reword to sound better: Australian directors have important fiduciary, statutory and common law duties. In July 2022, the Australian Institute of Company Directors released a practice statement that focusedspecifically on the director's duty to act in "good faith" in the "best interests" of the corporation. The statement follows fromthe 2019 Royal Commission into misconduct in the banking, superannuation and financial services industry which raised concerns about the understanding of the statutory duty of directors to act in good faith in the best interests of the corporation.