'Power tends to corrupt and absolute power corrupts absolutely.' Those words, penned by Lord Acton in the 19th century have never been more salient for corporate Australia.
Those words, penned by the English aristocrat, politician and academic Lord Acton in the 19th century have never been more salient.
Think Elon Musk, and to a lesser extent the other great tech entrepreneurs, all of whom wield enormous individual influence over the structures they have created.But, just like a modern nation state, businesses ultimately are overtaken by a push for democracy and the limitation of individual power. And while corporate laws are stronger now, disclosure requirements much more stringent and stricter governance rules are in place, the misuse of power remains the same.The focus quickly shifted to investigations over whether there had been any inappropriate use of company funds once it was discovered White had been romantically linked to former employees.
But their demise at the end of the decade heralded in a new philosophy. The chairman should be independent of management and the board should oversee management. The family trust controls 41 per cent of the company, even though it only owns 14 per cent of the stock.Rupert had the smarts and News was a dynamic organisation that was feted globally by kings and queens, presidents and prime ministers.
Corporate News Executives Corporate Governance Board ASX-Listed Public Companies Wisetech Richard White Mineral Resources Chris Ellison News Corp Rupert Murdoch Power Governance
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