The AICD has long called for stronger criminal and civil penalties for corporate misconduct as they are an essential part of a robust enforcement regime.

AICD Managing Director & CEO Angus Armour said stronger penalties were needed to reflect the seriousness of corporate wrong-doing.

“Tough penalties serve a deterrent effect, and importantly will help restore and retain community trust,” he said.

“The vast majority of company directors in Australia do the right thing. Those that don’t should feel the full weight of the law.

“We welcome consultation on these important reforms, which implement some of the recommendations of the ASIC Enforcement Review Taskforce.”

The AICD will work through the elements of the Government’s proposal as part of the consultation process and provide a submission to the Treasury consultation.

Media Contact: Carissa Simons 0417 348 659

The Australian Institute of Company Directors is committed to excellence in governance. We make a positive impact on society and the economy through governance education, director development and advocacy. Our membership of more than 43,000 includes directors and senior leaders from business, government and the not-for-profit sector.