xx) Not understanding that good governance is linked with culture

The Australian administrative law that is applicable to business judgement principal in corporate law.

"...which gives safe harbour to boards of directors making decisions in good faith, without conflict of interest, following due diligence and consistent with legal advice that fiduciary obligation is upheld..."
Justin O'Brien 2019

Can law and morality be connected within the narrow application of administrative law? This needs to be clarified with a cohesive framework and its implementation.
The creative destruction of financial capitalism and technological disruption is contributing to lack of trust. Thus the need to explore measures, strategies, etc to improve trustworthiness.
"...the separation of state and society has metastasised into a tripartite distinction between state, market and society. Within this three-dimensional framework, market values and their communication play critical mediating roles..."
Justin O'Brien 2019

"...risk pivots on strategic calculation. It necessitates informal alliances as much as duplicity or luck. In repeat games, one cannot win by technical compliance, a fact recognised since antiquity. The modern regulatory state has added complexity to the observation of the great Roman chronicler, Tacitus, that 'the desire to safety standards is against every great enterprise', none more so when one considers the more corrupt the state with more numerous the laws......Neither analysis nor review has proved capable of responding to the challenges of securing critical information in the digital age......debate is informed by strength of viral dissemination rather than veracity of content, the concept of truth becomes elastic......the politics of business and the business of politics needs a comprehensive reset in the digital age. We need to systematically identify and manage risk, collaborate across sectorial and physical borders, design more effective, reliable and trustworthy communication channels, and build sustainable engagement..."
Justin O'Brien 2019

The reforms in the UK have demanded evidence of alignment of culture, purpose, values and strategy. In addition to providing a protective shield, there is a framework against which deviants can be judged.

It needs to be remembered

"...The key to good corporate governance lies in substance, not form. It is about the way directors of a company create and develop a model to fit the circumstances of the company and this is then tested periodically for practical effectiveness..."
Justice Neville Owen (2003) as quoted by
Justin O'Brien 2019

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