Boardroom Exodus: Fallout from the Centro Case

Non-executive directors across Australia are reportedly seriously reconsidering their roles in the wake of the recent Centro Federal Court case. The court found the property giant's directors responsible for an accounting mistake that almost caused the company's collapse in 2007. In their defence, the board members said they had relied on the auditors. Michael Peters, an expert in Business Law and Taxation at the Australian School of Business, says the implications of the decision are onerous and potentially will diminish the pool of talent for directorships, keeping women and minority groups out of boardrooms.