Answer the following questions with reference to the facts and decision in ASIC v Healey (Centro case) [2011] FCA 717:

(a) Delegation of responsibility is a potential defence against a claim for a director's or officer's breach of duty of care and diligence. Explain why the delegation defence by the board of directors and the Chief Financial Officer (CFO) failed in this case?

(b) Do you think the decision in this case is commercially realistic or does it set the performance expectations of company directors too high? Discuss.