News & updates

Latest news & updates

Risk culture

09/11/2016

The Australian Prudential Regulation Authority (APRA) has released a paper on risk culture, noting that the GFC revealed major shortcomings in the way the financial services sector managed risk. The prudential regulator makes the point that these shortcomings were not just an issue of poor risk measurement, or weaknesses in internal control structures, but deficiencies in institutions’ attitudes towards risk. The prudential regulator notes that it is the combination of a poor risk culture and weak risk management that led to unbalanced and ill-considered risk-taking, significant losses and, in some cases, institutional failures.

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Directors’ duties and climate change risk

09/11/2016

Senior business leaders, fund managers, legal experts and regulators attended a roundtable recently to consider a new legal opinion by a senior silk on how corporate law requires company directors to consider and respond to climate-related risks to their businesses. Mr Noel Hutley SC, who provided the opinion, found that many climate change risks ‘would be regarded by a Court as being foreseeable at the present time’ and that Australian company directors ‘who fail to consider climate change risks now could be found liable for breaching their duty of care and diligence in the future’.

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Outsourcing the ASIC registry

09/11/2016

Parts of ASIC registry's existing technology systems are over 25 years old. This limits service levels, search functionality, and the capacity to access and use the data. Some registrations remain paper-based, and particular data cannot be linked across the 31 registers that form the registry business.

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What is the purpose of the corporation?

11/10/2016

After the global financial crisis, there has been considerable debate about the role of corporations in society. It has become broadly accepted that corporations — particularly the world’s largest publicly traded corporations — should be governed with respect for the society and the environment. This is because corporations are dependent on the broader institutional and systemic framework within which they operate for their long-term survival. In addition, the most pressing of society’s problems cannot be solved by regulation alone without contributions from corporations, such as the attainment of the UN Sustainable Development Goals.

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We're fixing NFP fundraising laws

10/10/2016

We know fundraising laws are inconsistent, frustrating and not-for-profits waste time on compliance. A coalition of peak bodies has called for a nationally consistent NFP fundraising regime. Our joint Statement on NFP fundraising reform shows that currently NFPs are forced to waste significant amounts of time and money to meet outdated and fragmented fundraising laws that differ considerably across Australia. And there is a simple solution that will deliver more than $15 million in savings every year for charities alone.

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UK inquiry into corporate governance closely watched

10/10/2016

Given the increasing convergence of governance frameworks globally, the UK inquiry into corporate governance currently underway is being closely watched by market participants and regulators around the world.

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