PA/19/13 10 May 2013
Australia and India – engaging on corporate affairs
Countries around the world face common challenges in getting their corporate regulation frameworks right, balancing the objectives of fairness and efficiency, and there is a lot that India and Australia can learn from each other in this regard, according to Australian legal expert, Dr Robert Austin.
A former NSW Supreme Court Justice, distinguished academic, and leader in corporate law reform, Dr Austin is visiting India to discuss ways the two countries can cooperate, share information and build stronger institutional linkages in the corporate affairs arena.
Dr Bob Austin has called for Asia-region solutions to Asia-region corporate governance issues. “The US and European models don't sufficiently adjust for market circumstances in India or Australia, or most other economies in the Asian region. It is time for us to share and adapt the best of each other’s regulatory experience, so as to build on the Asian region’s existing economic success. Good regulation creates value,” Dr Austin said.
Dr Austin’s visit comes at a time when corporate regulation in India is under the scanner: the pending Companies Bill, new CSR and Corporate Governance Guidelines, and higher governance standards for listed companies being framed by SEBI mean his visit is a timely one for India’s regulatory and business community.
“We welcome Dr Austin to India and thank him for his commitment to forging closer ties between the Indian and Australian corporate affairs communities. With our countries having such strong inter-personal connections and a shared legal heritage, Australia and India have much to learn from each other and much we can do together to enhance the operation of global, regional and national markets. Establishing a more formal dialogue, and creating stronger networks between our policy, regulatory, professional and academic institutions creates value,” said Australia’s High Commissioner to India, Mr Patrick Suckling.
Visiting New Delhi, Bengaluru and Mumbai from 13-17 May, Dr Austin will meet with legal practitioners, academics, policymakers and regulators to share knowledge as part of a speaking tour sponsored by the Australia India Institute and jointly organised by the Indian Institute of Corporate Affairs and the Australian High Commission.
A former Justice of the Supreme Court of New South Wales, Dr Austin offers a unique set of perspectives on Australia’s corporate regulatory reform journey as a distinguished academic, jurist and legal practitioner; senior adviser to major corporate boards; and as a prominent business media figure.
After serving as a Justice of the Supreme Court of New South Wales from 1998 to 2010, Dr Austin has returned to full-time legal practice as a Senior Legal Consultant with Minter Ellison, and is Head of Minters’ Corporate HQ Advisory Team.
Enquiries: Shekhar Nambiar, Senior Adviser, Media & Advocacy, Australian High Commission (98101 54167)