DOCSLIB.ORG

Annual Report 2009-2010

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2009-2010 CORPORATIONS AND MARKETS ADVISORY COMMITTEE ANNUAL REPORT 2009-2010 Corporations and Markets Advisory Committee www.camac.gov.au Corporations and Markets Advisory Committee Annual Report 2009–10 © Corporations and Markets Advisory Committee 2010 ISSN 1447 8048 (print version) ISSN 1449 0099 (on-line version) This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth. Requests and inquiries concerning reproduction and rights should be addressed to the Commonwealth Copyright Administration, Attorney-General’s Department, Robert Garran Offices, National Circuit, Barton ACT 2600 or posted at http://www.ag.gov.au/cca. Contact details For information about this report or about the work of the Committee, please contact: John Kluver Executive Director Corporations and Markets Advisory Committee GPO Box 3967 SYDNEY NSW 2001 Tel: 02 9911 2950 Fax: 02 9911 2955 Email: [email protected] The Advisory Committee’s homepage is: www.camac.gov.au This report can be found at: www.camac.gov.au The Advisory Committee’s location is: Level 16 60 Margaret Street SYDNEY Level 16, 60 Margaret Street, Sydney GPO Box 3967 Sydney NSW 2001 Telephone: (02) 9911 2950 Facsimile: (02) 9911 2955 Email: [email protected] Website: www.camac.gov.au 24 September 2010 The Hon. David Bradbury MP Parliamentary Secretary to the Treasurer Parliament House CANBERRA ACT 2600 Dear Parliamentary Secretary I am enclosing the annual report for 2009–10 of the Corporations and Markets Advisory Committee. The report has been prepared in accordance with s 162 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act) and the Requirements for Annual Reports for departments, executive agencies and FMA Act bodies, approved by the Joint Committee of Public Accounts and Audit in June 2010. I note that, under subsection 162(3) of the ASIC Act, a copy of this report is to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which you receive the report. Yours sincerely Joanne Rees Convenor Annual Report 2009–10 v Corporations and Markets Advisory Committee Contents Convenor’s review ...................................................................................... 1 CAMAC’s achievements....................................................................... 1 Outlook.................................................................................................. 1 Acknowledgements ............................................................................... 2 Issues and developments ............................................................................ 3 Members’ schemes of arrangement....................................................... 3 Guidance for directors ........................................................................... 5 Executive remuneration......................................................................... 6 Implementation of recommendations ....................................................... 9 Outlook for 2010–11 ................................................................................. 10 References to CAMAC reviews ............................................................... 11 Personal liability for corporate fault.................................................... 11 The social responsibility of corporations............................................. 11 Issues in external administration ......................................................... 12 Sons of Gwalia .................................................................................... 12 Diversity on boards of directors .......................................................... 12 Market integrity................................................................................... 12 Members’ schemes of arrangement..................................................... 13 Past reports ............................................................................................... 14 The Committee.......................................................................................... 16 Overview ............................................................................................. 16 Functions ............................................................................................. 16 Membership......................................................................................... 17 Audit Committee ................................................................................. 20 Legal Committee ................................................................................. 21 Executive............................................................................................. 