Opting out of shareholder governance rights: a new perspective on contractual freedom in Australian corporate law

One of the classic debates in corporate law relates to whether the rules of corporate law are ar should be 'mandatory', in that companies must comply, or 'enabling' - meaning a set of default rules which companies have the choice of adopting or 'opting out' of through alternative contractual arrangements. The so-called 'mandatory/enabling' debate has been especially prominent in the United States fro numerous reasons, yet has also received some attention in Australia. That said, the extent to which companies can 'opt out' of corporate law has rarely been considered as a practical issue in Australia - particularly whether Australian companies can 'opt out' of provisions under the Corporations Act ("the Act"). However, just recently, two high-profile events in Australia have made 'opting out' of corporate law a relevant issue, especially the question of whether companies are free to 'opt out' of provisions of the Corporations Act  which provide express governance rights to shareholders. These events were Boral's constitutional amendment in 2003 to restrict the ability of shreholders to propose amendments to the company's constitution, and the contemplation and introduction of so-called 'pre-nuptial' agreements- designed to by-pass the right of shreholders to vote on removing directors in public companies. In the light of these two recent events, in this article the authors revisit the mandatory/enabling debate. However, rather than going over old ground as to whether a mandatory or enabling approach to corporate regulation is desirable, the authors approach the issue from a fresh perspective: that Australian Securitiesand Investments Commission's ("ASIC") existing relief powers under the Act should be extended to provide a means for companies to opt out of provisions containing shareholder governance rights.

Panel data, cointegration, causality and Wagner's law : empirical evidence from Chinese provinces

This paper tests Wagner's law of increasing state activity using panels of Chinese provinces. The paper's main methodological contribution is in that we employ for the first time in the literature on Wagner's law a panel unit root, panel cointegration and Granger causality testing approach. Overall, we find mixed evidence in support of Wagner's law for China's central and western provinces, but no support for Wagner's law for the full panel of provinces or for the panel of China's eastern provinces.

Exodus of 'mineral rights' from the South African Mineral Law

Transformation of the mineral law system as part of the new political  dispensation in South Africa has long been foreseen. Subsequent to a Green and White Paper, as policy documents, the Department of Minerals and Energy published a Mineral Development Draft 8il12000 for public comment. This eventually culminated in the acceptance by Parliament of the Minerals and Petroleum Resources Development Act 28 of 2002, which came into operation on 1 May 2004. The Act will transform thE! mineral law system and the mining industry in" general. In this article the phaSing-out by the Act of the historical notion of 'mineral right' is examined. It is argue..d that the Act will lead to an exodus of the notion of mineral rights and will replace It with less secure prospecting rights and mining rights which, albeit real in nature, will depend on compliance with provisions of the Act and the exercise of discre.Von by the Minister.

Did workchoices deliver? Evidence from survey data

The introduction of the Workplace Relations (WorkChoices) Amendment Act 2005 (Cwlth) proved to be one of the most contentious changes to federal labour law in Australia's history. There is considerable debate as to whether it fulfilled the government's expectations of giving 'flexibility' and 'choice' to both employees and employers or whether it resulted in an overall deterioration in working conditions. In order to assess the impact of WorkChoices on Australian businesses and their employees, this study reports data from a survey of 5,600 human resource professionals throughout Australia. Despite the limitations of the survey, the survey evidence reveals that most human resource professionals did not report any significant changes in productivity, job creation or work family balance as a consequence of the new workplace laws. Moreover, only a minority expected an improvement over the next 3 years.

Social identities and law students' writing

This paper argues that social identities, discursively speaking, consist of ‘positions’ that are individuated by distinctive linguistic features. These include distinctive patterns of representation indicated by clause structure and type, a set of priorities for attending to what is important indicated by thematic structure, and an orientation to the represented world and to self as indicated by modality, propositional attitudes and tense. A social identity comprises an array of these often contradictory ‘positions’ associated with a social or professional role. A person’s identity is constituted dynamically by the way they ‘reconcile’ the various positions that make up the social identity, and also, as Archer and Ivanic argue, by the way they reconcile a social with a personal or autobiographical identity. It is argued that this process of reconciliation gives clues about identity formation in the traces it leaves in grammatical texture.

This paper uses a simulated letter of advice to a client written by a group of first year law students to explore the discursive construction of social or professional identity. This letter is poorly written and full of grammatical mistakes and infelicities. It is argued that the mistakes provide a linguistic trace of the students’ struggle to reconcile the conflicting roles and positions they occupy as authors of the letter. In particular the students’ problems result from a struggle to reconcile their multiple positions as: students writing for assessment by a tutor about a legal problem, as a simulated firm of solicitors advising to a client, and as potential litigators anticipating the future course of events in their simulated moot court appearance.

Child focused and child inclusive family law dispute resolution : one year findings from a prospective study of outcomes

This prospective study compared outcomes over 1 year for two groups of separated parents, who attended mediation about their entrenched parenting disputes. The two treatments studied both aimed to improve the psychological resolution of parental conflict with associated reduction of distress for their children. The Child Focused intervention prioritised thought about the needs of children in high conflict divorce, but without any direct involvement of the children, while the Child Inclusive intervention incorporated separate consultation by a specialist with the children in each family, and consideration of their concerns with parents in the mediation forum. Measures were collected from parents and children prior to mediation commencing, and again three and twelve months after the conclusion of mediation. Significant and enduring reduction in levels of conflict and improved management of disputes occurred for both treatment groups in the year after mediation. Across all ages, children in both interventions perceived less frequent and intense conflict between their parents and better resolution of it, with a significant lowering of their related distress. The Child Inclusive intervention showed a number of independent effects not evident in the other treatment group, related to relationship improvements and psychological wellbeing. These effects were strongest for fathers and children. Agreements reached by the Child Inclusive group were significantly more durable and workable over the year, and these parents were half as likely to instigate new litigation over parenting matters in the year after mediation than were the Child Focused parents. The article considers possible mechanisms of change underpinning these outcomes.