DOCSLIB.ORG

Lessons from 50 Years of Investing in Australian Shares

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lessons from 50 Years of Investing in Australian Shares 011001010110010101100101110001001010110010101011001010110010111000001010110001100101 011001011100000101011000110010101100101011001011100100101011001010101100101011001011 100010010101100011001010110010111000001010110011001010110010101100101110000010101100 101010110010101100101110010001010110001100101011001011100000101011000110010101100101 011001011101100010101100101010110010101100101110000010101100011001010110010111000001 010110001100101011001010110010111000010101011001010101100101011001011100010010101100 011001010110010111000001010110001100101011001010110010111000110010101100101010110010 101100101110010001010110001100101011001011100001010101100011001010110010101100101110 00100101011001010101100101011001011100000101011000110010101100101110000010101100110 010101100101011001011100010010101100101010110010101100101110000010101100011001010110 01011100100110101011000110010101100101011001011100000101011001010101100101011001011 100000101011000110010101100101110000010101100011001010110010101100101110011000101011 001010101100101011001011100000101011000110010101100101110000010101100010110010111000 001010110001100101011001011100100110101011000110010101100101011001011100000101011001 010101100101011001011100000101011000110010101100101110000010101100011001010110010101 100101110011000101011001010101100101011001011100000101011000110010101100101110000010 101100010110010111000001010110001100101011001011100100110101011000110010101100101011 001011100000101011001010101100101011001011100000101011000110010101100101110000010101 100011001010110010101100101110011000101011001010101100101011001011100000101011000110 010101100101110000010101100101100101110000010101100110010101100101011001011100000101 011001010101100101011001011100100010101100011001010110010111000001010110001100101011 001010110010111011000101011001010101100101011001011100000101011000110010101100101110 000010101100011001010110010101100101110000101010110010101011001010110010111000100101 011000110010101100101110000010101100011001010110010101100101110001100101011001010101 100101011001011100100010101100011001010110010111000010101011000110010101100101011001 011100010010101100101010110010101100101110000000101011000110010101100101110010011010 101100011001010110010101100101110000010101100101010110010101100101110000010101100011 001010110010111000001010110001100101011001010110010111001100010101100101010110010101 100101110000010101100011001010110010111000001010110010110010111000001010110011001010 110010101100101110000010101100101010110010101100101110010001010110001100101011001011 100000101011000110010101100101011001011101100010101100101010110010101100101110000010 101100011001010110010111000001010110001100101011001010110010111000010101011001010101 100101011001011100010010101100011001010110010111000001010110001100101011001010110010 111000110010101100101010110010101100101110010001010110001100101011001011100001010101 100011001010110010101100101110001001010110010101011001010110010111000001011100100010 101100011001010110010111000010101011000110010101100101011001011100010010101100101010 110010101100101110000010101100011001010110010111000001010110011001010110010101100101 110001001010110010101011001010110010111000001010110001100101011001011100100110101011 000110010101100101011001011100000101011001010101100101011001011100000101011000110010 101100101110000010101100011001010110010101100101110011000101011001010101100101011001 011100000101011000110010101100101110000010101100010110010111000001010110001100101011 001011100100110101011000110010101100101011001011100000101011001010101100101011001011 100000101011000110010101100101011001011100000101011000110010101100101110000010101100 011001010110010101100101110011000101011001010101100101011001011100000101011000110010 101100101110000010101100101100101110000010101100110010101100101011001011100000101011 001010101100101011001011100100010101100011001010110010111000001010110001100101011001 010110010111011000101011001010101100101011001011100000101011000110010101100101110000 010101100011001010110010101100101110000101010110010101011001010110010111000100101011 000110010101100101110000010101100011001010110010101100101110001100101011001010101100 101011001011100100010101100011001010110010111000010101011000110010101100101010110010 111000001010110001100101011001011100000101011000110010101100101011001011100110001010 110010101011001010110010111000001010110001100101011001011100000101011001011001011100 