Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

by leave—I move opposition amendments (1) and (2), on sheet 1733, as circulated in the name of Senator Hume:

(1) Clause 2, page 2 (at the end of the table), add:

(2) Page 19 (after line 14), at the end of the Bill, add:

Schedule 6 — Annual members' meetings

Superannuation Industry (Supervision) Act 1993

1 Paragraph 29P(3)(b)

After "the notice", insert "the information required by section 29PAA and".

2 Paragraphs 29P(3)(c) and (d)

Before "give the notice", insert "subject to section 29PAB,".

3 After section 29P

Insert:

29PAA Information to be included with notice

(1) If, under section 29P, the RSE licensee of a registrable superannuation entity is required to give notice of an annual members' meeting for a year of income of the entity to a member of the entity, the following information must be included with the notice:

(a) a short-form summary containing the information set out in subsection (2), which must:

(i) fit on a single page and be the only information on that page; and

(ii) be the first page of the pages of information referred to in this section;

(b) a copy of each of the following:

(i) a summary of each significant event or material change notice (if any) given under section 1017B of the Corporations Act 2001 by a trustee of the entity to a member of the entity during the 2 year period finishing at the end of the year of income;

(ii) the remuneration details that, at the time the notice is given, are required to be made publicly available under subsection 29QB(1) of this Act in relation to the entity;

(iii) if the trustee or trustees of the entity produce an annual report for the entity for the year of income—that report;

(c) if a determination made under paragraph 52(9)(a) of this Act in relation to the entity is publicly available at the time the notice is given, or must be made publicly available before the meeting is held—a copy of the determination;

(d) a copy of each of the following:

(i) the most recent periodic statement (if any) given to the member under section 1017D of the Corporations Act 2001;

(ii) the most recent information (if any)given to the member under paragraph 1017DA(1)(a) of the Corporations Act 2001;

(e) for each contract (if any) under which one or more payments were made, by or on behalf of the entity during the year of income, where a purpose of each payment was promoting the entity, promoting a particular view on behalf of the entity or sponsorship on behalf of the entity:

(i) the sum of all such payments that have been or are to be made under the contract during any year of income;

(ii) the name of each entity to whom such payments have been or are to be made under the contract during any year of income and, for each such entity, the sum of all such payments that have been or are to be made to the entity under the contract during any year of income;

(iii) the term of the contract;

(f) if any gifts (within the meaning of Part XX of the Commonwealth Electoral Act 1918) were made, by or on behalf of the entity during the year of income, to another entity who, at the time of receiving the gift:

(i) was a political entity (within the meaning of that Act); or

(ii) was, or was required by that Part of that Act to be, a significant third party (within the meaning of that Part); or

(iii) was, or was required by that Part of that Act to be, an associated entity (within the meaning of that Part);

an itemised list showing each such gift and the name of the entity to whom each gift was made;

(g) if any payments were made, by or on behalf of the entity during the year of income, to another entity who, at the time of receiving the payment, was an organisation (within the meaning of the Fair Work (Registered Organisations) Act 2009)—an itemised list showing each such payment and the name of the entity to whom each payment was made;

(h) if any payments were made, by the entity (the main entity) during the year of income, to any of the following:

(i) a connected entity of the RSE licensee of the main entity;

(ii) an associated entity of another entity (the third party) if the third party is a connected entity of the RSE licensee of the main entity;

(iii) an entity over whom the RSE licensee of the main entity has significant influence;

(iv) an entity who has significant influence over the RSE licensee of the main entity;

(v) an entity whose key management personnel include the RSE licensee, or an executive officer of the RSE licensee, of the main entity;

(vi) an associated entity of another entity (the third party), if the RSE licensee, or an executive officer of the RSE licensee, of the main entity is a member of the key management personnel of the third party;

an itemised list showing each such payment and the name of the entity to whom each payment was made.

Note 1: Information mentioned in subparagraphs (b)(i), (ii) and (iii) must be made publicly available on the entity's website (see subsection 29QB(1)).

Note 2: The determination mentioned in paragraph (c) is to be made publicly available on the entity's website within 28 days after the determination is made (see paragraphs 52(9)(b) and (c)).

(2) The short-form summary referred to in paragraph (1)(a) must set out the following:

(a) the sum of the remuneration referred to in subparagraph (1)(b)(ii), which is to be described as the aggregate remuneration expenditure relating to the entity for the year of income;

(b) the sum of the payments referred to in paragraph (1)(e) that were made during the year of income (under all contracts referred to in that paragraph), which is to be described as the aggregate promotion, marketing or sponsorship expenditure relating to the entity for the year of income;

(c) the sum of the payments referred to in paragraph (1)(f), which is to be described as the aggregate political donations relating to the entity for the year of income;

(d) the sum of the payments referred to in paragraph (1)(g), which is to be described as the aggregate industrial body payments relating to the entity for the year of income;

(e) the sum of the payments referred to in paragraph (1)(h), which is to be described as the aggregate related party payments relating to the entity for the year of income.

(3) Despite subsection (1), if any information (the extra information) referred to in paragraph (1)(b) to (h) required to be given to a member of the entity:

(a) is accessible by the member (including by being publicly available) at the time the notice of the annual members' meeting is given; or

(b) must be made so accessible before the meeting is held;

it is sufficient for the purposes of that paragraph if the information included with the notice includes details of how to access that extra information.

Note: The short-form summary referred to in paragraph (1)(a) must still be included.

(4) In this section:

associated entity has the same meaning as in the Corporations Act 2001.

contract includes a deed.

key management personnel has the same meaning as in the Corporations Act 2001.

29PAB How notice is to be given to members

If, under section 29P, the RSE licensee of a registrable superannuation entity is required to give notice of an annual members' meeting to the members of the entity, the RSE licensee must give the notice by:

(a) making the notice of the meetingpublicly available on the entity's website; and

(b) ensuring that the notice is readily accessible from the website at least 30 days before the meeting.

4 Application of amendments

The amendments made by this Schedule apply in relation to a notice of an annual members' meeting for a year of income for a registrable superannuation entity if:

(a) the notice is given on or after the commencement of this item; and

(b) the year of income ends on or after 30 June 2022.