Australian Case Study In Corporate Governance – Hih Insurance
1. INTRODUCTION
“The collapse of the HIH Insurance group (“HIH”) resulted in a deficiency of up to A$5.3 billion, making it Australia’s largest corporate failure. The ensuing Royal Commission report released in April 2003 provides a rare detailed dissection of a spectacular corporate implosion and a very useful case study from which corporate governance lessons may be learned. This is particular so because HIH was not unusual case of major fraud or embezzlement. The failures identified by Commissioner Owen were by and large failures stemming from mismanagement. Most breaches of the law were designed to cover up the consequential increasing financial difficulties which were engulfing HIH” (Lipton, P., 2003, p.273, Retrieved 19th December 2007).
2. CORPORATE DEVELOPMENT HIGHLIGHTS OF HIH
The origins of HIH can be traced back to 1968 when it was incorporated as MW Payne Liability Agencies Pty Ltd, changing its name to CE Heath International Holdings Limited in 1989.......
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Approximate Pages: 19 (250 words per double-spaced page)
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Australian Case Study In Corporate Governance Hih Insurance
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