000101011001100101011001010110010111000001010110010101011001010110010111001000101011 000110010101100101110000010101100011001010110010101100101110110001010110010101011001Lessons from 50 years of 010110010111000001010110001100101011001011100000101011000110010101100101011001011100 001010101100101010110010101100101110001001010110001100101011001011100000101011000110 010101100101011001011100011001010110010101011001010110010111001000101011000110010101investing in Australian shares 100101110000101010110001100101011000010101100011001010110010111000010101011000110010 101100101011001011100010010101100101010110010101100101110000000101011000110010101100 101110010011010101100011001010110010101100101110000010101100101010110010101100101110 000010101100011001010110010111000001010110001100101011001010110010111001100010101100 101010110010101100101110000010101100011001010110010111000001010110010110010111000001 010110011001010110010101100101110000010101100101010110010101100101110010001010110001 100101011001011100000101011000110010101100101011001011101100010101100101010110010101 100101110000010101100011001010110010111000001010110001100101011000010101100010101100 011001010110010111000001010110001100101011001010110010111011000101100011001010110010 101100101110110001010110010101011001010110010111000001010110001100101011001011100000 101011000110010101100101011001011100001010101100101010110010101100101110001001010110 001100101011001011100000101011000110010101100101011001011100011001010110010101011001 010110010111001000101011000110010101100101110000101010110001100101011000010101100011 001010110010111000010101011000110010101100101011001011100010010101100101010110010101 100101110000000101011000110010101100101110010011010101100011100011001010110010101100 $1,000 dollars invested in the Perpetual Industrial Share Fund in December 1976 would today be worth over $212,000 – around twice the result achieved by the All Ords Accumulation Index.1 1. Audited results available as of December 1976. Returns as of June 2016. The current benchmark for the Perpetual Industrial Share Fund is the S&P/ASX 300 Industrials Accumulation Index. As the Industrials Index series is not available prior to 1979, the S&P/ASX All Ordinaries Accumulation Index has been used for reference purposes. Total return shown for the fund has been calculated using exit prices after taking into account all of Perpetual’s ongoing fees and assuming reinvestment of distributions. No allowance has been made for contribution or withdrawal fees or taxation (except in the case of superannuation funds). Past performance is not indicative of future performance. “ The 50-year history of Perpetual’s Industrial Share Fund tells its own story about Australia – of change and turmoil but also of ever-growing prosperity. Above all, it’s about the life-changing rewards you can reap from investing in Australia, with patience and an active, questioning intelligence.” Geoff Lloyd CEO and Managing Director, Perpetual “ Decimal currency has told our nation’s story for the last 50 years, echoing the growth and development within Australian society since 1966.” Ross MacDiarmid CEO, Royal Australian Mint 1966 0110010101100101011001011100010010101100101010110010 Image: One dollar note. Source: Australian Coin 1011001011100000101011000110010101100101110000010101 Collecting Blog. 1000110010101100101011001011100100101011001010101100 1010110010111000100101011000110010101100101110000010 1011001100101011001010110010111000001010110010101011 0010101100101110010001010110001100101011001011100000 10101100011001010110010101100101110110001010110010101 1011001010110010111000001010110001100101011001011100 0001010110001100101011001010110010111000010101011001 0101011001010110010111000100101011000110010101100101 1100000101011000110010101100101011001011100011001010 CONTENTS PAGE 4 PAGE 8 PAGE 14 PAGE 20 PAGE 26 1966 – Dollars, 1970s – Australia 1980s – Banana 1990s – The long 2000s – A place sheep, shares unsettled republicans? boom begins of greater safety? 1966 1970s 1980s 1990s 2000s Images from top left: Greg Norman in action at the Images from bottom left: Australian troops in Vietnam. Source: Stuart MacGladrie, Fairfax Australian Masters. Source: The Age (Melbourne), Fairfax Media. Prime Minister Gough Whitlam. Source: Graeme Thomson, Newspix. Australia II wins the Media. Apollo 11 moon landing. Source: NASA. America’s Cup. Source: News Ltd, Newspix. Prime Minister Paul Keating. Source: Fairfax Media. Mining in Australia. Source: Alice Nerr, Shutterstock. Apple Store Sydney. Source: Fairfax Media. 2 CONTENTS PAGE 32 PAGE 38 PAGE 40 PAGE 44 2010 and beyond – Other voices Lessons for investors from More lessons? The 3D years 50 years of share investing 2010s 3 “ …you’re here because there’s no one else, and everyone’s got to be somewhere and you’re here, so get used to it.” Harry (played by Graham Kennedy) The Odd Angry Shot Image: Australian troops in Vietnam. Source: Stuart MacGladrie, Fairfax Media. 01100101011001010110010111000100101011001010101100101011001011100000101011000110010101100101110000010101100011001010110010101100101110010010101100101010110010101100101 11000100101011000110010101100101110000010101100110010101100101011001011100000101011001010101100101011001011100100010101100011001010110010111000001010110001100101011001
