DOCSLIB.ORG

Climate Cuts, Cover-Ups and Censorship

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Climate Cuts, Cover-Ups and Censorship CLIMATE CUTS, COVER-UPS AND CENSORSHIP CLIMATECOUNCIL.ORG.AU Thank you for supporting the Climate Council. The Climate Council is an independent, crowd-funded organisation providing quality information on climate change to the Australian public. Published by the Climate Council of Australia Limited ISBN: 978-1-925573-94-7 (print) 978-1-925573-95-4 (digital) © Climate Council of Australia Ltd 2019 This work is copyright the Climate Council of Australia Ltd. All material contained in this work is copyright the Climate Council of Australia Ltd except where a third party source is indicated. Climate Council of Australia Ltd copyright material is licensed under the Creative Commons Attribution 3.0 Australia License. To view a copy of this license visit http://creativecommons.org.au. You are free to copy, communicate and adapt the Climate Council of Australia Ltd copyright material so long as you attribute the Climate Council of Australia Ltd and the authors in the following manner: Climate cuts, cover-ups and censorship. Author: The Climate Council. Peer review: Professor John Church, Climate Change Research Centre, UNSW and Ian Lowe, Emeritus Professor of Science, Technology and Society, Griffith University. — Cover image: ‘Smoking billowing mining stack ,connected mining and food industry’ by geckoz, Shutterstock. This report is printed on 100% recycled paper. facebook.com/climatecouncil [email protected] twitter.com/climatecouncil climatecouncil.org.au CLIMATE COUNCIL I Contents Key Findings ....................................................................................................................................................................................ii 1. Introduction ..............................................................................................................................................................................1 2. Attacks on Science ..................................................................................................................................................................7 2.1 Funding and job cuts for CSIRO’s climate science division 8 2.2 Closure of the Climate Commission 10 2.3 Key advisors’ climate views out of step with science 11 2.4 Climate Change Authority emissions target recommendations rejected 12 2.5 Federal Government ignored IPCC recommendations of phasing out coal 14 3. Australia’s Track Record on Climate Targets and Greenhouse Gas Emissions ...................................................17 3.1 Australia’s 2030 climate target is woefully inadequate 19 3.2 Australia’s greenhouse gas emissions are rising 20 3.3 Failure to implement national climate and energy policy 22 3.4 The impact of including land-use change on Australia’s emissions 23 3.5 Federal Government fails to ratchet up Australia’s 2020 target 29 4. Misleading and Inaccurate Claims ................................................................................................................................30 4.1 Emissions are going up, while the Energy Minister claims they are going down 30 4.2 Senior ministers inaccurately claim Australia will meet its emissions reduction target ahead of schedule 31 4.3 Targets, renewable energy and lower electricity prices 32 4.4 Prime Minister and Treasurer imply renewable energy and storage cannot provide reliable 24/7 power 33 4.5 Politicising power outages 35 4.6 Undermining electric vehicles 37 5. Questionable Conduct ....................................................................................................................................................... 39 5.1 Federal Government censors UNESCO report 39 5.2 Track record of delaying and hiding emissions data 41 5.3 Changing reporting formats has disguised emissions growth 42 6. Funding and Program Decisions ....................................................................................................................................44 6.1 Climate-related programs closed or cut 44 6.2 Funding for projects of dubious credibility or benefit 46 7. Charter of Integrity ..............................................................................................................................................................48 8. Conclusion .............................................................................................................................................................................49 References ......................................................................................................................................................................................50 Image Credits ................................................................................................................................................................................ 