24 vi Annual Report 2009–10 Corporations and Markets Advisory Committee Coordination with other bodies ............................................................25 Other information .....................................................................................26 Financial performance..........................................................................26 Ethics....................................................................................................26 Fraud ....................................................................................................26 External scrutiny ..................................................................................26 Management of human resources.........................................................27 Purchasing............................................................................................27 Consultants...........................................................................................28 Competitive tendering and contracting ................................................28 Australian National Audit Office Access Clauses................................28 Exempt contracts..................................................................................28 Commonwealth Disability Strategy .....................................................28 Occupational health and safety.............................................................28 Freedom of information .......................................................................29 Advertising and market research..........................................................29 Ecologically sustainable development and environmental performance .........................................................................................29 Discretionary grants .............................................................................29 Legal services expenditure...................................................................29 Glossary......................................................................................................30 Date and signing of report ........................................................................31 Audit report ...............................................................................................32 Financial statements..................................................................................34 Appendix 1 Agency resource statement...............................................62 Appendix 2 Resources for outcomes ....................................................63 Appendix 3 List of requirements..........................................................64 Index...........................................................................................................69 Annual Report 2009–10 1 Corporations and Markets Advisory Committee Convenor’s review I was delighted to be appointed Convenor of CAMAC and look forward to working with the Committee. CAMAC’s achievements Another productive year for CAMAC saw the completion of reports on members’ schemes of arrangement and guidance for directors. The Committee has also commenced work on aspects of executive remuneration. This matter was referred to the Committee in May 2010, following on from the Productivity Commission report. The Committee seeks in its reports to assist public understanding of the matters that they cover, articulate the underlying issues and their implications for regulatory policy and provide advice to government on the questions referred to it. The Committee’s consideration of the issues involved in the executive remuneration review is being undertaken against the background of the ongoing implications of the global financial crisis. It has been widely reported that some international financial institutions structured their executive remuneration arrangements in a way that unduly encouraged or rewarded excessive or inappropriate risk-taking. While these issues are still being played out, particularly in overseas jurisdictions, and various regulatory and other initiatives have been undertaken in Australia, there have been calls to assist companies and investors by simplifying the remuneration disclosure requirements. CAMAC has also been asked to consider the possible simplification of the incentive components of executive remuneration structures. Outlook Work will continue on the review of executive remuneration. As well as responding to any further requests for advice from the Minister, the Committee will keep under consideration other areas that may be suitable for review. 2 Annual Report 2009–10 Corporations and Markets Advisory Committee Acknowledgements This year saw the completion of the terms of two long-serving members of CAMAC.
Load more

Recommended publications
  • Australian Academy of the Humanities
    Australian Academy of the Humanities AUSTRALIAN ACADEMY OF THE HUMANITIES ANNUAL REPORT 2017–18 annual report 2017–18 AUSTRALIAN ACADEMY OF THE HUMANITIES ANNUAL REPORT 2017–18 This document is a true and accurate account of the activities and abridged financial report of the Australian Academy of the Humanities for the financial year 2017–18, in accordance with the reporting requirements of the Academy’s Royal Charter and By-laws, and for the conditions of grants made by the Australian Government under the Higher Education Support Act 2003 (Cth). CONTENTS The Year at a Glance iv Publications and Communications 17 From the President vi Grants and Awards 18 From the Executive Director viii International Activities 21 Governance 1 Obituaries 23 The Fellowship 3 Treasurer’s Statement 46 Policy and Research 9 Abridged Financial Statements 47 Events 12 ACKNOWLEDGEMENTS Funding for the production of this report and a number of the activities described herein has been provided by the Australian Government through the Department of Education and Training. The views expressed in this publication do not necessarily reflect the views of the Department of Education and Training. The photographs and certain identified inclusions in the text are held under separate copyright and may not be reproduced in any form without the permission of the respective copyright holders. Every reasonable effort has been made to contact relevant copyright holders for illustrative material in this report. Where this has not proved possible, the copyright holders are
