about motivating employees and employers to build and maintain ethical organisations. This article argues that good corporate governance offers a range of benefits and that, although voluntary standards may be ‘sometimes vague and less than compelling’ than black letter law, they promote what is seen as best practice in corporate governance by a multitude of organisations operating from very different perspectives.

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