Executive Summary:  The presentation and article below focus on shareholder activism, particularly as conducted by situational hedge funds, and the appropriate standard for director response.  While the authors argue that the Australian legal environment is slanted in favour of activists, they also demonstrate various counterbalances that exist as a result of specific Australian authorities.

Main Article: 

Shareholder Activism Overview, Supreme Court Conference

Economic Activism: Rethinking Directors’ Duties and Governance Structures in the Activist Context

†       The authors wish to acknowledge the helpful contributions received from their King & Wood Mallesons colleagues Anna Chen, Matthew Cowcher and Adam Gao as well as assistance from Christian Cornett, Julian Lemor and Francis Bellen in our Frankfurt office and Greg Lascelles, Edmund Tyler and Delphine Currie in our London office who provided useful insights on their respective jurisdictions, and to Rebecca Stanley and Courtney Chu in Sydney.