This week the corporate regulator is taking on executives and directors of Star Entertainment in the Federal Court, in a landmark case for Australian corporate governance.
ASIC will allege that despite multiple red flags that should have prompted internal investigation, directors at Star sat on their hands while accepting the considerable perks of the office.
Historically, ASIC has not been willing to go after apparently lax directors and executives and there are questions about its effectiveness as a regulator. Will this time be different?
