Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

I congratulate Senator Murray on his foresight. We will not be supporting his amendment. The government does not support intervening in the operations of individual companies in the way proposed by Senator Murray. The government notes that Australia’s Corporations Law is principles based and allows a broad discretion to act in the best interests of the company and its shareholders. In making these sorts of decisions, companies must take due care and diligence and all reasonable factors into account, and it is not for the government to dictate to companies how they do that. The government does not support the amendment proposed by the Democrats.

Question negatived.

Bill agreed to.

Bill reported without amendment; report adopted.