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This article reviews the use of the statutory derivative action (SDA) in Australia and assesses its success in Australia compared to its impact in the United States, Canada, Japan, Germany, France, New Zealand, Malaysia, India and Singapore. Each jurisdiction’s standing, leave and notice requirements, together with the costs issue are covered. The article also addresses criticisms by commentators that the statutory derivative remedy has little practical use and that there are other remedies already available to address corporate wrongs.
This document has been peer reviewed.