54 II CLIMATE CUTS, COVER-UPS AND CENSORSHIP Key Findings 1 2 The Climate Council rates the Federal The Federal Government has covered up poor Government’s climate performance over performance with misleading claims, dubious the past five-years an “F” for failing to act accounting and censorship. and for its attacks on science. › Greenhouse gas emissions have risen for four › The Government’s tenure has been years running. Australia is unlikely to meet its characterised by slashing climate science 2030 emissions reduction target according to the funding, cutting effective climate change government’s own department. Regardless, senior programs, rejecting advice from expert ministers continue to falsely claim that emissions domestic and international bodies, are going down and targets will be met. misleading claims from Federal Ministers, a lack of any effective climate programs, and › In 2016, the Federal Government censored a UN consistently covering up poor performance. report about climate change and World Heritage sites, asking the authors to remove any reference › Deep funding cuts and job losses at the CSIRO to Australian sites. have weakened Australia’s climate science capability. As a result, Australia is unprepared › The Federal Government has consistently delayed to cope with the impacts of climate change. releasing information on Australia’s greenhouse gas emissions, often publishing data just before › Effective programs have been abolished or Christmas when it faces less scrutiny. scaled back, for instance, half a billion dollars was cut from the Australian Renewable › The government has used discredited accounting Energy Agency, while the Renewable Energy methods, for instance including land-use Target was slashed. emissions or Kyoto “carryover credits”, which makes its record look better than reality. KEY FINDINGS III 3 4 The government’s lack of climate change Australia’s next government must adopt action is the defining leadership failure credible climate policy and a transparent of the past decade. We have not tackled and accurate approach to reporting and climate change, the consequences are tracking Australia’s climate performance with us, and we must work very quickly to ensure the public can appropriately to prevent catastrophic consequences. evaluate its performance. › Delaying action has not made the problem go › The Federal Government needs to urgently away. It has just shortened the time we have adopt credible climate policy to help protect left to reduce emissions and made it more Australians from the rapidly escalating risks challenging to do so. The Federal Government of climate change. has squandered its tenure and that will cost us dearly. › The Climate Council has established a ‘Charter of Integrity’ for the Federal › Australia has missed many opportunities Government to use as a benchmark to to reduce greenhouse gas emissions and track and monitor climate performance, transition our economy in the cheapest, specifically around issues of accountability, most gradual and effective ways possible. transparency, timeliness and accuracy. › Australians are on the frontline of worsening extreme weather. Heatwaves have become hotter and last longer, droughts, intense rainfall and dangerous bushfire conditions have become more severe and now test the limits of our coping capacity. We must now address the accelerating consequences of climate change and we are unprepared. › As Australians experience escalating consequences into the future they will likely view this period of missed opportunities and failed leadership with deep dismay. climatecouncil.org.au 1 CLIMATE CUTS, COVER-UPS AND CENSORSHIP 1. Introduction This report provides a detailed Emissions have overview of the Australian government’s approach to climate change since the election of risen year after the Liberal-National Coalition government in 2013. The period year under this is characterised by slashing climate science funding, cutting government. effective climate change programs, rejecting the expert advice After the Abbott Government came to power of national and international in 2013, there was a concerted effort to cut bodies, senior ministers making or scale back climate change initiatives that publicly misleading claims, a lack were working. The Renewable Energy Target of credible climate policy, and was scaled back, while the Carbon Pricing consistently covering up poor Mechanism and the Energy Efficiency performance. This is the defining Opportunities program were cut entirely. Half policy and leadership failure of the a billion dollars was cut from the Australian last decade. Renewable Energy Agency (ARENA), and the Clean Energy Finance Corporation (CEFC) had funds redirected. Together
Load more

Recommended publications
  • MEDIA WATCH on Phillip Adams
    ISSUE 39 AUGUST 2011 ANYA POUKCHANSKI with a Gen Y look at The First Stone STEPHEN MATCHETT looks at political biography with Bush, Blair and Howard AYN RAND uncovered – again GERARD HENDERSON versus Brenda Niall – history and the case of Fr Hackett SJ JOHN MCCONNELL unveils Mark Aarons’ rethink on the Australian Communist Party Faith and politics – Enid Lyons as seen by ANNE HENDERSON SANDALISTA WATCH CONTINUES – Margaret Throsby and Haydn Keenan find ASIO under the bed MEDIA WATCH on Phillip Adams. Alan Ramsey and Robert Manne’s memories Published by The Sydney Institute 41 Phillip St. with Gerard Henderson’s Sydney 2000 Ph: (02) 9252 3366 MEDIA WATCH Fax: (02) 9252 3360 The Sydney Institute Quarterly Issue 39, August 2011 l CONTENTS MR SCOTT’S FIVE YEAR PLAN Editorial 2 In July 2006 Mark Scott commenced work as managing director of the Australian Broadcasting Sandalista Watch - Corporation. Initially appointed for a five year term, Mr Scott recently had his contract renewed for a Public Broadcasting, ASIO second term by the ABC Board. Shortly after his aand the Cold War appointment, Mark Scott’s office approached The Sydney Institute with a proposal that he deliver his - Gerard Henderson 3 first major public on the ABC to the Institute. The offer was willingly accepted and the talk took place Government and Freedom - on 16 October 2006. Who is Ayn Rand? In his address, Mark Scott correctly pointed out that i - 6 he was both managing director and editor-in-chief of Anne Henderson the public broadcaster. He acknowledged that there is “a sense that the organisation has issues with Ripples From the First Stone balance and fairness” and conceded that the ABC - Anya Poukchanski 10 had “been at times too defensive in the face of such criticism”.
