Setting the record straight: ASIC, bribery and enforcement action
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission to an AmCham Business Leaders Lunch, 11 October 2013.
Now to move on to the main topic for today – ASIC’s role in investigating foreign bribery allegations. There has been plenty of media in the past fortnight about this. A lot has been written, much of it has been ill-informed in describing ASIC’s role. Today I want to set the record straight, I will talk about:
- taking action against public companies responsibility for bribery
- ASIC’s relations with the Australian Federal Police (AFP)
- the difference between criminal and civil proceedings
- the AWB case
- bribery and directors’ duties breaches
- the Centro principles on directors’ duties
- our approach to enforcement and surveillance.