The one takeaway of this new corporate liability is this. Essentially, when a person associated with a company commits a corrupt act to obtain a business advantage, this will expose the company to committing a criminal offence. This will then have serious repercussions on the directors and management of the company.
The main thrust of this Bill is to introduce a new far-reaching corporate liability provision into the MACC Act. There are key changes and steps that companies, and its directors and officers have to be aware of.