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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Melville Miranda
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DOI:10.17265/1537-1514/2016.06.004
Affiliation(s)
Melville Miranda, scholar at law, University of Southern Queensland, Toowoomba, Australia.
ABSTRACT
In Apple v Orange, Austin J sought to construe the business judgement rule, stating that there are “no degree or levels of reasonableness”. In this case, he said that a belief is reasonable or not reasonable. To be a “reasonable person” in the eyes of the law, a person must not hold beliefs that are not reasonable. His honour considered accepting ASIC’s submission in Apple would render s180(2) of the Corporation Act 2001 otiose, failing to achieve “the drafters” evident purpose of adopting the American Law Institute formula which sets the standard at a lower level than objective reasonableness. He therefore sought to construe the phrase “rationally believe” accordingly.
KEYWORDS
business judgement rule, director’s duty of care and diligence, honesty, integtity, ethics of business, transparency
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