Load more

Recommended publications
  • An Australian Mirage
    An Australian Mirage Author Hoyte, Catherine Published 2004 Thesis Type Thesis (PhD Doctorate) School School of Arts, Media and Culture DOI https://doi.org/10.25904/1912/1870 Copyright Statement The author owns the copyright in this thesis, unless stated otherwise. Downloaded from http://hdl.handle.net/10072/367545 Griffith Research Online https://research-repository.griffith.edu.au AN AUSTRALIAN MIRAGE by Catherine Ann Hoyte BA(Hons.) This thesis is submitted in fulfilment of the requirements of the degree of Doctor of Philosophy. Griffith University Faculty of Arts School of Arts, Media and Culture August 2003 Statement of Authorship This work has never been previously submitted for a degree or diploma in any university. To the best of my knowledge and belief, this dissertation contains no material previously published or written by another person except where due reference is made in the dissertation itself. Abstract This thesis contains a detailed academic analysis of the complete rise and fall of Christopher Skase and his Qintex group mirage. It uses David Harvey’s ‘Condition of Postmodernity’ to locate the collapse within the Australian political economic context of the period (1974-1989). It does so in order to answer questions about why and how the mirage developed, why and how it failed, and why Skase became the scapegoat for the Australian corporate excesses of the 1980s. I take a multi-disciplinary approach and consider corporate collapse, corporate regulation and the role of accounting, and corporate deviance. Acknowledgments I am very grateful to my principal supervisor, Dr Anthony B. van Fossen, for his inspiration, advice, direction, guidance, and unfailing encouragement throughout the course of this study; and for suggesting Qintex as a case study.
    [Show full text]
  • Copyrighted Material
    i i i “BMIndex_Final_print” — 2019/7/30 — 9:19 — page 391 — #1 i INDEX AASB see Australian Accounting AUASB see Auditing and Assurance business judgment rule 212–214, 222 Standards Board Standards Board using the defence 213–214 ABN see Australian Business Number Auditing and Assurance Standards Board business name registration 40, 44 absolute liability 135, 136 (AUASB) 276 business names 40 accountability 174 auditor’s report 286 display and use of 42 ACN see Australian Company Number Australian Accounting Standards Board registration 40–41 acquiescence 122, 124 (AASB) 275–276 restrictions 41–42 active promoters 100 Australian Business Number (ABN) business organisations actual authority 120, 136 61, 77 business names 40 express 120–121 Australian Company Number (ACN) business structure 3–7 implied 121–122 58, 60, 61 companies 27–30 adjourned meetings 154 Australian Prudential Regulation cooperatives 30–34 Aequitas Ltd v Sparad No 100 Ltd 100 Authority (APRA) 32 hybrid business structures 37–40 agency costs 173, 194 Australian Securities and Investments incorporated association 34–37 agency theory 115, 137, 173–174, 194 Commission (ASIC) 50, 73, 143, joint ventures 17–19 agenda of meetings 159, 168 175, 200, 201, 228, 274–275 partnerships 10–17 AGM see annual general meeting Australian Securities and Investments sole traders 7–10 agricultural cooperatives 33 Commission Act 2001 (ASIC Act) trusts 20–27 Airpeak Pty Ltd & Ors v Jetstream 50 business structure 3–7 Aircraft Ltd & Anor (1997) 318 Australian Securities and Investments Andy
    [Show full text]
  • Delisted Companies 1999
