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The Human Services Minister Joe Hockey has released the business case prepared by KPMG for the health and social services access card.
Instead of the Advisory Board recommended by KPMG he has established an independent
Consumer and Privacy Taskforce and appointed Professor Allan Fels, AO
to chair it.
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The Financial Planning Association has adopted Principles to Manage Conflicts of Interest (pdf) in accordance with section 912A(1)(aa) of the Corporations Act.
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Although FSR started on 11 March 2002, there are still requirements that have been deferred and have not yet come into force. The issues that have been deferred until 1 July 2006 are:
ASIC has not yet announced whether relief for these issues will extend beyond 1 July, become permanent or lapse.
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There is a different system in each State of Australia for taking and registering security interests (including leases,
hire purchase and retention of title arrangements) over most types of
tangible and intangible personal property (including livestock, crops,
intellectual property and receivables) ranging from motor vehicles and boats to liquor licences, water rights, taxis and gaming machines.
Bur it now appears that a consensus exists for a unified national law and registry where substance will take precedence over form.
The Standing Committee of Attorneys-General has released an Options Paper (Pdf) for consultation.
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The time for submissions in respect of the Consultation Paper entitled Corporate and Financial Services Regulation Review, released by the Parliamentary Secretary to the Treasurer has closed.
The paper covers the areas of financial services regulation, company reporting obligations,
auditor independence, corporate governance, fundraising, takeovers, collective
investments and dealing with regulators.
It is expected that, following consultation, new legislation will be introduced by the end of the year.
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ASX has released a report of listed public company compliance for 2005 with its corporate governance principles and recommendations.
The overall reporting level for all Recommendations (being the aggregate of actual adoption of the Recommendations and the ‘if not, why not’ exception reporting) increased to 88% from 84% in 2004.
An interesting aspect is the areas where companies did not comply and explained "why not":
• Recommendation 2.1 (A majority of the board should be independent directors) – 47% ‘if not, why not’ exception reporting
• Recommendation 2.4 (The board should establish a nomination committee) – 57% ‘if not, why not’ exception reporting
• Recommendation 9.2 (The board should establish a remuneration committee) – 38% ‘if not, why not’ exception reporting.
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