The Personal Liability for Corporate Fault Reform Bill 2012 was introduced to Parliament last week.

Federal MP Bernie Ripoll says the bill is “an important deregulation initiative” to encourage wealth and job creation “by removing unnecessary compliance burdens from company directors and corporate officers”.

It amends numerous provisions across a range of legislation to ensure a person is made criminally liable for the fault of a corporation only when it is “fair and reasonable in all circumstances”.

States and territories say they will implement proposed changes to their legislation before the end of the year.