The Conscience of the Fictional Reasonable Person and the Concept of "Doing the Right Thing" - Their Impact on Directors Duties

K&L Gates LLP
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The ‘reasonable person’ test is used to interpret much of our statutory law and concepts in equity. It is the required standard to determine the extent of directors’ duties under the Corporations Act, which imposes their legal obligation to act in accordance with the community values and expectations of our society.

There has been extensive movement in community expectations of how directors should perform their duties. We can expect more emphasis on directors' duties to stakeholders, other than shareholders, based on the conscience of the fictional reasonable person.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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