Modern law expects significantly more from boardrooms than the “languid, listless indifference of gentleman directors” tolerated in earlier eras.
The corporate regulator has walked away from its legal showdown against the former board of troubled casino giant Star Entertainment Group with a limited victory that exposes the bounds of boardroom liability.
The primary consolation for the Australian Securities and Investments Commission is that it successfully held two Star executives accountable for failing to take seriously the risk that Star was being used to facilitate money-laundering through lucrative junkets for wealthy Asian gamblers run out of Macau.