    [Show full text]
  • Milton Friedman on the Wallaby Track
    FEATURE MILTON FRIEDMAN ON THE WALLABY TRACK Milton Friedman and monetarism both visited Australia in the 1970s, writes William Coleman he recent death of Milton Friedman Australia, then, was besieged by ‘stagflation’. immediately produced a gusher of Which of the two ills of this condition—inflation obituaries, blog posts and editorials. or unemployment—deserved priority in treatment But among the rush of salutes was a matter of sharp disagreement. But on and memorials, one could not certain aspects of the policy problem there existed Tfind any appreciation of Friedman’s part in the a consensus; that the inflation Australia was Australian scene. This is surprising: his extensive experiencing was cost-push in nature, and (with an travels provided several quirky intersections with almost equal unanimity) that some sort of incomes Australian public life, and his ideas had—for policy would be a key part of its remedy. This was a period of time—a decisive influence on the certainly a politically bipartisan view, supported Commonwealth’s monetary policy. by both the Labor Party and the Liberal Party Milton Friedman visited Australia four times: during the 1974 election campaign.2 The reach 1975, 1981, and very briefly in 1994 and 2005. of this consensus is illustrated in its sway over the On none of these trips did he come to visit Institute of Public Affairs. The IPA was almost shrill Australian academia, or to play any formal policy in its advocacy of fighting inflation first. But the advice role. Instead his first visit was initiated and IPA’s anti-inflation policy, as outlined in the ‘10 organised by Maurice Newman, then of the Sydney point plan’ it issued in July 1973, was perfectly stockbroking firm Constable and Bain (later neo-Keynesian.
    [Show full text]
  • A EUROPEAN WAY of REACHING SUSTAINABLE DEVELOPMENT - the Future of Emission Trading
    FACULTY OF LAW Stockholm University A EUROPEAN WAY OF REACHING SUSTAINABLE DEVELOPMENT - The Future of Emission Trading Anna Gjersvold Thesis in Environmental Law, 30 HE credits Examiner: Said Mahmoudi Stockholm, Autumn term 2015 Abstract The essay concern the use of emission trading of carbon dioxide allowances in a global context, focusing on both the use within the EU and the use on a global level, mainly under the Kyoto Protocol. Emission trading is of interest at the moment largely due to the enhanced global efforts trying to be created through the Paris Agreement, furthering the global efforts. The method used in the essay is mainly legal dogmatic but, due to the nature of the subject, there has been a need to involve other material than those foremost used in a legal dogmatic approach. Due to the essay not fully employing the classical legal dogmatic approach, the material is mainly based on the classical legal documents but non-legal sources are also employed in order to further the analysis. There are also comparative aspects to be found in this essay, comparing the efforts of the EU with the global efforts. A conclusion drawn through the analysis conducted in this essay is that emission trading is an instrument that will most likely be continuously employed within both the European and global climate policies in the future. Some aspects of the different Systems are also analysed, leading to conclusions regarding what is essential during the construction of such instruments, such as time and adaptability, and the issues raised within both Systems, such as carbon leakage and the existence of a surplus of allowances.
    [Show full text]
  • Annual Report 2006-2007: Part 2 – Overview
    24 international broadcasting then... The opening transmission of Radio Australia in December 1939, known then as “Australia Calling”. “Australia Calling… Australia Calling”, diminishing series of transmission “hops” announced the clipped voice of John Royal around the globe. For decades to come, through the crackle of shortwave radio. It was listeners would tune their receivers in the a few days before Christmas 1939. Overseas early morning and dusk and again at night broadcasting station VLQ 2—V-for-victory, to receive the clearest signals. Even then, L-for-liberty, Q-for-quality—had come alive signal strength lifted and fell repeatedly, to the impending terror of World War II. amid the atmospheric hash. The forerunner of Radio Australia broadcast Australia Calling/Radio Australia based itself in those European languages that were still in Melbourne well south of the wartime widely used throughout South-East Asia at “Brisbane Line” and safe from possible the end of in the colonial age—German, Dutch, Japanese invasion. Even today, one of Radio French, Spanish and English. Australia’s principal transmitter stations is located in the Victorian city of Shepparton. Transmission signals leapt to the ionosphere —a layer of electro-magnetic particles By 1955, ABC Chairman Sir Richard Boyer surrounding the planet—before reflecting summed up the Radio Australia achievement: down to earth and bouncing up again in a “We have sought to tell the story of this section 2 25 country with due pride in our achievements international broadcasting with Australia and way of life, but without ignoring the Television. Neither the ABC nor, later, differences and divisions which are inevitable commercial owners of the service could in and indeed the proof of a free country”.
