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Corporate governance reform in Australia: a new institutional approach

Mees, B ORCID: 0000-0001-5710-2540 and Smith, SA 2019 , 'Corporate governance reform in Australia: a new institutional approach' , British Journal of Management, vol. 30, no. 1 , pp. 75-89 , doi: 10.1111/1467-8551.12298.

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Abstract

From an international perspective, Australia has been one of the leading jurisdictions for corporate governance reform. Its first corporate governance code predates the Cadbury Report, and Australia is also one of the few countries internationally to have been only marginally affected by the recession that ensued after the Global Financial Crisis. Considerable governance reform has occurred since 2007–8 in Australia, however; much of it occasioned by pressure brought to bear by institutional investors as a reaction to both traditional governance failings and also social and environmental concerns such as a growing awareness of climate change. Institutional influence is primarily associated with the compulsory retirement income system that emerged in the 1980s in light of an economy‐wide union campaign. While governance structures are becoming more homogenous, institutional logics reflecting trustees’ concerns are driving and shaping this ongoing process. A new approach to corporate engagement has emerged under the influence of investor representative bodies such as the Australian Council of Superannuation Investors that is driving corporate governance change.

Item Type: Article
Authors/Creators:Mees, B and Smith, SA
Keywords: corporate governance, superannuation funds, sustainability reporting, board diversity, CEO salaries
Journal or Publication Title: British Journal of Management
Publisher: Blackwell Publ Ltd
ISSN: 1045-3172
DOI / ID Number: 10.1111/1467-8551.12298
Copyright Information:

Copyright 2019 British Academy of Management

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