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Corporate Law (BLO2205)

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The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations 3rd edition set out eight principles of good corporate governance. Principle 7 provides: Recognise and manage risk: A listed company should establish a risk management framework and periodically review the effectiveness of that framework.

In late 2016 Ardent Leisure Ltd, the owner and operator of the Dreamworld leisure park on the Queensland Gold Coast suffered significant financial harm following a tragic accident at Dreamworld that caused the death of a number of patrons on one of the rides at Dreamworld.

The board of directors of Ardent Leisure Ltd were criticised because of the company’s poor and insensitive handing of the fatal incident and subsequent crisis. It could be argued that Ardent Leisure failed to recognise and manage the risk that the company had to deal with arising from this incident.

Required: Having regard to the above facts answer the following:-

a)    Did the Board of Ardent Leisure recognise and manage the risk arising from this incident?

b)    Assuming the Board failed to manage the risk, did the company and the directors breach Principles 7 of the ASX principles of Good Corporate Governance? What is the consequence, if any, for the company failing to comply with Principle 7? Can the ASX take any disciplinary action against the directors and company for failing to recognise and manage the risk in this instance?

c)    Could it be argued that the directors had breached their duty of care and diligence or is the significant financial harm suffered by the company sufficient penalty?

d)    After the incident did the Board review and improve the effectiveness of the company’s risk management framework?


Corporate Law (BLO2205)

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