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Introductory Pages

Members of the Committee

• Senator Grant Chapman, Chairman
• Ms Anna Burke MP, Deputy Chair
• Mr Mark Baker MP
• Mr Kerry Bartlett MP
• Mr Chris Bowen MP
• Senator George Brandis
• Mr Stewart McArthur MP
• Senator Andrew Murray
• Senator the Hon Nick Sherry
• Senator Penny Wong

Secretariat

• Ms Kelly Paxman, Secretary
• Dr Anthony Marinac, Secretary
• Mr Stephen Palethorpe, Principal Research Officer
• Mr Andrew Bomm, Senior Research Officer
• Ms Laurie Cassidy, Executive Assistant

Suite SG.64
Parliament House
Canberra ACT 2600

T: 61 2 6277 3583
F: 61 2 6277 5719
E: corporations.joint@aph.gov.au
W: www.aph.gov.au/senate/committee/corporations_ctte

Duties of the Committee

Section 243 of the Australian Securities and Investments Commission Act 2001 sets out the Parliamentary Committee's duties as follows:

1. to inquire into, and report to both Houses on:
   1. activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee's opinion, the Parliament's attention should be directed; or
   2. the operation of the corporations legislation (other than the excluded provisions), or of any other law of the Commonwealth, of a State or Territory or of a foreign country that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
2. to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee's opinion, the Parliament's attention should be directed; and
3. to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.

Terms of Reference

On 23 June 2005, the Parliamentary Joint Committee on Corporations and Financial Services resolved to inquire into Corporate Responsibility and Triple-Bottom-Line reporting, for incorporated entities in Australia, with particular reference to:

1. The extent to which organisational decision-makers have an existing regard for the interests of stakeholders other than shareholders, and the broader community.
2. The extent to which organisational decision-makers should have regard for the interests of stakeholders other than shareholders, and the broader community.
3. The extent to which the current legal framework governing directors' duties encourages or discourages them from having regard for the interests stakeholders other than shareholders, and the broader community.
4. Whether revisions to the legal framework, particularly to the Corporations Act, are required to enable or encourage incorporated entities or directors to have regard for the interests of stakeholders other than shareholders, and the broader community. In considering this matter, the Committee will also have regard to obligations that exist in laws other than the Corporations Act.
5. Any alternative mechanisms, including voluntary measures that may enhance consideration of stakeholder interests by incorporated entities and/or their directors.
6. The appropriateness of reporting requirements associated with these issues.
7. Whether regulatory, legislative or other policy approaches in other countries could be adopted or adapted for Australia.

In inquiring into these matters, the Committee will consider both for profit and not-for-profit incorporated entities under the Corporations Act.

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