Australia

Luis Felipe Orsatto (), Rafael Vaz Palmeira () and Sardar M. N. Islam ()
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Luis Felipe Orsatto: State University of Western Paraná
Rafael Vaz Palmeira: University of Salamanca
Sardar M. N. Islam: Victoria University

Chapter Chapter 8 in Corporate Governance in Capital Markets, 2025, pp 191-212 from Springer

Abstract: Abstract This chapter provides an analysis of corporate governance in Australia, focusing on its historical development, regulatory framework, and distinctive characteristics. We explore the evolution of corporate governance practices in Australia, highlighting key regulatory changes in response to corporate collapses in the early 2000s. The Australian corporate governance model aligns with the Anglo-American system but exhibits unique features, such as a strong presence of institutional investors, a relatively low ownership concentration, and an active role of unions in corporate oversight. We examine the role of the Australian Securities Exchange (ASX) as the country’s primary stock exchange and its governance codes, including the Corporate Governance Principles and Recommendations established by the ASX Corporate Governance Council. The regulatory landscape is also discussed, covering the responsibilities of the Australian Securities and Investment Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA) in maintaining financial market stability. Furthermore, we assess the structure and functioning of the Australian capital market, shareholder system, and dividend policies, emphasizing the influence of corporate governance mechanisms on firm performance. Our analysis also extends to accounting and auditing standards, particularly the adoption of International Financial Reporting Standards (IFRS) and the role of the Australian Accounting Standards Board (AASB) in financial regulation. Lastly, we examine the governance structures of ASX-listed companies, including board composition, independence, and the role of key committees such as audit, risk, and remuneration committees. By integrating these dimensions, we provide key insights for further comparative research and policy discussions.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-031-94751-3_8

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DOI: 10.1007/978-3-031-94751-3_8

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