Opinion
The ASX’s legal mess reveals deep-rooted problems in boardrooms
Court action against the ASX over its bungled CHESS replacement project reflects a worrying escalation in the box-ticking, compliance culture inside Australian boardrooms.
Tony BoydContributorThe technology debacle that landed ASX in the Federal Court facing multiple charges of false and misleading conduct reveals a culture of mediocrity that has become entrenched in many corporate boardrooms.
It is ironic that the sharemarket operator’s excessive adherence to compliance and legalistic processes did not protect it from being bundled into court for breaches of the continuous disclosure laws that the ASX itself enforces.
This article has been updated to clarify that the AICD only contributes to the ASX Corporate Governance Principles. It does not write them.
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