[HIH Insurance Ltd's collapse] is a tale of scoundrels – crooks even, who jockey and grasp and concoct the most ingenious ways to pocket HIH's cash while they still can. Well-placed mates help well-placed mates … Mortgages are forgiven, bonuses awarded, dodgy invoices are fast-tracked and cheques are somehow cleared after the banks have closed. But policy-holders get nothing because that is the new policy, and shareholders might as well not exist.

Directors of Australian public companies have a dual challenge in seeking to navigate their companies through the heavy seas of the global financial services. They must set strategies to deliver long-term profitable performance in a manner that responds to the difficult circumstances. And they must ensure conformance by their companies and themselves with all applicable legal and regulatory requirements. Hard economic times are enhancing the challenge to directors in both their performance and conformance roles.