The corporate sector owes David Murray a debt of gratitude for starting a debate about ASX governance rules that lead boards to delegate matters that are properly their responsibility.
Evidence to the Banking Royal Commission points to the systemic failings of corporate governance built on the idea of shareholder primacy. It's time to rethink the unitary board system for a start.
Its been 13 years since Mauritius introduced codes of corporate governance for listed companies with mixed results. Its experience is useful for other developing countries looking to do the same.
The ASX code was written by, and for, corporate insiders. The council that regulates it is not monitored by a government body, and its members are not elected.