    [Show full text]
  • WD Scott and Co Pty Ltd the Judicial Role
    341 ---------,-------SEMINARSE~nNl\R ON 01DIRECTIONS RECTIONS IN PUDLIC POLICY WEN1'WOg:ri~ .'!!'C;TEL,_'!!'C;TEL, SYDNEY, FRIDAY, 25 JUNE 1982 THE JUDICIAI.JillLL ADMINISTRATIyEADMINISTRATIVE REFORM,REFORM. THE CQU[(Ulli1lCOUlill.JlliD. GOING TOO FAR? The Bon. Mr. Justice M. D. Kirby Chairman of the Australian Law Reform Commission June 1982 . -~-~"------~-~"-----------.._------------- W.D. SCOTT AND CO., PTY LIMITED MANAGEMENT CONSULTANTS SEMINAR ON DIRECTIONS IN PUBLIC POLICY WENTWORTH HOTEL, SYDNEY, FRIDAY, 25 JUNE 1982 THE JUDICIAL ROLE, ADMINISTRATIVEADMlNISTRATIVE REFORM, THE COURTS AND GOING TOO FAR? The Hon Mr Justice M.D. Kirby Chairman of the Australian Law Reform Commission CHRISTIAN VIRTUES, THE JUDICIARY AND RETIREMENT This is a time of change in the jUdiciary.judiciary. Sir NinjanNinian Stephen, a High Court Judge,JUdge, has become Governor-General Designate. Sir Keith Aickin, a Judge of the High Court of Australia for only six years died last week. Two vacancies remain to be filled on our highest court. Judges are retiring early. A New Zealand ju'dge, Mr Justice Speight retired last month after 15 years on the bench of the SU[H'eme Court, now called the High Court of New Zealand. He is aged 60 years but he had a potential of 12 further years ahead on him in th? judicial harness. In New Zealand judges retire at 72. In Australia (save for Victoria) they retire, generaUy, at 70. Mr Justice Speight· explained '1 just feel I have had enough'. Those of you who read the pape['"spapers earlier in the week will have seen that jUdgesjudges emerged once again as number one in the Australian social status of occupations, according to an opinion poll.
    [Show full text]
  • 2016 Victorian Legal Services Board and Commissioner Annual Report
    VICTORIAN LEGAL SERVICES BOARD AND COMMISSIONER ANNUAL REPORT 2016 VICTORIAN LEGAL SERVICES BOARD + COMMISSIONER ANNUAL REPORT 2016 Ordered to be published Telephone 03 9679 8001 VICTORIAN GOVERNMENT PRINTER Local call cost 1300 796 344 September, 2016 Fax 03 9679 8101 PP No 205, Session 2014-2016 Ausdoc DX185 Melbourne Victorian Legal Services Board + Commissioner Level 5, 555 Bourke Street Email [email protected] Melbourne Victoria 3000 Board + Commissioner Website www.lsbc.vic.gov.au GPO Box 492 Board ABN 82 518 945 610 Melbourne Victoria 3001 Commissioner ABN 66 489 344 310 VICTORIAN LEGAL SERVICES BOARD + COMMISSIONER ANNUAL REPORT 2016 CONTENTS Dealing with consumer matters: Ordered to be published Telephone 03 9679 8001 CHAPTER 01 Dispute resolution and conciliation 19 VICTORIAN GOVERNMENT PRINTER Local call cost 1300 796 344 INTRODUCTION 02 Dealing with disciplinary matters: Investigations 20 September, 2016 Fax 03 9679 8101 PP No 205, Session 2014-2016 About the Victorian Legal Services Complaints finalised and outstanding 21 Ausdoc DX185 Melbourne Board and Commissioner 02 Victorian Legal Services Board + Commissioner Applications to VCAT 21 Board and Commissioner functions 03 Level 5, 555 Bourke Street Email [email protected] Removal from the roll of legal practitioners 21 Melbourne Victoria 3000 Board + Commissioner Website www.lsbc.vic.gov.au Statutory objectives and values of the Board and Commissioner 04 GPO Box 492 Board ABN 82 518 945 610 Snapshot of 2015-16 05 Melbourne Victoria 3001 Commissioner ABN 66 489 344
    [Show full text]
  • The Futility of the Great Lockdown Melodrama
    Q ua dr a nt $8.90 Australia I M arch 2021 How the I highest levels V ol.65 of the police, judiciary and N o.3 politicians in Australia, M plus victim arch 2021 lobby groups, compensation The Futility of the Great lawyers, and journalists, Lockdowneter urphy Melodrama used bogus P M accusations Losing Faith in the Future of Democracy of child sexual David Martin Jones abuse to NEW China:NEW Our Generation’s Greatest Challenge persecute, Ted O’Brien convict The Indigenous Invasion of Aboriginal Australia and jail an Patrick McCauley innocent man. Australian Imams Stand Up for Sharia Mark Durie Black Lives Matter: Myths and Facts William D. Rubinstein THE PERSECUTION OF GEORGE PELL uncovers the To get their man, lawyers, judges and a Royal campaign aimed not only at personally destroying one Commission reversed long-standing legal principles, On George Pell’s Prison Journal Anne Henderson of Australia’s most influential religious leaders, but also including the presumption of innocence, the onus of of trashing the reputation of the Catholic Church. Had proof, and guilt beyond reasonable doubt. Every claim On Woody Allen Rob Long it succeeded, the campaign would have set damaging of child sexual abuse, they insisted, must be believed. On Pearl Buck Ross Terrill precedents for the rule of law in Australia. Pell spent 400 This is the story of profound injustice heaped on one days in prison before a unanimous judgment of the High individual and the social and legal damage caused by On Charles III Joe Dolce Court finally set him free.
