Acclime Corporate Snapshot – March 2026.

Acclime Corporate Snapshot provides you with an overview of current corporate governance matters, including regulatory changes, trends, and other important issues.

To discuss how these may affect you, please contact us on 02 9955 6522.

Star casino proceedings deal a mixed hand

The Federal Court has published its ruling in ASIC’s civil penalty proceedings against former directors and executives of Star Entertainment Group for breaches of the statutory duty of care and diligence (s.180 Corporations Act).

The verdicts are a watershed for Australian governance laws, confirming that boards are there to oversee and not as substitutes for honest and competent management.

Star’s former Managing Director & CEO and Chief Legal & Risk Officer & Company Secretary were found to have breached their duties under s.180(1) in their handling of the risks associated with money laundering and criminal activity.

However, the Court was not satisfied that the conduct of Star’s non-executive directors fell below the statutory standard, having regard to their roles, the information available to them, and the way the case was pleaded.

The Australian Institute of Company Directors has produced a helpful analysis that parses the distinction between the outcomes for executives and non-executive directors.

ACCC swings into action over fuel shortages

There’s no bigger story in world markets right now: fuel shortages are impacting every corner of the economy.

On 19 March, the ACCC announced an enforcement investigation into allegations from regional and rural wholesalers of anti-competitive conduct affecting diesel availability. The investigation is aimed at the major suppliers: Ampol Ltd, BP Australia Pty Ltd, Mobil Oil Australia Pty Ltd, and Viva Energy Australia Pty Ltd.

The following day, the ACCC also granted an urgent interim authorisation to parties including the Australian Institute of Petroleum to coordinate in managing fuel supply chain impacts. This means those companies can now exchange information about and coordinate fuel supply to combat shortages without breaching competition laws.

Reserve bank weighs in on Middle East conflict

While we’re on the impacts of the current conflict, the Reserve Bank of Australia’s latest Financial Stability Review, released on 19 March, identifies heightened risks to the global financial system as the conflict contributes to sharp movements in markets and increased risk of operational, cyber and security disruptions.

On the positive side, the review also concludes that most borrowers are “in a solid financial position and remain able to manage increases in cost pressures, though some will face growing challenges,” and “Australian banks are in a strong position to continue supporting the economy, even if conditions deteriorate sharply.”

There’s more on the cyber risk component of the war footing from Gilbert + Tobin here.

The latest in compliance and enforcement stats

ASIC data on misconduct reports for the second half of 2025 reveals that of 9,686 reports, 40% concerned corporations and corporate governance. Key issues included governance concerns, reporting and other shareholder-related matters, and alleged fraud. ASIC took enforcement action against 69 entities in relation to corporate governance misconduct (including breaches of directors’ duties). As the new year ticked over, ASIC had actions in progress against 27 criminal and eight civil defendants.

In this comprehensive overview from Allens, enforcement actions by ASIC, the ACCC and APRA are contextualised as responding to “cost-of-living pressures, rapid digital change and rising expectations around governance and accountability.”

New ASIC chair

On 1 June this year, Sarah Court will take the reins from Joe Longo as Chair of ASIC.

Ms Court is well known in regulatory circles, having been ASIC’s Deputy Chair for five years. Prior to that, she held senior statutory appointments with economic and corporate regulators for more than 17 years, including three highly influential terms as a Commissioner with the ACCC.

In her time as Deputy Chair, according to outgoing Chair Joe Longo, she was “instrumental to the success of the agency’s structural transformation that has strengthened our enforcement posture and work, leading to better outcomes for consumers and a fairer financial system.”

ACCR greenwashing action against Santos dismissed

The Federal Court has dismissed the greenwashing case brought by the Australasian Centre for Corporate Responsibility (ACCR) against Santos, finding that the resource company did not engage in misleading or deceptive conduct amongst climate claims in its 2020 Annual Report and Investor Day Briefing, and its 2021 Climate Change Report.

The action represented a landmark because it was the first case globally to challenge the truthfulness of corporate net zero claims.

King & Wood Mallesons have published an analysis of Justice Markovic’s reasons here.

What directors really think of their chairs…

The Australian Institute of Company Directors (AICD)’s most recent Quarterly Market Insights offers a rare glimpse of company directors’ views about their Chairs.

The results are largely reassuring: the fundamentals are strong for ASX-listed companies. Most directors say their Chair is well respected by the board, and more than three in four rate the Chair’s relationship with the CEO as a strength.

But there are areas for improvement: only 18% of directors say their Chair provides feedback, and 18% see a clear plan and timeline for Chair succession. The ability to have hard conversations also emerges as an area of concern.

Sources of information: Gilbert+Tobin, Reserve Bank of Australia, Australian Securities Exchange Ltd (ASX), Australian Competition and Consumer Commission (ACCC), Australian Securities and Investments Commission (ASIC), King & Wood Mallesons, Australian Institute of Company Directors.

Disclaimer: Acclime Corporate Snapshot is only intended to provide a general overview on matters of interest. It is not intended to be comprehensive and is not legal advice. Acclime Australia attempts to ensure that content is current but we do not guarantee its currency. You should seek legal and/or professional advice before acting or relying on any content.