Indigenous corporate governance in Australia and beyond

Indigenous Australians, like their counterparts around the world, have not consistently had their rights acknowledged and upheld since the earliest days of Western colonisation. From the concept of Terra Nullius to the forcible removal of indigenous children from their families, indigenous Australians have had to fight hard to have their rights recognised. International recognition of the rights of indigenous peoples is now widespread, with 150 countries endorsing the United Nations Declaration on the Rights of Indigenous Peoples since 2007. One of the rights acknowledged by the United Nations Declaration relates to the economic freedom that should be given to indigenous peoples. Such freedom will remain symbolic if governments around the world do not take steps to ensure that indigenous peoples can establish their businesses based on their own cultures and traditions. In Australia, for instance, the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth) (‘CATSI Act’) attempted to take such a step even prior to Australia’s endorsement of the United National Declaration. This statute was introduced with the aim of empowering indigenous Australians to run their businesses based on their culture and traditions. However, although this legislation may have high aspirations, it does not always achieve its objectives. This chapter considers the rights of indigenous Australians under the CATSI Act. The Australia position will also be compared with steps taken by other countries to provide economic freedom to indigenous peoples by allowing them to run their businesses based on their own cultures and traditions