    THE 1999 ASX DELISTED COMPANIES BOOK 1929 TO 1999 70 YEARS OF DELISTINGS Published by: Australian Stock Exchange Limited ACN 008 624 691 Level 7, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 Telephone 61 7 3835 4000 Facsimile 61 7 3835 4141 © Copyright Australian Stock Exchange Limited - 1999 All rights reserved. No part of this publication may be photocopied, reproduced, stored in a retrieval system, or transmitted in any form or by any means whether electronic, mechanical or otherwise, without prior written permission of the publisher. Enquiries should be addressed to The National Manager - Market Data, Australian Stock Exchange Limited. Australian Stock Exchange Limited (“ASX”)believes that all information contained in this publication is accurate and reliable. The information has been sourced from company reports and announcements lodged with Australian Stock Exchange Limited by each corporation. The information does not contain recommendations, reports, analysis, or other advisor information relating to specific securities or issuers of securities and does not constitute an invitation to persons to enter or offer to enter into an investment agreement or to exercise any rights conferred by an investment, to acquire, dispose of, underwrite or convert an investment. ASX, its related companies, their officers and employees shall not be liable in any way for any loss or damage, howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omissions from this publication except where a liability is made non-excludable by legislation. NAME CHANGE CROSS REFERENCE FOR DELISTED COMPANIES New Name Old Name Date A.F.M.
    [Show full text]
  • Chapter Nine: the Main Event – Round Three – 1981-1990
    Chapter Nine: The Main Event – Round Three – 1981-1990: Introduction: This chapter concludes the examination of the inextricable melding of Television Audience Survey Ratings, Financial Returns and Local ‘Live’ Production. While there was still intense rivalry between TVW7 and STW9, other forces were coming into operation in the succeeding period from 1981-1990. In this decade both TVW7 and STW9 were subsumed by much larger corporate entities. At the level of programming this led to a notable decline in local ‘live’ production, as a result of national networking and a corresponding diminution of community responsibility. During this period there were to be big changes in the structure of what can be termed the era of the two ‘family television’ companies in Western Australia. The chapter examines the events that led to TVW7 becoming part of the Robert Holmes a’ Court Bell Group, the retirement of Sir James Cruthers (considered by many to be ‘the Father’ of Perth television) and the sale of STW9 to the Bond Corporation. Another development, the introduction of the Aussat Satellite System was to have a huge impact on program transmission and in conjunction with Networking, perhaps deliver the mortal blow to the local ‘live’ television industry. The chapter concludes with the first two years of a three-station System in Western Australia’s capital city, when NEW10 went on air in 1988. Examination of the correlation between audience ratings surveys and Company profitability continues and so are their combined deleterious effects upon the former showcases of the two original stations, their respective Production Departments and the wealth of output from their in-house studios.
    [Show full text]
  • Edition 338, 3 January 2020
    Edition 338, 3 January 2020 Chris Cuffe's 10 favourite articles of 2019, plus 2 Franking credits made easy Graham Hand Marks and the tax system explained in beer Howard Marks 8 problems the Royal Commission missed Graham Hand My nine all-time essential investing lessons Shane Oliver 10 reasons many fund managers are now blank spaces Graham Hand 13 of the best: reflections from an investor Hamish Douglass Advisers must step up and articulate their value Jodie Hampshire 99% of listed companies disappear worthless Ashley Owen Most investors are wrong on dividend yield as income Peter Thornhill How to include homes in the age pension assets test Anthony Asher OK Boomer: fessing up that we’ve had it good Graham Hand Sorry, there’s no real place to hide Graham Hand Franking credits made easy Graham Hand Dudley requested: "Please publish a simple article to explain company tax, dividend imputation, franking credits and double taxation. It would help eliminate some of the woeful nonsense written on the topic. My guess is that less than 1% of the public can describe the taxation of dividends, yet it is simple and most people have some level of understanding of imputation through the PAYG system. Let's make the debate more grounded in fact." Cuffelinks has published several explanations on franking, such as by Geoff Walker, Warren Bird and Jon Kalkman. Here's the short version: to avoid taxing company profits twice, tax must be paid at either the company or individual level, but not both. If it were paid only at a company level, high income people would benefit from the 30% tax rate.
