Culture as Key: The Hayne Banking Royal Commission and the Future of Enforcement for Australian Regulatory Agencies
- 27 November 2019 at 1:00 pm – 27 November 2019 at 2:00 pm
The Final Report of the Hayne Banking Royal Commission found that poor culture was a key contributor to much of the misconduct it examined, with a whole chapter dedicated to ‘Culture, Governance and Remuneration’. Principal amongst the recommendations made is the adoption of an attitude to enforcement amongst Australian regulators that takes, at its starting point, ‘Why not litigate?’ Commissioner Hayne implicitly argues that the culture of organisations will improve if the law is enforced. This CLARS Law & Business Student Discussion Forum will assess the efficacy of a ‘Why not litigate?’ stance going forward, and its implications for ASIC’s previous enforcement practice, particularly the use of a ‘pyramid of enforcement’. Further, it will discuss some recent initiatives and ‘new’ regulatory tools that focus on culture as a key item of interest in the regulation of corporations. This event will be chaired by Professor Jennifer Hill, Bob Baxt AO Chair in Corporate and Commercial Law.
The Speaker: Dr Vicky Comino
Dr Vicky Comino is a highly regarded scholar in corporate law, and in particular corporate regulation, whose views have been regularly sought and reported in the media and her work cited most recently in the Final Report of the Hayne Banking Royal Commission. Her 2015 monograph, Australia's "Company Law Watchdog" – ASIC and Corporate Regulation, the only book published in Australia entirely devoted to ASIC, is timely and important, given that ASIC's performance is increasingly under the microscope.
This was highlighted most recently in the public hearings of the banking royal commission. Dr Comino's recent articles have addressed important topics in the corporations law area, particularly the difficulties facing the use of civil penalties and the shift away from prosecution for corporate wrongdoing in favour of ‘new’ regulatory tools, such as deferred prosecution agreements and enforceable undertakings. In 2018, she was awarded a Liberty Fellowship by the University of Leeds, where she undertook collaborative work comparing corporate regulation in the UK and Australia. Dr Comino holds the degrees of BA, LLB (Hons), LLM and PhD (UQ) and is also a Fellow of the Australian Centre of Private Law (UQ).
Venue: Moot Court, Level I, Monash Law School, 15 Ancora Imparo Way, Monash University (Clayton Campus)
RSVP: Places are limited so please RSVP here by 22 November