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Hannah Wootton

Michael Lee’s judgment leaves legacy for Sally Pitkin and friends

The market and shareholders may expect higher standards of boards these days, but that doesn’t mean ASIC can enforce them (in this case, at least).

Michael Lee’s highly anticipated judgment in the corporate watchdog’s case against Star Entertainment’s former top brass was a clarion call to directors, executives and the regulator itself, depending which of its 500 pages you were reading.

There was a paragraph chastising ex-Star CEO Matt Bekier and his understating how long Chinese New Year had been celebrated – since “about 1500 years before Christ”, apparently. Then a quote from Captain Renault in Casablanca, a reference to “Brobdingnagian” board packs, and serves against consultants in general and “self-congratulatory submissions” from Star’s former directors specifically.

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