Sladen Snippet - ASIC’s expectations for directors
In a recent speech to the Australian Institute of Directors, Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft outlined ASIC’s expectations for directors. Previous speeches focused on the director’s role as a gatekeeper, and Mr Medcraft has said this will continue to be a focus for ASIC.
The chairman stated that directors should ensure their company has strong internal and audit compliance functions. He stated these functions are worthless unless the directors back it up with supervision and review, and that these processes are ingrained in the company’s culture. He considered culture a very important point and stressed directors should drive the right compliance culture in the workplace.
Creating the right environment for start-ups
Proposed amendments to the employee share scheme provisions for start-ups.
On 14 October 2014, the Honourable Bruce Billson, the Honourable Tony Abbott and the Honourable Joe Hockey issued a media release titled "Encouraging employee share ownership and entrepreneurship".
The position of the Government in respect of the application of the employee share scheme (ESS) provisions to start ups has been long awaited, with it being seen as fundamental to the innovative nature of start-up companies, and the need to ensure that they retain a work environment that fosters new ideas.
Sladen Snippet - “Like the Titanic, it Sank Ignominiously” – Director jailed for breach of duties
Entrepreneurs’ Infrastructure Programme announced by the Federal Government
As previously reported, the Entrepreneurs’ Infrastructure Programme (EIP) was announced by the Federal Government, with funding of $484.2 million over 5 years. The EIP has an objective to improve the business capabilities of Australian small to medium enterprises, to make them more competitive on the global stage.
Comprehensive credit reforms
As part of the reforms to the Privacy Act 1988 Update on the Australian Privacy Principle Guidelines and Changes to the Privacy Act - Ensuring the fine print is not forgotten, credit reporting in Australia will be regulated by a new Part IIIA of the Privacy Act. This will be accompanied by a new Credit Reporting Code which will replace the existing Credit Reporting Code of Conduct.
This new regime comes into effect on 12 March 2014 with the aim to simplify, clarify and update the current credit reporting provisions. The new regime will affect most industries.
Update on the Australian Privacy Principle Guidelines
Changes to the Privacy Act - Ensuring the fine print is not forgotten
Most businesses will have standard form policies and procedures relating to privacy. While these policies can be found on business websites and on documents handed out to customers and clients, they are too often left on the shelf collecting dust. Invariably, business owners tick the regulatory box with the implementation of a privacy policy, and then continue to focus on the most important part of their business - doing business.
Australia's First PPSA Decision
On 27 June 2013 the first major Personal Property Securities Act 2009 (Cth) (PPSA) judgment was handed down in Australia in the New South Wales Supreme Court. The decision in the case of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852 provides guidance on the operation of the PPSA and how to resolve priority disputes.
Employee share scheme update
Further to the Government’s release of Advancing Australia as a Digital Economy: Update to the National Economy Strategy on 12 June 2013 (refer to Employee share scheme announcement - 21 June 2013 for an overview), Treasury and the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education issued the discussion paper Employee Share Schemes and Start-up Companies: Administrative and Taxation Arrangements.
