This case study analyzes the corporate governance failures of Ardent Leisure Ltd following the Dreamworld accident in 2016. The analysis examines the company's breach of the ASX Corporate Governance Council's Principle 7 regarding risk management, highlighting the inadequate response and failures in director duties. The case explores the legal and financial consequences, including potential fines, share price decline, and loss of revenue. It also investigates the duties of care outlined in the Corporations Act 2001 and the implications for the directors' liability. The study emphasizes the need for effective risk management frameworks, proper crisis management, and strategic planning to mitigate future incidents. The company's shift towards more lucrative ventures instead of improving its risk management framework is also discussed.
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