Introduction- Corporate governance is the term used to describe the structures and procedures put in place to make sure that firms are operated in a morally and sustainably. Compliance with rules and laws is only one aspect of good corporate governance. It also entails the creation of a culture that encourages moral conduct and sensible judgement. This necessitates that companies concentrate on leadership, stakeholder involvement, and fostering a values-based culture that is consistent with their mission and core principles.

Top Seven Principles, Laws, Regulations, Approaches, or Theories on Australian Corporate Governance- To promote sound corporate governance, the board of directors plays a very important role. The board oversees establishing the tone at the top, supervising management, and ensuring that the company runs in a morally and ethically responsible manner. To gain the trust of stakeholders, lower the risk of scandals, and conduct business in a socially and ecologically responsible manner, organizations must practice good corporate governance.

I can provide you with a list of the top seven principles, laws, regulations, approaches, or theories on Australian corporate governance that allow a business to be a good corporate citizen and achieve best practices of corporate governance, as well as the three most important factors, key legal, commercial, or ethical features of each factor, and an example or case for each factor.

Top Seven Principles, Laws, Regulations, Approaches, or Theories on Australian Corporate Governance- By adhering to the seven Australian corporate governance principles, laws, regulations, procedures, or ideas, a firm may become a good corporate citizen and achieve best practises.

ASX Corporate Governance Council's Principles and Recommendations

The Australian Securities and Investments Commission (ASIC) Corporate Governance Principles

The Corporations Act 2001

The Australian Stock Exchange Listing Rules

The Australian Prudential Regulation Authority (APRA) Prudential Standards

The United Nations Global Compact (UNGC)

The ISO 26000 Social Responsibility Standard

1. Three most imp factors-The ASX Corporate Governance Council's Principles and Recommendations Key Legal, Commercial, or Ethical Features:

• Establishing a clear corporate governance framework
• Independent board of directors
• Regular communication and disclosure to stakeholders
• Robust risk management framework
• Alignment of executive pay with corporate performance
• Ethical and responsible behavior
• Example or Case:

The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry highlighted the importance of implementing the ASX Corporate Governance Council's Principles and Recommendations to ensure ethical and responsible behavior in the financial services industry

1. The Australian Securities and Investments Commission (ASIC) Corporate Governance Principles Key Legal, Commercial, or Ethical Features: i. Director and officer duties and responsibilities

ii. Accountability and transparency

iii. Shareholder engagement

iv. Board composition and independence

v. Risk management and internal controls

vi. Remuneration and performance management.

The United Nations Global Compact (UNGC) Key Legal, Commercial, or Ethical Features:

The rights of the individual

Labor laws and regulations

Environmental long-term viability

Anti-corruption initiatives

Stakeholder engagement

Sustainable business practices

Example or Case: Rio Tinto's destruction of the Juukan Gorge rock shelters highlighted the importance of complying with the UNGC principles, particularly in relation to environmental sustainability and stakeholder engagement.

Evaluation of the Effectiveness of these Factors-

ASX corporate governance principles and recommendations.

Effecting in establishing a clear corporate governance frameworkand ensuring ethical and responsible behaviour.

However, the voluntary nature of principle means that compliance is not mandatory, and companies may choose to disregard them.

The Australian Securities and Investments Commission (ASIC) Corporate Governance Principles:

Effecting in establishing a clear corporate governance practice and ensuring transparency and accountability. However, principles are not legally binding, compliance is not mandatory.

• The United Nations Global Compact (UNGC): Effective in promoting sustainable business practices and ensuring environmental sustainability, human rights, and anti-corruption measures. However, the UNGC is also voluntary, and compliance is not mandatory.

Summary

Overall, Corporate governance is vital for fostering organizations' openness, accountability, and ethical behavior. Several principles, laws, regulations, approaches, and theories in Australia aim to promote good corporate governance practices. These include the ASX Corporate Governance Council's Principles and Recommendations, the ASIC Corporate Governance Principles, the Corporations Act 2001, the Australian Stock Exchange Listing Rules, the APRA Prudential Standards, the United Nations Global Compact, and the ISO 26000 Social Responsibility Standard.

The Principles and Recommendations of the ASX Corporate Governance Council emphasize the importance of establishing a clear corporate governance framework, having an independent board of directors, communicating with stakeholders on a regular basis, implementing a robust risk management framework, aligning executive compensation with company performance, and engaging in ethical and responsible behavior. However, compliance with these principles is optional, and businesses are free to reject them.

The ASIC Corporate Governance Principles emphasize the obligations and duties of directors and officers, board composition and independence, risk management and internal controls, accountability and transparency, shareholder involvement, and pay and performance management. Companies are not required to adhere with these principles, and they may opt not to. The recent class action against AMP Limited, however, demonstrates the significance of adhering to these standards, particularly in terms of accountability and transparency in financial reporting and disclosure.

The rights of the individual Labor laws and regulations, Environmental long-term viability, Anti-corruption initiatives, stakeholder participation, and sustainable business practices are emphasized by the UNGC. Compliance with the UNGC is voluntary, and businesses are free to opt out. The recent episode of Rio Tinto's demolition of the Juukan Gorge rock shelters, however, demonstrates the significance of adhering to these standards, particularly in terms of environmental sustainability and stakeholder participation. Therefore, The presentation provides a clear and concise summary of the key aspects of corporate governance. The need of effective corporate governance should be emphasized in the context of Australia. Integrity Lawyers and Top Tech Consultants are looking for ideas on how to promote good corporate governance in their workplace.

So, this was my assignment one presentation content, please make a written report which is an extension of my this presentation in that it requires you to use your three key governance factors from my presentation to describe how a business organisation's governance failure violated/did not comply with the three key governance factors.

This means my first step is to select a recent corporate governance failure in Australia. This may be a case example you used in my presentation, then you need to do research into the case study - what factors led to the corporate governance failure, what were the consequences of the corporate governance failure and how did the stakeholders respond to this failure?

In report, you need to address the following:

1. Summarise the legal, commercial or environmental harms that resulted from the business organisation's corporate governance failure.

2. Describe how the business organisation's governance failure either complied with or violated the three key governance factors discussed in the presentation.

3. Evaluate the response by internal stakeholders to the corporate governance failure.

4. Propose corporate governance reforms for the business organisation based on the seven key principles, laws, regulations, approaches or theories discussed in the presentation.

Please also ensure your report is appropriately referenced.

In terms of the style of the report - the report must be structured in a manner that conforms with professional standards, such as headings/sub-headings, contents page, executive summary, no typographical errors, etc.

The case study has to relate to corporate governance failure. So case studies such as Crown, Rio Tinto, or the Inquiry into the banks - they are all related to corporate governance failures.Integrity Lawyers Pty Ltd ('Integrity Lawyers') is a boutique commercial law firm that specialises in complex litigation and class actions in Australia. In light of the recent corporate governance failures at Crown Resorts ('Crown Casino') and Rio Tinto, the managing partner at Integrity Lawyers approached Top Tech Consultants for advice on corporate governance from a legal perspective.This advice will then be provided to potential class plaintiffs and members in future class actions involving corporate governance.