The Evolution of Australian Corporate Law – Looking Back to Look Ahead

Abstract

This article aims to tell the story of the journey of Australian corporate law – its evolution, and the infrastructure supporting it (i.e., courts, regulator, and other bodies providing soft law/ guidance). It argues that the history of a jurisdiction’s corporate law journey is an important consideration while attempting to tackle corporate law challenges of the present and future. The challenges of the present and future are identified as sustainable business practices, changing shareholder profile, and the impact of technology on corporate activity. While these challenges are global, ie all countries are grappling with them, Australia’s response has to be suited to its own local realities and these realities are reflected in the story of how we got here. In telling this story, the article discusses hard law, soft law, efforts to simplify the corporations statute by the Australian Law Reform Commission, and the role of the courts and the market regulator in Australia. Finally, the article also contributes to the debate about corporate law convergence from an Australian perspective.