News & updates

Latest news & updates

ASIC funding — what are the implications for independence of the regulator?

10/05/16

The restoration of $127 million of funding cut from ASIC’s budget in the 2014 Federal Budget — while welcome — does not address the more urgent need for a sustainable long-term funding model to give ASIC the financial stability it needs. ASIC has lost 14 per cent of its staff over the past few years due to the funding cuts of 2014. 

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Whistleblowing research will improve corporate culture

10/05/16

The world’s largest research project into whistleblowing will support a dramatic uplift in corporate culture at a critical time when the government, regulators and community are demanding higher standards of ethical conduct from Australian corporations.

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Should a safe harbour for directors be introduced when the entity is struggling?

10/05/16

The government has issued a proposal paper outlining reforms to improve insolvency laws, in particular introducing a 'safe harbour' for directors from personal liability for insolvent trading if they appoint a restructuring adviser to develop a turnaround plan for the company.

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AGM reform — a small step but welcome

10/05/16

Governance Institute has been in discussion with the government with ideas for reform of the annual general meeting (AGM) for some time. 

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Objective of superannuation

12/04/16

In October 2015, the Federal Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension. In March, it released a discussion paper, which provides background and questions for consultation on the proposed def...

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UK regulator pronounces on board responsibilities

12/04/16

A supervisory statement has been released by the UK's Prudential Regulation Authority (PRA) setting out board responsibilities (Corporate governance and Board responsibilities – SS5/16). It notes that ‘The purpose of this supervisory statement is to identify, for the boards of firms regulated by the PRA, those aspects of governance to which the PRA attaches particular importance and to which the PRA may devote particular attention in the course of its supervision. It is not intended to provi...

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