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Title Page Number Executive Summary 2 Introduction3 What is corporate governance4 Overview of CLERP 96 Brief Overview of case6 Decision on the case8 Recommendations for possible reforms10 Directors duties15 Conclusion18 References 19 Executive Summary HIH corp was going through a major crisis and directors tried to manipulate the market and tried several last ditch efforts to avoid the crisis but because of several reasons crashed and resulted into a loss of billions of dollars of small investors and resulted into various businesses shutting shop to avoid litigation because their insurance provider had collapsed thus resulting in many more billions of combined loss of the stake holders The resulting evolution in corporate governance principles governing corporate have made disclosures and managing companies by directors more effective and legal reforms like CLERP 9 and many changes in directors duties and the way courts see the actions of directors have undergone a change The directors who were responsible were punished and rightly so as to set a deterrent for other directors managing corporate of dire consequences if they fail to effectively install proper corporate governance principles in their companies Introduction In the recent history all over the world there have been many corporate collapses all around the world The most famous of these corporate collapses were of Enron Corporation in US One Tel and HIH insurance in Australia The company taken for this case study is HIH insurance this case is famous as ASIC v Adler The three directors of HIH Insurance Ltd were found to have
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