Answer the following question regarding the following scenario

SCENARIO:

In 2006, the Parliamentary Joint Committee on Corporations and Financial Services in its report entitled Corporate responsibility: Managing risk and creating value found (p 63) "that the Corporations Act 2001 permits directors to have regard for the interests of stakeholders other than shareholders, and recommends that amendment to the directors' duties provisions within the Corporations Act is not required."

Since then, several countries have imposed explicit duties on directors to consider the interests of non-shareholders. More recently, on 23 February 2022, the European Commission released the draft Directive on Corporate Sustainability Due Diligence. Article 25(1) of the draft Directive stipulates that the EU member states "shall ensure that, when fulfilling their duty to act in the best interest of the company, directors of companies referred to in Article 2(1) take into account the consequences of their decisions for sustainability matters, including, where applicable, human rights, climate change and environmental consequences, including in the short, medium and long term."

Furthermore, soft international standards such as the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises also have a bearing on how directors should act in managing adverse impacts of their decisions on people and/or the planet. For example, apart from human rights due diligence envisaged under Principles 17-21 of the UNGPs, Principle 3(b) provides that states should ensure "that other laws and policies governing the creation and ongoing operation of business enterprises, such as corporate law, do not constrain but enable business respect for human rights".

QUESTION:

In view of these regulatory developments, do you find the current position concerning directors' duties under the Corporations Act satisfactory? Why or why not?