Justice Lee’s blunt message to boards: ‘Do the work’
Justice Michael Lee has issued a sharp warning to directors during ASIC’s case against Star - your fees mean you have obligations.
Justice Michael Lee slipped a sharp comment into the final stage of the blockbuster ASIC v Star Entertainment case on Monday — one likely to delight regulators and scare the hell out of company boards.
In short, it was: don’t take the money and then complain about the job.
Lee challenged barrister Michael Henry SC, acting for Star’s non-executive directors, as Henry argued that board papers on junket operators had given his clients a “level of comfort”.
“People just can’t keep on saying, ‘Oh, well, it’s all too difficult for us to read the material that’s presented to the board’.”
