This article discusses the reasons for corporate collapses and changes in corporate governance practices with reference to Australia and the global financial crisis of 2008. It highlights the major corporate collapses in Australia and the reasons behind them. The article also discusses the multidimensional reasons for the global financial crisis of 2008 and the changes in corporate governance practices that followed. The changes include comprehensive regulation of financial markets, consolidation of regulatory agencies, greater investor protections, changes in corporate remuneration structures, building long-term sustainable growth in shareholder value, establishment of risk management processes, and strengthening of disclosure and compliance requirements for banks and financial institutions.
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