    [Show full text]
  • Milton Friedman: a Tribute 12 March 2007
    Milton Friedman: A Tribute 12 March 2007 Milton Friedman: A Tribute 12 March 2007 Chaired by Greg Lindsay Speakers Maurice Newman Peter Swan Mark Harrison Alex Robson Wolfgang Kasper Held at the offices of Minter Ellison, Sydney CIS Occasional Paper 106 2007 Published December 2007 by The Centre for Independent Studies Limited PO Box 92, St Leonards, NSW, 1590 Email: [email protected] Website: www.cis.org.au Views expressed in the publications of the Centre for Independent Studies are those of the authors and do not necessarily reflect the views of the Centre’s staff, advisers, directors, or officers. National Library of Australia Cataloguing-in-Publication Data: Milton Friedman : A Tribute. 1st ed. ISBN 9781864321517 (pbk). 1. Friedman, Milton, 1912– . 2. Economists—United States. 3. Free enterprise. 4. Capitalism. 5. Industrial policy. 6. Welfare state. I. Newman, Maurice. 330.12 ©2007 The Centre for Independent Studies Typeset in Adobe Garamond and Frugal Sans Contents Foreword Greg Lindsay ............................................................................. 1 How Friedman rallied Australian free thinkers Maurice L. Newman ................................................................. 3 Friedman’s impact on the conduct of Australian monetary policy Peter Swan ............................................................................... 9 The influence of Friedman’s ideas on Australia’s education policy Mark Harrison ........................................................................... 19 Milton Friedman and the all-volunteer
    [Show full text]
  • Report to Shareholders 2000
    Report to Shareholders 2000 1999/2000 has been an excellent year for ASX both financially and in terms of the development of some key initiatives which will underpin the company’s longer-term Contents Highlights of the year 2 Chairman & Managing Director’s report 4 Growing our products and services 12 Building on our infrastructure 18 A global marketplace 22 Integrity, reliability & accountability 26 ASX in the community 30 Key market statistics & indicators 33 Board of Directors 36 Corporate governance statement 38 Boards, committees & tribunals 42 Concise financial report for the year ended 30 June 2000 Directors’ report 43 Discussion and analysis of the financial statements 48 Profit and loss statement 50 Balance sheet 51 Statement of cash flows 52 Notes to and forming part of the financial statements 53 Directors’ declaration 61 Independent audit report 62 Shareholder information 63 Australian Stock Exchange Limited ABN 98 008 624 691 The Annual General Meeting will be held at 11.00am on Monday, 23 October 2000, in the Auditorium, 18 Bridge Street, Sydney. A notice of meeting and proxy form are included with shareholders’ copies of this Report to Shareholders. “Providing a fair and orderly market in which investors can have the confidence to invest is fundamental to ASX’s success. During the year, as always, considerable human and financial resources were committed to ensure this objective was met.” Karen Hamilton, General Counsel & Company Secretary “In a year of great change for exchanges around the world, ASX has made considerable progress
    [Show full text]
  • Mathew Lynn Awards
    MATHEW LYNN Lives and works between Sydney and the Blue Mountains AWARDS 2019 - Archibald Prize Finalist, ‘Crow’ portrait of Maddy Madden (2019) 2018 - 20/20 Portraits, National Portrait Gallery Canberra, Catherine Livingstone AO (2018) 2018 - Shirley Hannan National Portrait Award Finalist, à présent - Justine Ndayi (2017) 2018 - Doug Moran National Portrait Prize Finalist, Tony Bond OAM (2018) 2018 - Archibald Prize Finalist, portrait of NSW Premier Gladys Berejiklian (2018) 2017 - Archibald Salon des Refusés, portrait of curator Franchesca Cubillo (2017) 2016 - Paddington Art Prize Finalist, seascape Roast Fish and Cornbread (2016) 2016 - Shirley Hannan National Portrait Award Finalist, Inevitability (David Lēha) (2016) 2015 - Calleen Art Award Finalist, Labyrinth (L'Origine du monde V) (2014) 2014 - Jacaranda Acquisitive Drawing Award Finalist, Apprentice II (2014) 2014 - Archibald Prize Finalist, Swing (after Fragonard, portrait of Ken Unsworth) (2014) 2014 - Shirley Hannan National Portrait Award Finalist, Pierre Ryckmans I (2014) 2014 - Adelaide Perry Prize for Drawing Finalist, Dormir, Luxembourg Gardens (2013) 2013 - Kedumba Drawing Award, invited artist, Final Night at Vulcans (2013) 2013 - Calleen Art Award Finalist, Crossing (2013) 2013 - Archibald Prize Finalist, winner Packers Prize, portrait of Tara Moss (2013) 2013 - Adelaide Perry Prize for Drawing Finalist, Mère, Luxembourg Gardens III (2013) 2012 - Dobell Prize for Drawing Finalist, Afternoon, Luxembourg Gardens (2012) 2012 - Jacaranda Acquisitive Drawing Award Finalist,