    [Show full text]
  • 76 Buena Vista
    ASIC and its enforcement record since the introduction of the civil penalty regime in 1993 Vicky Comino* Introduction Regulators, under unprecedented pressure, face a range of demands, often contradictory in nature: be less intrusive - but more effective; be kindlier and gentler - but don’t let the bastards get away with anything; focus your efforts - but be consistent; process things quicker - and be more careful next time; deal with important issues - but don’t stray outside your statutory authority; be more responsive to the regulated community - but don’t get captured by industry.1 It has been 14 years since major reforms were made to the regime of sanctions relevant to the duties of corporate officers in Australia when the civil penalty regime, currently contained in Pt 9.4B of the Corporations Act 2001 (Cth) (the Corporations Act), was introduced.2 By adopting this approach, it was hoped that the Australian Securities and Investments Commission (ASIC) could more effectively regulate corporate misconduct and that civil penalties would constitute a significant enforcement tool. My paper will discuss the introduction of the civil penalty regime and its effectiveness to date. At first, Pt 9.4B failed to operate as an effective enforcement measure with very few civil penalty applications being made by ASIC.3 In the six years from 1993 * BA, LLB (Hons), LLM (Queensland), TC Beirne School of Law, The University of Queensland. 1 Sparrow M, The Regulatory Craft (Brookings Institution Press, Washington DC, 2000) p 17. 2 The civil penalty regime in the Corporations Act, Pt 9.4B, was introduced by the Corporate Law Reform Act 1992 (Cth) and became effective from 1 February 1993.
    [Show full text]
  • Copyright and Use of This Thesis This Thesis Must Be Used in Accordance with the Provisions of the Copyright Act 1968
    COPYRIGHT AND USE OF THIS THESIS This thesis must be used in accordance with the provisions of the Copyright Act 1968. Reproduction of material protected by copyright may be an infringement of copyright and copyright owners may be entitled to take legal action against persons who infringe their copyright. Section 51 (2) of the Copyright Act permits an authorized officer of a university library or archives to provide a copy (by communication or otherwise) of an unpublished thesis kept in the library or archives, to a person who satisfies the authorized officer that he or she requires the reproduction for the purposes of research or study. The Copyright Act grants the creator of a work a number of moral rights, specifically the right of attribution, the right against false attribution and the right of integrity. You may infringe the author’s moral rights if you: - fail to acknowledge the author of this thesis if you quote sections from the work - attribute this thesis to another author - subject this thesis to derogatory treatment which may prejudice the author’s reputation For further information contact the University’s Director of Copyright Services sydney.edu.au/copyright Faith/less? Market integrity and the enforcement of Australia’s continuous disclosure provisions Cary Di Lernia A dissertation submitted in fulfilment of the requirements for the degree of Doctor of Philosophy at The University of Sydney 2013 The integrity of the financial market and investor confidence in that market are critical elements in our economic well- being. The credibility of the market is underpinned by our system of corporate law and regulation.
