Australian Corporation Act 2004

Paper Summary:

This paper explains that the provisions contained within the CLERP 9 are applicable to financial periods or year that commenced on or after the first day of July 2004. The author points out that key requirements are (1) disclosure of director's and executives remuneration packages, (2) review of operations as well as a review of condition, (3) a written declaration to the board made by the CEO and CFO stating that the company is in accordance in terms of accounting standards, and (4) a listing of non-audit services, their costs and explanation of why audit independence is not compromised. The paper stresses that cartels have been outlawed by subsection 45(2) of the Trade Practices Act, which bans contracts, arrangements, or any type of undertakings that have as their intent or are likely to be in the effect of substantially lessening competition or preventing, restricting, or limiting dealings with certain individuals.

Table of Contents
Statement of Thesis
Introduction
Elements Preceding the Change in Law
Corporate Law Economic Reform Program (CLERP 9)
Schedule One Provisions
Recent Development in Trade Practices
Conclusion

From the Paper:

"Australian Supreme Court sited in 2003 that: "the governance of corporate entities comprehends the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations." Australia has recently implemented new regulations, which, enhance and harmonize corporation law. The alignment of the regulations with elements that are known to be those of a competent and responsible board of directors in view of strategy determination, performance review, risk management, internal control regulation and reporting to shareholders and stakeholders took effect in June 2004. The hoped for achievements are the elimination of the potential for future conflicts of interest, promotion of financial disclosure as well as the strengthening of those minority investors."

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