Senate urged to heed public support to restore CAMAC

The Senate Economics Committee reviewing the Bill to abolish the Corporations & Markets Advisory Committee (CAMAC) should heed the views of the vast majority of the business and legal community and throw its weight behind saving the highly-respected body that’s been a powerhouse for effective and practical corporations and financial markets reform for the past 24 years, says Governance Institute of Australia. 

In its submission to the Senate Committee, Governance Institute said the government’s decision to axe CAMAC in last year’s Budget as part of its ‘war on red tape’, was ill-conceived and contrary to the best interests of the economy. 

“We are hopeful that the Senate Committee will take on board the overwhelming support for CAMAC and recommend that the body be retained and that its funding and functions be fully restored”, said Tim Sheehy, chief executive of Governance Institute. 

“CAMAC has an important role to play in driving efficient and practical corporations and markets reform.  CAMAC does not create but helps eliminate red tape. The fact that the business and legal community has come out so strongly in favour of the body should speak for itself. 

“Having an expert, research-focused, consultative and independent body like CAMAC to develop and advise the government on best practice policy has made a significant contribution to the efficiency of our corporate and financial institutions. It has avoided knee-jerk, politically-motivated regulation that gives rise precisely to the kind of dysfunctional ‘red tape’ the government is so opposed to”.

“CAMAC is a lean, efficient and highly-regarded organisation that has improved our corporate regulatory framework over the past two decades and continues to have a vital role in the decades ahead.  We are hopeful the Senate Economics Committee will recognise its valuable contribution, the high esteem in which the body is held and recommend that CAMAC be retained,” Mr Sheehy concluded.

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For further information contact Viv Hardy at CallidusPR on 0411 208 951 or Tim Sheehy at Governance Institute of Australia on 0419 490 594.

About Governance Institute of Australia

Governance Institute of Australia is the only independent professional association with a sole focus on the practice of governance. We provide the best education and support for practising chartered secretaries, governance advisers and risk managers to drive responsible performance in their organisations.

MR/2015/4

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