    [Show full text]
  • Corporate Structures, the Veil and the Role of the Courts
    CRITIQUE AND COMMENT CORPORATE STRUCTURES, THE VEIL AND THE ROLE OF THE COURTS T HE HON CHIEF JUSTICE M ARILYN WARREN AC* The topic of the corporate veil is one that has been long-discussed, but which remains the subject of considerable debate and uncertainty. This lecture will look at a few areas related to veil-piercing or lifting, used in a broad sense, which usefully highlight the tensions the courts have to grapple with when faced with corporate structures and the question of whether to look behind those structures to commercial realities. The topics canvassed are directors’ liability for corporate fault, limited liability and corporate groups, and direct liability of parent entities in tort. C ONTENTS I Preface: Professor Ford ............................................................................................ 658 II Introduction .............................................................................................................. 659 III Directors’ Liability.................................................................................................... 661 IV Limited Liability and Corporate Groups .............................................................. 668 V Direct Liability of Parent Entities .......................................................................... 673 A Chandler v Cape ........................................................................................... 674 B The Australian Cases ................................................................................... 677 C Canada
    [Show full text]
  • 세븐 네트워크(Seven Network)
    호주 방송통신 사업자 보고서 세븐 네트워크(Seven Network) 호주 최대 상업 방송국 회사 프로필 桼세븐 네트워크는 호주 주요5 대 도시 (Sydney, Melbourne, 비상장사 상장여부 Brisbane, Adelaide, Perth)와 퀸즈랜드 (Queensland) 지역 독립 (모기업은 상장사 ) 설립시기 1956 년 방송국이 통합되어 설립된 호주 최대의 상업 방송국임 최고경영자 데이비드 레키 주요 인사 (David Leckie) - 세븐 네트워크는 호주 미디어 대기업 세븐 웨스트 미디어 사업분야 TV Level 4 (Seven West Media) 가 2006 년월미국계투자회사 12 38-42 Pirrama Road 주소 콜버그 콜버그 크래비스 로버츠(Kohlberg Kravis Roberts & Pyrmont, NSW 2009 Co)와 조인트벤처로 설립한 세븐 미디어 그룹(Seven Media Australia 전화 +61-2-8777-7777 Group)의 자회사임 12억 2,920 만 호주 매출 달러(‘11.06) -현재 주요 5 대 도시에 지상파 ,, 위성방송 케이블방송 등의 3억 7,670 만 호주 EBITDA 방송서비스를 제공하고 있으며, 그 외 지역에서는 제휴방송사 달러(‘11.06) 직원 수 176명 (‘09.06) 프라임TV(Prime TV) 및 7QLD 를 통해 채널 7(Channel 7) 의 홈페이지 http://au.tv.yahoo.com/ 프로그램을 방영하고 있음 회사 연혁 2010.9`7mate' 런칭 - 세븐 미디어 그룹은2006 년월야후 1 !(Yahoo!) 와조인트벤처 온라인 캐치업 포털 2010.1 야후!7(Yahoo!7) 을 설립하고 콘텐츠의 온 · 오프라인 통합 서비스 ‘PLUS7' 런칭 디지털 지상파 채널 기반을 마련했으며,2010 년 1 월 온라인 캐치업 (catch-up) 2009.11 ‘7Two’ 런칭 포털‘ 플러스 7(PLUS7)' 을 런칭했음 2008.2 폭스텔(Foxtel) 과 제휴 2007.10HD 전문채널 ‘7HD’ 런칭 -2007년 10 월호주최초의 HDTV 전문채널 ‘7HD' 를통해 2006.12 세븐 미디어 그룹 설립 2006.1 야후!7 설립 디지털 지상파방송을 시작했으며, 2009 년 디지털 채널 선샤인 TV 1995 ‘7TWO'를런칭한데이어 2010 년 9 월 16~49 세남성을 (Sunshine Television) 인수 1991 세븐 웨스트 미디어 설립 타깃으로한‘7mate' 채널을런칭했음 1988 퀸텍스(Qintex), TVW 인수 페어팩스(Fairfax), HSV 를 1987 2010년 기준 주요 5 대 도시 일일 시청 점유율에서 세븐 퀸텍스(Qintex) 에 매각 桼 루퍼트머독(Rupert Murdoch), 네트워크는18.3% 로 1 위를 차지했으며 , 프라임 타임대 HSV와 SAS 인수 , 1986 HSV를 페어팩스 (Fairfax) 에 (18:00~24:00)시청점유율역시 20.0% 로 1 위를차지했음 매각 벨 그룹(Bell Group), 1982 TVW 인수 ATN-7,HSV-7,TVW,BTQ-7 1956 SAS-7 설립 호주TVTVTV 채널 시청 점유율
    [Show full text]
  • Directors in the Regulatory Enforcement Pyramid Recent De
    University of New South Wales: 2012 Directors Duties Seminar Greg Golding and Laura Steinke King & Wood Mallesons 20 March 2012 Index 1 The general risk environment for directors in 2011 1 1.1 Implications of the Global Downturn 1 1.2 The enforcement pyramid and a more finely nuanced environment 3 1.3 An impressionistic tour of the 2011 environment 6 2 Directors and class actions 6 2.1 Background 6 2.2 GIO class action 15 2.3 Telstra class action 15 2.4 Aristocrat class action 16 2.5 Multiplex class action 17 2.6 Centro class action 19 2.7 Some observations 19 3 Civil penalty proceedings 20 3.1 An introduction 20 3.2 ASIC v Rich 21 3.3 Fortescue 22 3.4 Citrofresh 23 3.5 James Hardie 25 3.6 Centro 26 3.7 Some observations 27 4 General criminal prosecutions 28 5 Conclusions