🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

High Court ruling could pave the way for more corporate prosecutions

Published 08/10/2024, 01:20 pm
Updated 08/10/2024, 02:00 pm
© Reuters.  High Court ruling could pave the way for more corporate prosecutions

A recent High Court decision may lower the threshold for prosecuting corporate executives, potentially leading to an increase in cases holding individuals accountable for corporate misconduct.

This could have far-reaching implications for future corporate and government misconduct cases with a focus on ensuring that those with oversight are held accountable for systemic failures.

Corporate responsibility

The judgement, which stems from a case involving Captain Cook College, endorses the idea that corporate responsibility extends to those in senior management who oversee systems of conduct.

Reasoning in this case could signal a significant shift in how corporations and their leaders are held responsible for misconduct, particularly in instances of systemic or 'unconscionable' business practices.

This ruling broadens the scope of accountability, with corporate officers potentially facing legal consequences even if they were not directly involved in the wrongdoing but had knowledge of it.

The court's decision highlights the role that systems, policies and practices play in corporate behaviour, making it easier to hold individuals responsible if they fail to address unethical practices.

Increased scrutiny of executives

Legal experts suggest this could lead to increased scrutiny of executives and directors, particularly in industries with complex organisational structures, where identifying specific wrongdoing has historically been difficult.

The case concerned Captain Cook College, which the Australian Competition and Consumer Commission (ACCC) accused of engaging in systemic unconscionable conduct by misleading students into enrolling in courses that offered little vocational benefit.

The High Court dismissed the college’s appeal, affirming that the company's profit-driven enrolment practices had harmed students and the public.

The ruling is being hailed as a landmark decision, setting a precedent for future cases that may involve complex corporate or government systems and potentially increasing the liability of executives overseeing such operations.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.