There is no simple universal formula for good Corporate Governance. Companies vary greatly in size, complexity, industry, ownership, structure and other characteristics. Often what is ideal in some cases may be inappropriate in others. We offer a range of services to support Directors to ensure you UNDERSTAND how to comply with the Corporations Act.
Tried and proven structures and processes can help to improve Corporate Governance, and can play an important role in building shareholder confidence in the soundness of their investments and thus a company's ability to attract capital.
It is important to appreciate the consequences of being sued under the Corporations Act (CA) and that both creditors and shareholders have a number of ways of bringing legal action against all the officers. Directors should be fully aware of their statutory responsibilities in governing a company.
Consequences of breaching duties range from civil to criminal. Fines are on penalty unit basis with one penalty unit equal to $110 and range from $137.50 (1.25 times a penalty unit) for a technical breach to $220,000 (2000 penalty units) for more serious breach. The more serious breach may result in disqualification from taking part in the management of any company for up to 5 years and or 5 years imprisonment for criminal breaches.
Azure Group offer a range of services to support Directors and ensure businesses comply with the Corporations Act.
The role of the corporate secretary or company secretary is diverse and complex. The task of corporate governance can be particularly complex and there is increasing pressure for companies to be transparent and accountable so it plays an important role in any business.
Azure Group offers comprehensive incorporation services for private clients including Trust structures, Companies and partnerships to meet all requirements of the Australian Securities and Investments Commission (“ASIC”).
For overseas entities looking to establish an Australian subsidiary, it is a necessity and regulatory requirement to appoint a director who is a local resident. This service is offered in conjunction with managing the compliance needs of your local operations.