Implications 1. But Mr Colvin also lashed out at an environment of increased corporate regulation, which he said was hitting board recruitment.The HCA held that inaccuracies in board minutes did not counter their probative value as a contemporaneous and formally adopted record of what was agreed at the relevant board meeting. The actions that they took are still legal under corporate law and it's a shameful state of affairs where that is still the case," he said. Martin was made a Member of the Order of Australia on 12 June for services to journalism. There was immense pressure on the Federal Government from state governments, union leaders and victims to remove the tax problem. Mr Shafron had argued that the contraventions of s. Under the Corporations Act, a court may relieve a person from a liability where it appears to the court that the person has acted honestly and, having regard to all the circumstances of the case, the person ought fairly to be excused for the contravention. The Act also prevents a company from paying premiums for a contract insuring an officer against liabilities involving a wilful breach of duty or improper use of position or information. Asbestos causes significant health problems, most notably lung cancer and mesothelioma, a type of cancer that affects the lining of the heart and lungs.
As a tradesman he regularly worked with asbestos products, sanding cement-sheeting and sawing cement pipes. General counsel in similar positions need to be mindful of the obligations imposed on them as officers, and where appropriate or necessary, act robustly as required in performance of these duties.
Furthermore, minutes that are recorded and signed are evidence of the proceeding, resolution or declaration to which they relate.
On February 15,the board of James Hardie approved the separation proposal. Two of the directors attended the Board meeting which considered the draft announcement to the ASX by telephone.
Directors are responsible for the procedures and process of the board and any internal or external advice received should be tested and verified.
The actions that they took are still legal under corporate law and it's a shameful state of affairs where that is still the case," he said. Directors must carefully read and review board minutes. James Hardie then relocated its company off-shore in Holland leaving behind the compensation fund, which was found to have a massive financial shortfall.
Prosecutions of James Hardie board members and senior executive have followed. In February As noted in our earlier article, the role taken by the general counsel of the James Hardie Group was not atypical.
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