Employed By Organization As The Secretary

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Employed By Organization As The Secretary

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Question:

Discuss About The Employed By The Organization As The Secretary?

Answer:
Introducation

In Shafron v ASIC case, Mr Shafron was employed by the organization as the secretary and the legal counsel of James Hardie industries Limited (JHIL). [1]He was involved in the creation of the actuarial reports through use of the cash flow model. He did not take into the account the superimposed inflation when it came to estimation of the amount which, was needed to fund asbestos related claims. He selected and presented the report to the JHILboard and failed to disclose the estimates which included the superimposed inflation. Additionally, he released misleading information to the Australian Stock Exchange (ASX). [2]The ASIC commenced on the proceedings against Mr Shafron on the basis that he was an officer of the JHIL and he breached his duties as an officer under the Act. According to the high court he was an officer of JHIL since he had participated in decision making which affected the substantial part of the business of JHIL during the vetting of the reports which he presented to the board. b) The major legal issues
The main legal issue was the failure of Mr Shafron to exercise his power and dis-charge his responsibilities as an officer with the standard of care in addition to diligence which a reasonable individual would exercise as the officer of the corporation as required under S180 of the Act, the failure to disclose the key omissions in the estimates to the board. Based on the law an individual can be held as an officer of the corporation even if they are not staff or one of the formally appointed directors. c) The relevant law relied on by the judge(s) in making their decision
The judge relied on the S 180(1) of the corporation Act 2001 which highlights that individuals should exercise due care and diligence when it comes to release of information so that they do not breach their duties as the officers of the company.

The actual decision of the case.
The court found Mr Shafron to have breached his responsibility of care as an officer, by the point that he failed to recommend the board on the ideal approximate in the actuarial estimates of the subjection to the asbestos claims to obtain into the account the superimposed inflation.[3] This was vital especially to their assessment of adequacy of funding to the foundation. Furthermore, he needed breached his duty of care as an officer by providing misleading announcement to the ASC. Mr Shaffron was disqualified from managing the corporations for seven years, acting as an officer and he was order to pay JHIL compensation.
All the responsibilities Mr Shafron carried out were performed in relation to his fulfilment of his duties as the general counsel in addition to the organization secretary.[4] This really is as a result of his qualifications in addition to the position he was used. His duties as the counsel along with the organization secretary extended to the proffering advice on almost all the duties of the disclosure that need to be met.

References
Adams, Michael. “Lessons for non-executives from James Hardie.” Keeping Good Companies 64, no. 5 (2012): 263.
Barber, Fran. “Indirectly directors: Duties owed below the board.” Victoria U. Wellington L. Rev. 45 (2014): 27.
Hargovan, Anil. “Company officers in the judicial spotlight.” Keeping Good Companies 64, no. 6 (2012): 365.
Scott, eter Dominick. “Shafron v Australian Securities and Investments Commission (2012) 286 ALR 612.” U. Tas. L. Rev. 31 (2012): 155
[1] Barber, Fran. “Indirectly directors: Duties owed below the board.” Victoria U. Wellington L. Rev. 45 (2014): 27.
[2] Scott, Peter Dominick. “Shafron v Australian Securities and Investments Commission (2012) 286 ALR 612.” U. Tas. L. Rev. 31 (2012): 155.
[3] Adams, Michael. “Lessons for non-executives from James Hardie.” Keeping Good Companies 64, no. 5 (2012): 263.
[4] Hargovan, Anil. “Company officers in the judicial spotlight.” Keeping Good Companies 64, no. 6 (2012): 365.

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