    [Show full text]
  • Judges and Retirement Ages
    JUDGES AND RETIREMENT AGES ALYSIA B LACKHAM* All Commonwealth, state and territory judges in Australia are subject to mandatory retirement ages. While the 1977 referendum, which introduced judicial retirement ages for the Australian federal judiciary, commanded broad public support, this article argues that the aims of judicial retirement ages are no longer valid in a modern society. Judicial retirement ages may be causing undue expense to the public purse and depriving the judiciary of skilled adjudicators. They are also contrary to contemporary notions of age equality. Therefore, demographic change warrants a reconsideration of s 72 of the Constitution and other statutes setting judicial retirement ages. This article sets out three alternatives to the current system of judicial retirement ages. It concludes that the best option is to remove age-based limitations on judicial tenure. CONTENTS I Introduction .............................................................................................................. 739 II Judicial Retirement Ages in Australia ................................................................... 740 A Federal Judiciary .......................................................................................... 740 B Australian States and Territories ............................................................... 745 III Criticism of Judicial Retirement Ages ................................................................... 752 A Critiques of Arguments in Favour of Retirement Ages ........................
    [Show full text]
  • How Does the Division of Power Between the Board and the General Meeting Operate?
    Elizabeth Boros* hOW DOES ThE DIVISION OF POWER BETWEEN ThE BOARD AND ThE gENERAL MEETINg OPERATE? ABsTract Constitutional provisions generally vest management power in the board of directors and courts have interpreted these provisions as establishing board primacy in managing the company. In John Shaw & Sons (Salford) Ltd v Shaw, the English Court of Appeal stated that shareholders unhappy with the way that the board is exercising its management power should either change the allocation of power in the company’s constitution or replace the directors. This article explores the feasibility of these two options, comparing the law in Australia and the United Kingdom. It finds that there are a number of legal obstacles to reallocating constitutional power, unless all that is desired is to give the general meeting a veto power. In contrast, the power to replace the board or some of the directors is more straightforward, but requires sufficient voting power and the will to use it, either directly or indirectly. I InTroduction he division of power between the board of directors and the general meeting of members has been relatively settled in Anglo-Australian law since the decision of Lord Clauson in Scott v Scott1 in 1943. This case considered the T 2 interpretation of the then default constitutional provision regarding management of a company, which gave management power to the board of directors, subject to regulations passed by the general meeting. The Court read down the general meeting’s power to interfere with board decisions by regulation and held that board power in this situation is paramount.
    [Show full text]
  • Bibliography
    Select Bibliography [APP.10] CASEBOOKS .................................................................................................................. 2 [APP.20] REFERENCE BOOKS ...................................................................................................... 2 [APP.20] Annotations of Commonwealth Constitution .......................................... 2 [APP.30] Historical background ................................................................................. 2 [APP.60] Constitutional reform proposals: Official publications ........................... 11 [APP.70] Bibliographies ............................................................................................. 12 [APP.80] High Court .................................................................................................. 13 [APP.90] Justices ........................................................................................................ 16 [APP.480]CHAPTER 1: CONSTITUTIONAL FUNDAMENTALS ................................................. 27 [APP.490]CHAPTER 2: PARLIAMENTARY SOVEREIGNTY AND STATE CONSTITUTIONAL LAW .............................................................................................................................. 33 [APP.500]CHAPTER 3: THE EXECUTIVE ..................................................................................... 35 [APP.510]CHAPTER 4: INCONSISTENCY .................................................................................. 41 [APP.520]CHAPTER 5: COMMERCE AND CORPORATIONS ..................................................
