Australia's shrinking director pool

What happens when some of Australia's most experienced listed company directors start looking elsewhere?

In her 2026 Bathurst Lecture at the Supreme Court of NSW, Honey, I Shrunk the Director Pool, Rebecca Maslen-Stannage, Chair and Senior Partner at HSF Kramer, explores a critical question for Australia's public markets: why are directors increasingly attracted away from listed life and towards private capital boards, and what does that mean for the broader economy? 

Drawing on findings from the HSF Kramer ASX200 Chairs Survey, the lecture examines the cumulative impact of regulatory complexity, litigation risk, director liability and public scrutiny on listed company governance.

Rebecca argues that maintaining high standards of governance and accountability remains essential, but that Australia needs to rebalance regulation, enforcement and liability frameworks bearing mind other important policy objectives including growth, competitiveness and the willingness of experienced leaders to serve on listed company boards.

For those interested in the future of corporate governance, we've brought together a collection of related resources:

• Rebecca's full Bathurst Lecture (PDF)
• Deal Talk Podcast: Star Decisions for Directors Part 1
• DealTalk Podcast: Star Decisions for Directors Part 2
• HSF Kramer ASX200 Chairs Survey

The conversation around governance, regulation and director responsibility is far from over. As boards, regulators and policymakers grapple with these challenges, Rebecca's lecture offered a timely perspective on how Australia can strike the right balance of accountability, growth and competitiveness.