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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:
- to inquire into, and report to both Houses on:
- 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
- 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
- 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
- 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:
- The extent to which organisational decision-makers have
an existing regard for the interests of stakeholders other than shareholders,
and the broader community.
- The extent to which organisational decision-makers
should have regard for the interests of stakeholders other than shareholders,
and the broader community.
- 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.
- 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.
- Any alternative mechanisms, including voluntary
measures that may enhance consideration of stakeholder interests by
incorporated entities and/or their directors.
- The appropriateness of reporting requirements
associated with these issues.
- 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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