Corporate social responsibility report

The Parliamentary Joint Committee on Corporations and Financial Services has delivered its report following its inquiry into corporate responsibility.

On the issue of whether company directors should be obliged to consider the interests of parties other than shareholders, the committee was of the view that the Corporations Act permits directors to have regard for the interests of stakeholders other than shareholders, and that amendment to the Corporations Act is not required.

The committee takes the view that although it is not appropriate to mandate the consideration of stakeholder interests into directors’ duties, or to mandate sustainability reporting, there is a need to seriously consider options to encourage greater uptake and disclosure of corporate responsibility activities.

The report contains 29 recommendations in that respect.

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