The question of how much responsibility management and a board should take for the misdeeds of their company has run through the banking royal commission and the string of probes into Crown Resorts. This week it dominated the NSW government’s inquiry into The Star Entertainment Group.

The commonly held view is perhaps best summarised by that old adage: the fish rots from the head. The board must set and monitor a company’s culture, risk tolerance and accountability, while management ensures these settings are embedded in the organisation and lived out each day.