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ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001

Research and write a report on an Australian case involving breach of company director's/officer's duties under the Corporations Act 2001 (Cth). The report should include case introduction and explanation of the duties/responsibilities breached.

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Added on  2023-05-28

About This Document

The ASIC v Whitlam case is a good example of how directors can be held liable for violating their duties under the Corporations Act 2001. This presentation discusses the facts of the case, breach of director duties, judgement of the court, and the relevance of this decision. The case highlights the importance of directors complying with their duties while acting as proxy for shareholders to ensure that they did not act against their interest.

ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001

Research and write a report on an Australian case involving breach of company director's/officer's duties under the Corporations Act 2001 (Cth). The report should include case introduction and explanation of the duties/responsibilities breached.

   Added on 2023-05-28

ShareRelated Documents
Corporations Law
ASIC v Whitlam [2002] NSWSC 591
ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001_1
Introduction
The Corporations Act 2001 (Cth) (the ‘Act)
provides various duties which directors have
to comply with.
These duties guide their actions to ensure
that they prioritised the interest of the
company.
The case of ASIC v Whitlam [2002] NSWSC
591 is a good example in which the director
was held liable for violating his duties.
ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001_2
Facts of the Case
Mr Nicholas Whitlam was acting as the
director of NRMA Limited.
The shareholders of the company appointed
him as a proxy to vote in the Annual General
Meeting of the company in 1998 (Wolters
Kluwer, 2002).
He was also acting as the Chairman in the
same meeting.
ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001_3
Facts of the Case
The shareholders wanted him to vote against
the Resolution 6 which was to be discussed in
the meeting.
This resolution was to increase the
remunerations of the directors in the
corporation.
Mr Whitlam deliberately failed to sign the
poll paper against this resolution.
ASIC v Whitlam: A Case Study on Director Duties under the Corporations Act 2001_4

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