Last year, a NSW inquiry found Star was unfit to run its Sydney casino after displaying “cavalier” risk management and faces four class actions.
“Among the things that makes Star a very interesting and an important case is the interaction between directors and the senior management ... and the critical role of people like the general counsel, the chief financial officer and other senior management, in any sizeable entity those roles are crucial, and the board is entitled ... to get responses that can be relied upon.”
The regulator was also working closely with the government which at the end of last year released proposed mandatory climate-related reporting for large businesses and financial institutions, the chairman said. “An important element .... will be to tailor the liability settings to create an environment where directors feel comfortable to make fulsome disclosure without undue fear of litigation risk.”
“I think investors do understand there is a cost to transition, but I would question whether the trade-off means lower returns. Failure to make the transition will lead to very much lower returns. If we don’t take these steps, there will be no future for these companies,” she said.
Source: Entertainment Trends (entertainmenttrends.net)
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