reword to sound different and better: If the Corporations Act were to address the likely impact on environmental, social, and governance issues, it begs clarification on the specifics. What precisely constitutes the environment in this context? What governance issues are of primary concern to the Act? Moreover, is the Act the appropriate legal framework to mandate consideration of stakeholders such as employees, the community, and the environment? Advocates argue that this inclusion would ensure directors consider minority shareholder interests. However, shareholder interests can vary significantly, particularly in large corporations, suggesting no need to amend directors' duties to accommodate these stakeholders.

Regulating such matters through separate legislation would necessitate distinct consultation processes and cost/benefit analyses, potentially resulting in more refined legislation tailored to these interests rather than vague directives for directors. Furthermore, there's a contention that applying corporate social responsibility requirements solely to companies is unjustified when other entities like partnerships, individuals, joint ventures, and unincorporated associations remain exempt. Replacing section 181 of the Corporations Act with language akin to section 172 of the Companies Act would exclusively target corporate behavior. Opting for targeted legislation across all entity types would likely ensure a consistent approach to addressing these concerns.