{"id":14521,"date":"2021-10-29T19:39:57","date_gmt":"2021-10-29T08:39:57","guid":{"rendered":"http:\/\/sites.thomsonreuters.com.au\/journals\/?p=14521"},"modified":"2021-10-29T19:39:57","modified_gmt":"2021-10-29T08:39:57","slug":"company-and-securities-law-journal-update-vol-38-pt-7","status":"publish","type":"post","link":"https:\/\/sites.thomsonreuters.com.au\/journals\/2021\/10\/29\/company-and-securities-law-journal-update-vol-38-pt-7\/","title":{"rendered":"Company and Securities Law Journal update: Vol 38 Pt 7"},"content":{"rendered":"

*Please note that the links to the content in this Part will direct you to Westlaw AU. If you are using Checkpoint, the links can be found in the Checkpoint PDF <\/strong>at the bottom of this post.<\/p>\n

To purchase an article, please email:\u00c2\u00a0LTA.Service@thomsonreuters.com<\/a>\u00c2\u00a0or\u00c2\u00a0contact us on 1300 304 195\u00c2\u00a0(Australian customers) or +61 2 8587 7980\u00c2\u00a0(international customers) during business hours\u00c2\u00a0(Mon-Fri, 8am-6pm AEST).<\/p>\n

The latest issue of the Company and Securities Law Journal <\/em>(Volume 38 Part 7) contains the following material:<\/p>\n

EDITORIAL<\/a> \u00e2\u20ac\u201c Editor: Edmund Finnane<\/em><\/p>\n

Click here to access on New Westlaw<\/a><\/p>\n

Articles<\/h3>\n

The Future of Clearing and Settlement in Australia: Part II \u00e2\u20ac\u201c Distributed Ledger Technology<\/strong><\/em><\/a> \u00e2\u20ac\u201c Christian Chamorro-Courtland<\/p>\n

Part I of this article analysed the legal and regulatory issues that exist in Australia\u00e2\u20ac\u2122s current clearing and settlement infrastructure for shares. Part II of this article looks to the future and analyses the new system (CHESS 2.0) that the Australian Stock Exchange (ASX) proposes to introduce. CHESS 2.0 will use distributed ledger technology to process trades. This article will examine the mechanics for the clearing and settlement of shares in CHESS 2.0 and some of the new features that the ASX proposes to introduce. It analyses the legal and regulatory framework in Australia and considers whether CHESS 2.0 will be able to operate under the existing legal regime. It also examines how the new system will affect the rights of investors and provides recommendations for strengthening their rights. Moreover, it recommends that the ASX should implement a system of crypto-securities in the future.<\/p>\n

Click here to access article on New Westlaw<\/a><\/p>\n

The State of Executive Remuneration Disclosure in Australia<\/strong><\/em><\/a> \u00e2\u20ac\u201c Felicity Maher, Warrick van Zyl and Marvin Wee<\/p>\n

This article examines the state of corporate executive remuneration disclosure in Australia. The article reviews the executive remuneration literature to determine areas of interest and concern to shareholders, and distils a checklist that reflects the disclosure items that address these areas. The article then compares this checklist with, first, the current disclosure requirements in Australia and, second, the disclosure given in a sample of Australian listed company annual reports. The review identifies significant gaps, particularly in the disclosure of overall remuneration philosophy and the links between remuneration and strategy. The article concludes by making suggestions for regulatory reform to remedy these gaps.<\/p>\n

Click here to access article on New Westlaw<\/a><\/p>\n

The Future of the Statutory Business Judgment Rule: Balancing Accountability and Protection<\/strong><\/em><\/a> \u00e2\u20ac\u201c Nicholas Todd<\/p>\n

The statutory business judgment rule has little to show for 21 years in existence. The rule\u00e2\u20ac\u2122s ability to exculpate a director from liability where that director has breached the statutory duty of care but acted in good faith and for the benefit of the company remains uncertain. This is significant amidst a current climate of increased accountability stemming from increasingly high accountability standards expected of directors and officers. Such standards manifest in reform proposals that expand the duty of care, ASIC\u00e2\u20ac\u2122s renewed appetite for duty of care enforcement and the recent expanded application of the duty of care following the High Court decision in Australian Securities and Investments<\/em> Commission v King <\/em>(2020). These factors create a renewed impetus to reform the statutory business judgment rule. This article considers 21 years of the statutory business judgment rule and existing reform proposals to present a new reform that is appropriate in the climate of increased accountability.<\/p>\n

Click here to access article on New Westlaw<\/a><\/p>\n

NEW ZEALAND AND SOUTH PACIFIC<\/a> \u00e2\u20ac\u201c Editor: Gordon R Walker<\/em><\/p>\n