    [Show full text]
  • Australia Parliament House Inquiry Submission Objectives And
    Australia Parliament House Inquiry Submission The Climate Change (National Framework for Adaptation and Mitigation) Bill 2020 and Climate Change (National Framework for Adaptation and Mitigation) (Consequential and Transitional Provisions) Bill 2020 Objectives and importance of long-term emissions reduction commitment The UN Intergovernmental Panel on Climate Change (IPCC) has in late 2018 published a report saying that 'say urgent and unprecedented changes are needed' to reach 'the most ambitious end of the Paris agreement pledge to keep temperatures between 1.5C and 2C', which they say 'is affordable and feasible'. 1 It also noted there was a relatively short window of 12 years to act, which brings it to 10 years now at time of writing. The worst impacts of climate change and rising temperatures have been outlined by climate scientists many times over, and even the Paris agreement's own authors offer us two visions for how the world might look in 2050. Their worst case scenario – no further climate action is taken – is sobering. 2 The results of insufficient action will be worsening and more frequent extreme weather events, affected crop yields, coral die-off, increased sea levels, threatened ecosystems and more. These will have significant impacts on populations throughout the world, pushing many into harsher conditions with rarefied water, food and shelter from increasingly severe weather events, increasing conflict over resources in these regions. It would drive migration to never-seen levels, with people seeking asylum in relatively safer and kinder climates for which no country is currently prepared for. 3 I acknowledge the need to remain as unemotional and clear-headed about these problems, and the solutions we want to apply to them.
    [Show full text]
  • Towards a Fair & Efficient Listed Company Disclosure Framework in Australia Gill No
    “Public” Not Selective Reporting - Towards A Fair & Efficient Listed Company Disclosure Framework in Australia Gill North A thesis submitted in accordance with the requirements for the award of the Degree of Doctor of Philosophy Faculty of Law University of New South Wales August 2010 THE UNIVERSITY OF NEW SOUTH WALES Thesis/Dissertation Sheet Surname or Family name: North First name: Gillian Other name/s: Lesley Abbreviation for degree as given in the University calendar: PhD 1730 School: Law Faculty: Law Title: “Public” Not Selective Reporting – Towards A Fair & Efficient Listed Company Disclosure Framework in Australia Abstract I investigate the extent and quality of information provided by listed companies through the Australian Securities Exchange (ASX), and the likelihood of additional private or selective disclosure. This is important because markets benefit greatly from public transparency and accountability. The global financial crisis has starkly reminded us that modern markets, real economies and people’s lives are closely interconnected. Effective company disclosure in the public arena is especially vital in Australia, because the equity market operates with the highest retail investor participation in the world and a large proportion of savings is invested through compulsory superannuation. Policy statements on company disclosure and insider trading regulation emphasise the importance of equal access to company information. They also acknowledge the links between equal access, investor confidence in the integrity of the market and efficiency outcomes. I therefore review the conceptual bases and empirical attributes of fairness and efficiency within markets, and consider the fairness and efficiency of the listed company disclosure framework in Australia. I find the level of public transparency across the equity market is highly variable; access to listed company information in Australia is far from equal; and the content and quality of ASX disclosures are sometimes insufficient for well-informed decisions.
