Buy custom Australian Case Study in Corporate Governance – HIH Insurance
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Topic: |
Business
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Number of pages / Number of words: |
17 / 4660 |
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Formal winding up orders were made on 27 August 2001 with the deficiency of the group estimated to be in the range of $3.6 billion to $5.3 billion. This was the largest corporate failure in Australiaâs history, prompting the Federal Government to establish a Royal Commission on 29 August 2001. To-date several HIH directors have been prosecuted for numerous offences under the Corporations Act 2001, the Insurance Act 1973 and the New South Wales (NSW) Crimes Act 1990...
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To-date several HIH directors have been prosecuted for numerous offences under the Corporations Act 2001, the Insurance Act 1973 and the New South Wales (NSW) Crimes Act 1990.
3. KEY CORPORATE GOVERNANCE ISSUES
Based on the analysis of the case, several key corporate governance issues identified in HIH case includes but not limited to the following:-
(i) Discipline
There was substantial degree of dishonesty, lack of integrity and failure in the senior management and the board of directors in discharging their duties...
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