    [Show full text]
  • Imagereal Capture
    IDDRESS ADDRESSTOTHEBDPS Those of you who travel into the City were so many counsel present. ANNUAL DINNER from the south-east may use The only available location large Kingsway. You will know the King's enough to accommodate the Justice Stephen Charles Bridge. It was completed in 1961 at Commission and counsel was the Judge of the Court of Appeal considerable expense to the Hawthorn Town Hall, which had a of Victoria community. In 1962 a man called recording and sound magnifying Noble drove over it with a very system which enlivened The following is the text of the large vehicle. The bridge broke. In proceedings by frequently address given by Justice Stephen the ensuing uproar, the Premier, Sir broadcasting radio transmissions of Charles to the Annual Dinner of the Henry Bolte, decided there would passing taxis. The system would BOPS at the Hilton Hotel on 27 be a Royal Commission. John suddenly broadcast 'there's no-one June 2001. Starke was then the leader of the here' followed by the taxi driver's Victorian Bar and probably of the expletives non-deleted. Starke Australian Common Law Bar. He himselfwas a hugeman, a regularly acted interstate in major dominating and very intimidating matters. Starke was briefed for the cross-examiner. I sat at the Bar principal contractor Utah table between Starke and Dawson. Construction Co. During the course On occasions itwas like being of the Royal Commission, Starke beside a rhinoceros of uncertain but also defended Robert Peter Tait, a potentially very hostile disposition. man of unsound mind who Starke had gout.
    [Show full text]
  • The High Court of Australia: a Personal Impression of Its First 100 Years
    —M.U.L.R— Mason— Title of Article — printed 14/12/03 at 13:17 — page 864 of 25 THE HIGH COURT OF AUSTRALIA: A PERSONAL IMPRESSION OF ITS FIRST 100 YEARS ∗ THE HON SIR ANTHONY MASON AC KBE [This article records my impressions of the High Court, its jurisprudence and the Justices up to the time when I became Chief Justice in 1987. For obvious reasons it would be invidious for me to record my impressions of the Court from that time onwards. The article reviews the work of the Court and endeavours to convey a picture of the contribution and personality of some of the individual Justices. The article concludes with the statement that the Court has achieved the high objectives of which Alfred Deakin spoke in his second reading speech on the introduction of the Judiciary Act 1903 (Cth). The Court has established its reputation as one of the world’s leading courts of final appeal and has fulfilled its role alongside the Parliament and the executive in our constitutional framework.] CONTENTS I Introduction.............................................................................................................864 II In the Beginning......................................................................................................865 III The Early High Court..............................................................................................866 IV Conflict with the Executive ....................................................................................867 V Conflict with the Privy Council ..............................................................................868
    [Show full text]
  • Australian Bar Review Ten Years in the High Court
    AUSTRALIAN BAR REVIEW TEN YEARS IN THE HIGH COURT - CONTINUITY & CHANGE* The Hon Justice Michael Kirby AC CMG** WHAT IS IT REALLY LIKE? It is almost ten years since my appointment as a Justice of the High Court of Australia. Not long after I had first taken my seat, I addressed a constitutional law class at the University of Sydney. My lecture was titled "What Is It Really Like to be a Justice of the High Court of Australia?". The lecture was later published1. Now, from the advantage of a decade's service, I will describe the changes I have witnessed. A barrister who keeps abreast of the case law necessarily enters the minds of the Justices of the High Court and lives, in a sense, with their values, attitudes and habits of reasoning. Inevitably, not a few speculate on what it would be like to live and work in the great * Text of a talk given to the Bar Readers course, NSW Bar Association, Sydney, 17 October 2005. ** Justice of the High Court of Australia. 1 (1997) 19 Sydney Law Review 514. 2. courthouse in Canberra, by Lake Burley Griffin. There is nothing wrong with aspiration. Some, more ambitious, imagine themselves, decades hence, occupying one of the chambers on the ninth level of that building. However, the numbers called are very few2. In the history of the Court, I was but the fortieth Justice. When Justice McHugh leaves the Court on 31 October 2005, Justice Susan Crennan, the forty-fifth Justice will be sworn3. Forty-five is not many in little more than a century.
