"The basic purpose of corporate governance is to monitor those parties within a company which control the resources owned by investors. The primary objective of sound corporate governance is to contribute to improved corporate performance andaccountabilityin creating long-term shareholder value."

Reflect on this statement and explain the role of the Australian Securities and Investments Commission (ASIC) in achieving the objectives of corporate governance. Provide at least two examples illustrating how ASIC monitors, enforces and administers compliance with the broad range of corporate governance provisions in the Corporations Act 2001.