Latest news & updates

  • UK — Bribery Act now in force


    On 1 July 2011, the Bribery Act 2010 came into force in Great Britain, making the giving or accepting of bribes illegal. Companies must now be able to demonstrate that they have procedures to prevent bribery or potentially face prosecution. The legislation also applies to not-for-profit organisations and partnerships.

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  • UK — survey finds that most institutional shareholders use their votes


    According to research recently carried out by the Investment Management Association (IMA) on compliance with the Financial Reporting Council’s Stewardship Code, over 90 per cent of 50 major institutional investors in the United Kingdom used their votes. Of the investors that voted, about two-thirds make their voting records public.

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  • CAMAC report released on executive remuneration reporting


    The government has issued Executive Remuneration, a report prepared by the Corporations and Markets Advisory Committee (CAMAC) in response to the government’s request for advice on the scope to reduce the complexity of reporting on executive remuneration.

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  • UK — Charity Commission examines future of reporting


    In Great Britain, the Charity Commission has published the first in a series of discussions about the future of UK charity reporting. It focused on the charities’ reporting obligations under the Charities Statement of Recommended Practice 2005 and how those obligations are likely to change in the future.

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  • James Hardie penalties — honesty is not a defence against liability


    In Morley v ASIC (No 2); Shafron v ASIC (No 2) [2011] NSWCA 110, the New South Wales Court of Appeal issued a joint judgment that dismissed an application by the former general counsel and company secretary of James Hardie Industries Limited (JHIL) and JHIL’s former chief financial officer (CFO).

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  • Executive remuneration — progress of legislation


    The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 was not passed in the autumn sittings of Parliament. However, the government has indicated its intention that the legislation be in place by 1 July, so it should be passed in the winter sittings which begin on 10 May.

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