    [Show full text]
  • Article 6 Needs Ambition, Not Time Wasting the Carryover of Pre-2020 Credits Could Fatally Undermine the Paris Agreement
    ARTICLE 6 NEEDS AMBITION, NOT TIME WASTING THE CARRYOVER OF PRE-2020 CREDITS COULD FATALLY UNDERMINE THE PARIS AGREEMENT SUMMARY Existing market mechanisms under the Kyoto Protocol have accrued an available supply of some 4.65 Gt CO2 worth of carbon offsets, largely allocated to China, India, and Brazil. Were these credits to be rolled over into the mechanisms outlined by Article 6 of the Paris agreement, nearly 40% of existing ambition outlined by countries in their NDCs would be wiped away. Present NDC ambition will likely lead to total warming of 2.8°C above the pre-industrial average. If the available supply of existing credits were to be carried over post-2020, an additional 0.1°C or more of warming could be realised, dependent on where credits are consumed. By contrast, to move onto a trajectory compatible with limiting warming to 1.5°C would mean increasing the ambition of the current NDCs by 50%. Carry over of Kyoto units would therefore take us in the wrong direction, further away from a pathway that is faithful to the 1.5°C limit, and could lock-in carbon intensive infrastructure for the longer term. Allowing roll-over of credits prior to 2020 would also potentially destroy the nascent Article 6 market by flooding it with pre-existing credits. Some of these credits could also be double counted if they are also used to meet 2020 targets. It is imperative that mitigation credits generated prior to 2020 not be applied towards the Article 6 market mechanism; otherwise, already inadequate NDC targets will be made artificially easier to achieve, resulting in even less ambitious action toward the goals of the Paris Agreement.
    [Show full text]
  • Patriotism Lies in Unbiased Journalism Not in Censorship, Mr Abbott Date January 31, 2014 David Hill
    Patriotism lies in unbiased journalism not in censorship, Mr Abbott Date January 31, 2014 David Hill There's probably a great deal more to Prime Minister Tony Abbott's criticism of the ABC on Sydney commercial radio on Wednesday. It is less likely to have been some off the cuff comment born out of frustration that the ABC may have got the odd story wrong and more likely to be the launch of a new attack on the nation's public broadcaster. This is certainly not the first time an Australian prime minister has publicly criticised the ABC in the way it handles its news and current affairs. Practically every prime minister since Bob Menzies has at some stage complained that the ABC either got it wrong, or demonstrated bias in reporting a story. We all remember Bob Hawke's accusation that the 7.30 Report coverage of the Gulf War in 1991 was ''loaded,'' ''biased'' and ''disgraceful'' because of the views expressed by an analyst invited on to the show. However, Tony Abbott is going a lot further by now suggesting the ABC should censor its news coverage and withhold information to the public when it portrays Australia in a bad light. On Sydney commercial radio 2GB on Wednesday, the Prime Minister suggested the ABC ''instinctively takes everyone's side but Australia's'' and he wanted to see ''some basic affection for the home team''. He criticised the ABC for running a story alleging the Australian navy was the cause of some asylum seekers being burned and that the navy should have been given ''the benefit of the doubt''.
    [Show full text]
  • For Personal Use Only
    To: Company Announcements Office LEVEL 9 600 ST KILDA ROAD MELBOURNE From: Scott Langford VICTORIA 3004 AUSTRALIA Date: 25 June 2013 PO BOX 6213 Subject: Market Release ST KILDA ROAD CENTRAL MELBOURNE 8008 T +613 9522 5333 F +613 9525 2996 Please see the attached for immediate release to the market. www.newcrest.com.au Yours sincerely Scott Langford Company Secretary For personal use only A MEMBER OF THE NEWCREST MINING GROUP ABN 20 005 683 625 Market Release Newcrest Mining Limited 25 June 2013 Newcrest announces independent advisor to review disclosure practices The Board of Newcrest Mining Limited today announced the appointment of former Australian Securities Exchange Chairman, Dr Maurice Newman AC, to conduct an independent review of the Company’s disclosure and Investor Relations practices. Newcrest Chairman, Don Mercer, said the Newcrest Board was deeply concerned about the criticism of the Company, as reported in the media, regarding its interaction with the market and disclosure prior to the Company’s market release on 7 June 2013. “Newcrest takes its disclosure obligations extremely seriously. Whilst the Board is already reviewing events leading up to 7 June 2013, we have decided to obtain an independent perspective,” Mr Mercer said. “Dr Newman is eminently qualified to conduct the independent review for the Newcrest Board. His career spans 40 years in stockbroking and investment banking, both in senior executive and directorial roles. He has been Chairman of the Australian Securities Exchange (ASX) and the Australian Broadcasting Corporation, and has been an advisor to Australian State and Federal Governments. The full resources of the Company will be made available to Dr Newman so that he is able to conduct a full and thorough review.
    [Show full text]