News Update
Year: 2015
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Safe harbour for directors in insolvency
Read moreOne of the proposals announced in the Federal Government’s Innovation Statement is 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. This was recommended by the Productivity Commission, and is part of a package of insolvency law reforms aimed at encouraging Australians to take risks in business, due to a concern that the fear of failure stifles entrepreneurial activity.
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Investor guidance on engaging with companies on corporate tax planning
Read moreThe UN Principles for Responsible Investment has released new guidance for institutional investors on engaging with companies on corporate tax issues — Engagement guidance on corporate tax responsibility: why and how to engage with your investee companies. It covers why investors should have concern about an aggressive corporate tax approach to tax planning; regulatory changes underway globally to facilitate greater scrutiny of tax avoidance and profit shifting; how to identify risks of aggressive corporate tax planning in investment portfolios; and the questions to put to companies in shareholder engagements.
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New NFP entertainment capping rules
Read moreDespite the NFP sector pointing out that salary-packaged entertainment fringe benefits is relied on by the NFP sector to ‘top up’ salaries, which are consistently below those in the for-profit and public sectors, legislation was passed in November to cap them.
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Economic impact of charity sector revealed
Read moreThe Australian Charities Report 2014, produced by the Australian Charities and Not-for-profits Commission (ACNC) in collaboration with the Centre for Social Impact and the Social Policy Research Centre at UNSW, shows that Australia’s charity sector has a combined income of $103 billion. The first report to analyse the financial information of charities held on the ACNC’s Charities Register, it reveals the enormous economic significance of the sector.
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Superannuation funds one step closer to independent directors
Read moreThe Senate Economics Legislation Committee tabled its report this week on the Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which introduces one-third independent directors and an independent chair for all APRA-regulated superannuation funds.
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Shareholder resolutions at AGMs
Read moreThe Australasian Centre for Corporate Responsibility (ACCR), together with more than 100 other shareholders, has lodged a resolution to be debated at the AGM in December of one of the big four banks — ANZ — asking it to make it easier for shareholders to move resolutions; provide more information about how much it is exposed to carbon-intensive industries; and set public targets for reducing its exposure to carbon intensive industries.