    [Show full text]
  • What Led Amalie Dietrich To
    EURI:-KA SfRI:-ET & CAMBRIDGE UNIVERSITY PRESS Described as 'the most Special book Offer successful study of language ever published', this new THE CAMBRIDGE edition raises all the ENCYCLOPEDIA OF questions about the language that is rapidly LANGUAGE becoming the global lingua fra nca, and SECOND EDITION answers more than its fair share of them. ,'STAL Thanks to Cambridge University Press, Eureka Street has 8 copies to give away, each worth $39.95. Just send an envelope marked 'Eureka Street September Book Offer', to PO Box 553, Richmond, VIC, 3121. QU's first campus opened in 1967 in Rockhampton, Australia's southernmost t ropical city, 30 minutes from the Capricorn coast and Keppel islands. Today we are building Chi-tech campuses in the rapidly growing industrial and tourist cities of Bundaberg, Emerald, Gladstone and Mackay, with generous support from all our host communities. CQU also has boutique international campuses in the heart of Sydney and Melbourne, with Brisbane opening in 1998. ueensland's central region is our heartland but our 11 500 students come from every Australian State and Territory, and over 40 overseas countries. We aim to instil the Qvalues of truth, accuracy, honesty, civility, and courage. Our graduate employment rate 1s now one of Australia's highest. We are earning a growing reputation for original scholarship and research, mostly in partnership with local business and industry. CQU's distance education centre is about to be transformed into a world class facility. niversity status has enabled a rapid expansion over the last six years. However thanks should go to all who have supported CQU and our ancestor institutions over the past U30 years.
    [Show full text]
  • Ricketson-Staniforth.Pdf
    ARBITRATION AND MEDIATION CENTER WIPO LIST OF NEUTRALS BIOGRAPHICAL DATA Staniforth (Sam) RICKETSON Owen Dixon Chambers Melbourne, VIC Australia Nationality: Australian EDUCATIONAL AND PROFESSIONAL QUALIFICATIONS BA., (Hons), University of Melbourne, 1972; LLB., (Hons), University of Melbourne, 1972; LLM., University of London, London School of Economics and Political Science, 1976; LLD., University of London, 1990; Barrister and Solicitor, Supreme Court of Victoria, 1975; Solicitor, Supreme Court of New South Wales, 1990; Barrister, Victorian Bar, 2000. PRESENT POSITION Professor of Law, University of Melbourne, 2000-present; Practising Barrister, Victorian Bar, 2000-present. PROFESSIONAL EXPERIENCE BEFORE PRESENT POSITION Sir Keith Aickin Professor of Commercial Law (formerly Company Law), Faculty of Law, Monash University, Melbourne, 1991-2000; Reader in Law, University of Melbourne, 1988-91; Senior Lecturer in Law, University of Melbourne, 1983-87; Herchel Smith Senior Research Fellow in Intellectual Property Law, Centre for Commercial Law Studies, Queen Mary and Westfield College (University of London), July 1984 -December 1986; February 24, 2020 34, chemin des Colombettes, 1211 Geneva 20, Switzerland T +41 22 338 82 47 F +41 22 740 37 00 E [email protected] W www.wipo.int/amc 2 WIPO Profile - S. RICKETSON Lecturer in Law, University of Melbourne, 1977-83; Tutor in Law, University of Melbourne, March-September 1975; Tutor (part-time), Legal Studies La Trobe University, 1974. MEMBERSHIP IN PROFESSIONAL BODIES Alternate member
    [Show full text]