https://www.mwblconsulting.com/reading-room daily 0.75 2025-05-18 https://www.mwblconsulting.com/reading-room/boardroom-blind-spots-how-cognitive-bias-undermines-good-governance monthly 0.5 2025-05-18 https://images.squarespace-cdn.com/content/v1/68134d6e9f4e005e0a38b8a9/237ee802-f5f6-4b04-b86a-8ec04feb6484/ChatGPT+Image+May+18%2C+2025%2C+08_11_14+PM.png Reading Room - Boardroom Blind Spots: How Cognitive Bias Undermines Good Governance When business decisions go wrong, the cause is often not bad data, bad actors, or bad luck. In many cases, the true reason is more subtle: flawed thinking. Every person in a boardroom, regardless of experience or intelligence, is subject to unconscious patterns of thought that distort judgment. These are known as cognitive biases. They are mental shortcuts that help us process complex information quickly. In certain contexts, they are useful. But under pressure, with incomplete information and competing interests, these shortcuts frequently lead to poor decisions. And in the boardroom, poor decisions come with high stakes. Why Cognitive Bias Matters Cognitive bias is not just a psychological curiosity. It is a strategic and governance risk. Behavioural scientists have mapped more than 100 types of bias that influence how we interpret data, evaluate options, and assess risk. In corporate settings, many of these patterns are amplified by group dynamics, time pressure, and entrenched power structures. The problem is that bias feels like good judgment. It presents itself as decisiveness, pragmatism, or experience. That is why it is so difficult to detect and even harder to correct. The result is a decision-making process that appears robust but is actually skewed by invisible forces. Real Business Costs of Biased Thinking Cognitive bias leads to flawed strategy, poor risk oversight, and cultural stagnation. Some common consequences include: Over-investing in underperforming projects Ignoring early signs of failure Suppressing dissent or contrary views Overvaluing consensus while undervaluing expertise Prioritising short-term optics over long-term value Boards and leadership teams that do not actively address cognitive bias expose the organisation to reputational harm, legal liability, and missed opportunities. https://www.mwblconsulting.com/reading-room/firb-compliance-after-acquisition-what-investors-miss monthly 0.5 2025-05-18 https://www.mwblconsulting.com/reading-room/from-build-to-sell-to-build-to-hold-how-legal-strategy-needs-to-adapt monthly 0.5 2025-05-18 https://www.mwblconsulting.com/reading-room/cleaning-up-the-cap-table-why-your-share-registry-matters monthly 0.5 2025-05-18 https://www.mwblconsulting.com/reading-room/whos-really-in-control-understanding-company-structures-in-plain-english monthly 0.5 2025-05-18 https://images.squarespace-cdn.com/content/v1/68134d6e9f4e005e0a38b8a9/efe09d17-8cf0-4ebb-a822-ba32a190f465/May+18%2C+2025%2C+10_34_47+AM.png Reading Room - Who's Really in Control? Company Structures Corporate structures determine who makes decisions, who holds liability, and who actually benefits. Yet many founders and business owners operate with only a vague sense of how control really works in their company. https://www.mwblconsulting.com/reading-room/founders-agreements-lock-in-the-rules-before-the-fight-starts monthly 0.5 2025-05-18 https://www.mwblconsulting.com/reading-room/property-contracts-what-actually-matters monthly 0.5 2025-05-16 https://images.squarespace-cdn.com/content/v1/68134d6e9f4e005e0a38b8a9/1740593151.40136-JJCUULHDYNYNXCATGFIH/imgg-gi3-ikgxqxyq.png Reading Room - Property Contracts: What Actually Matters Most people treat the contract like a formality. In reality, it’s where deals are won, lost, or quietly set up to fail. Whether you’re buying, selling, or developing property in Victoria, the contract of sale isn’t just about names, dates, and deposits. It’s a legal tool and if used well, it can control risk, shape negotiation outcomes, and protect your margin when things get tense. Here’s what matters most. https://www.mwblconsulting.com/reading-room/contracts-under-pressure monthly 0.5 2025-05-18 https://www.mwblconsulting.com/reading-room/tips-for-selling monthly 0.5 2025-05-16 https://images.squarespace-cdn.com/content/v1/68134d6e9f4e005e0a38b8a9/10ed821c-2cc0-4475-948e-0cade749075f/legaal+tips.png Reading Room - Tips for Selling Property in Victoria - Make it stand out 1. Title and Land Details Must Match This is the first thing savvy buyers and their lawyers will scrutinize. Ensure the land description matches what is being sold If the title is mortgaged, arrange access through your lender If the contract does not align with the title, you risk delays or disputes over the Section 32 disclosure. 2. Disclose Easements, Covenants and Restrictions You must disclose any encumbrances, whether registered or not. This includes: Drainage or sewerage easements Covenants that limit development or use (for example, building height or facade restrictions) Planning-related Section 173 Agreements Clear disclosure helps avoid contract rescissions or buyer renegotiations later in the deal. 3. Declare Any Tenancies or Informal Occupancy Agreements If the property is: Tenanted (even under an informal or expired lease) Subject to an agreement with a neighbour (such as shared access or fencing arrangements) Used under a licence arrangement These must be disclosed. Provide any written agreements, even if they were not formalised. Undisclosed occupancy can void vacant possession clauses and give the buyer grounds to terminate the contract. https://www.mwblconsulting.com/reading-room/legal-readiness-for-property-buyers monthly 0.5 2025-05-16 https://images.squarespace-cdn.com/content/v1/68134d6e9f4e005e0a38b8a9/60af18a5-c42b-4f53-8711-8fff673e3acf/ChatGPT+Image+May+16%2C+2025%2C+11_21_09+PM.png Reading Room - Legal Readiness for Property Buyers - Make it stand out 1.Cooling-Off Rights Are Limited In Victoria, buyers usually have a 3-day cooling-off period, but there are important exclusions. The right does not apply if the property was purchased at auction, within three days of an auction, or if the buyer is a corporate entity. The cooling-off period also does not apply to commercial or industrial property. If cooling-off is exercised, the vendor may retain either $100 or 0.2% of the purchase price (whichever is greater). However, this period is not a due diligence buffer. If you're not confident in the purchase, get legal advice before signing. 2. Finance Conditions Must Be Followed Precisely If the contract is subject to finance, the buyer must comply with all timeframes and obligations. This includes applying for finance without delay and notifying the vendor in writing within two business days if finance is declined. Failure to notify in time may result in losing the right to terminate the contract. Even worse, the buyer may become liable to complete the contract without funding. 3. Insurance Risk Passes Upon Contract Under section 34 of the Sale of Land Act 1962 (Vic), the risk of damage to the property passes to the purchaser once the contract is signed, unless otherwise stated. This means if the property is damaged before settlement and the vendor is underinsured, the buyer bears the loss. It is good practice to obtain building and contents insurance immediately upon signing. 4. Review the Section 32 Vendor Statement Thoroughly Vendors must disclose key information under section 32, including title details, outgoings, easements, planning overlays, and any notices from public authorities. However, omissions or errors are common. Always review: Whether the title contains any restrictive covenants or easements If the property is affected by a Section 173 Agreement Whether any planning overlays (e.g. heritage or bushfire) apply A solicitor or conveyancer should cross-check these disclosures against public records via authority certificates and searches. 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