of our analysis 29 © King & Wood 27 March 2012 2 Mallesons11028124_1 Regulatory Enforcement Action in the Global Financial Crisis - Risks for the Director 1 The general risk environment for directors in 2012 This paper considers the position of the Australian director in 2012 against the framework of the directors’ place in the regulatory enforcement environment. The purpose of this paper is not to undertake a technical legal review of the various sanction regimes that are applicable to the Australian director. Instead, the purpose is to make some practical comments on the position of the director by reference to recent litigation patterns.1 1.1 Implications of the Global Downturn The adverse conditions caused by a change in the Australian business environment have been apparent over recent years.
    [Show full text]
  • CHAPTER 2 the Changing Nature of Corporate Governance
    CHAPTER 2 The changing nature of corporate governance INTRODUCTION Corporate governance in context .................................................. [2.1] Chapter overview .......................................................................... [2.2] EVOLUTION OF CORPORATIONS AND CORPORATE GOVERNANCE Origin of corporations ................................................................... [2.3] Concerns with growing corporate power ....................................... [2.4] The managerial revolution ............................................................. [2.5] Interruption to economic expansion .............................................. [2.6] The impact of social change .......................................................... [2.7] Globalisation ................................................................................. [2.8] Technology boom and bust ........................................................... [2.9] Global financial crisis ................................................................... [2.10] THE EMERGING LEGAL FRAMEWORK FOR CORPORATIONS Development of the legal framework ........................................... [2.11] GOVERNANCE IN THE 21ST CENTURY Governance today ....................................................................... [2.12] THEORETICAL UNDERPINNINGS OF CORPORATE GOVERNANCE Major governance theories .......................................................... [2.13] Agency theory ............................................................................. [2.14] Stewardship
    [Show full text]
  • A History of Regional Commercial Television Ownership and Control
    Station Break: A History of Regional Commercial Television Ownership and Control Michael Thurlow B. Journalism This thesis is presented for the degree of Master of Research Macquarie University Department of Media, Music, Communication and Cultural Studies 9 October 2015 This page has been left blank deliberately. Table of contents Abstract .................................................... i Statement of Candidate .................................... iii Acknowledgements ........................................... iv Abbreviations ............................................... v Figures ................................................... vii Tables ................................................... viii Introduction ................................................ 1 Chapter 1: New Toys for Old Friends ........................ 21 Chapter 2: Regulatory Foundations and Economic Imperatives . 35 Chapter 3: Corporate Ambitions and Political Directives .... 57 Chapter 4: Digital Protections and Technical Disruptions ... 85 Conclusion ................................................ 104 Appendix A: Stage Three Licence Grants .................... 111 Appendix B: Ownership Groups 1963 ......................... 113 Appendix C: Stage Four Licence Grants ..................... 114 Appendix D: Ownership Groups 1968 ......................... 116 Appendix E: Stage Six Licence Grants ...................... 117 Appendix F: Ownership Groups 1975 ......................... 118 Appendix G: Ownership Groups 1985 ......................... 119 Appendix H:
    [Show full text]