Company directors have recently been pushing to have the financial laws watered down to protect themselves against personal liability and the ASIC are not having it. As a company director (or even a non-executive director) it is vitally important to ensure that you are aware of your duties to the company, keep the business's interests front of mind and act accordingly otherwise you will be held personally liable.
This article from the business section of the Sydney Morning Herald has given a fantastic overview of the key players pushing for change as well as some key things to look out for.
The full article can be found below:
Georgia Wilkins – Sydney Morning Herald – "ASIC warns directors they are liable"