Fiona Nash (NSW, National Party, Deputy Leader of the Nationals) Share this | Link to this | Hansard source

I present three government responses to committee reports as listed on today's Order of Business. In accordance with the usual practice, I seek leave to incorporate the documents in Hansard.

Leave granted.

The documents read as follows—

Parliamentary Joint Committee on Corporations and Financial Services

Report on the 2012-13 annual reports of bodies established under the ASIC Act

Government Response

Recommendation 1

The committee recommends CALDB distinguish in subsequent annual reports whether matters were referred by ASIC or APRA.

Recommendation 2

The committee recommends CALDB explicitly indicate in subsequent annual reports whether any decisions were the subject of either judicial or AAT review during the year.

The committee recommends that CALDB examine Parliamentary committee reports and include appropriate discussion in the section on external scrutiny of the CALDB annual reports.

Recommendation 4

The committee recommends that the Takeovers Panel examine relevant Parliamentary committee reports and include appropriate discussion about the content of committee reports in the Panel's future annual reports.

Recommendation 5

The committee recommends that the Financial Reporting Council implement regular surveys of the financial literacy of directors and publish the results.

Recommendation 6

The committee recommends that the AUASB examine relevant Parliamentary committee reports and include appropriate discussion in the section on external scrutiny of the AUASB annual reports.

Recommendation 7

The committee recommends that the AASB examine Parliamentary committee reports and include appropriate discussion in the section on external scrutiny of the AASB annual reports.

Parliamentary Joint Committee on Corporations and Financial Services

Statutory Oversight of the Australian Securities and Investments Commission, the Takeovers Panel and the Corporations Legislation

Government Response

Recommendation 1

The committee recommends that the compliance index of ASIC annual reports clearly set out the source of all mandatory and statutory requirements, including section 136 of the ASIC Act.

Recommendation 2

The committee recommends that in future annual reports, ASIC include performance data over longer periods to allow trends in performance to be analysed.

Recommendation 3

The committee recommends that the government undertake a review of penalties available to ASIC and that the review include a broadly based consultation process.

Parliamentary Joint Committee on Corporations and Financial Services

Inquiry into the Personal Liability for Corporate Fault Reform Bill 2012

Government Response

Recommendation 1

The committee recommends that the Personal Liability for Corporate Fault Reform Bill 2012 be passed.

Recommendation 2

The committee recommends that the Department of Treasury monitor the application of the reverse onus of proof for company directors and corporate officers. The committee recommends that Treasury report its findings to the Minister 12 months after the bill has been passed, and report any matters of concern to the Parliamentary Joint Committee on Corporations and Financial Services.