Footnotes
Chapter 1 - Introduction
[1]
The Hon. Bernie Ripoll MP, Parliamentary Secretary to the Treasurer,
Second Reading Speech, House of Representatives Hansard, 19 September
2012, p. 19.
[2] The Hon. Bernie Ripoll
MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, House
of Representatives Hansard, 19 September 2012, p. 19.
[3] The Hon. Bernie Ripoll
MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, House
of Representatives Hansard, 19 September 2012, p. 19.
[4] Explanatory Memorandum,
Personal Liability for Corporate Fault Reform Bill 2012, Outline, p. 1.
[5] The Hon. Bernie Ripoll
MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, House
of Representatives Hansard, 19 September 2012, p. 20.
[6] The Hon. Bernie Ripoll
MP, Parliamentary Secretary to the Treasurer, Second Reading Speech, House
of Representatives Hansard, 19 September 2012, p. 20.
Chapter 2 - The reform agenda of the Council of Australian Governments
[1]
Senate Standing Committee on Legal and Constitutional Affairs, Company
Directors' Duties, November 1989, p. 178.
[2]
Professor Fisse cited in Senate Standing Committee on Legal and
Constitutional Affairs, Company Directors' Duties, November 1989, pp
178–179.
[3]
Senate Standing Committee on Legal and Constitutional Affairs, Company
Directors' Duties, November 1989, recommendation 21(i), p. xv.
[4]
Corporate Law Economic Reform Program, Directors' Duties and
Corporate Governance, Proposals for Reform: Paper No. 3, 1997, p. 53,
archive.treasury.gov.au/documents/283/PDF/full.pdf (accessed 10 October 2012).
[5]
Corporate Law Economic Reform Program, Directors' Duties and
Corporate Governance, Proposals for Reform: Paper No. 3, 1997, pp 53–54,
archive.treasury.gov.au/documents/283/PDF/full.pdf (accessed 10 October 2012).
[6]
Corporate Law Economic Reform Program, Directors' Duties and
Corporate Governance, Proposals for Reform: Paper No. 3, 1997, pp. 53-54,
Corporate Law Economic Reform Program, Directors' Duties and Corporate
Governance, Proposals for Reform: Paper No. 3, 1997, p. 54.
[7]
Australian Law Reform Commission, Principled Regulation, 2002,
pp 316–317.
[8]
Australian Law Reform Commission, Principled Regulation, 2002,
pp 324–325.
[9]
Australian Law Reform Commission, Principled Regulation, 2002,
p. 329.
[10]
Australian Law Reform Commission, Principled Regulation, 2002, p.
335.
[11]
Taskforce on Reducing Regulatory Burdens on Business, Rethinking
Regulation, January 2006, Recommendation 5.28, p. 107, http://www.regulationtaskforce.gov.au/
(accessed 10 October 2012).
[12]
Taskforce on Reducing Regulatory Burdens on Business, Rethinking
Regulation, January 2006, p. 90.
[13]
Taskforce on Reducing Regulatory Burdens on Business, Rethinking
Regulation, January 2006, p. 90.
[14]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 1, www.camac.gov.au/.../Personal_Liability_for_Corporate_Fault.pdf (accessed 10 October 2012).
[15]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, Discussion Paper, May 2005, p. 1.
[16]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 8.
[17]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 6. Corporations and Markets Advisory Committee,
Personal Liability for Corporate Fault, September 2006, p. 9.
[18]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 6.
[19]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, pp 43–44.
[20]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 56.
[21]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 54.
[22]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 44.
[23]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 58.
[24]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 56.
[25]
Corporations and Markets Advisory Committee, Personal Liability for
Corporate Fault, September 2006, p. 53.
[26]
Treasury, Review of Sanctions in Corporate Law, Commonwealth of
Australia, 2007, p. vii.
[27]
Australian Institute of Company Directors, 'Reforms still stuck at the
starting line',
The Boardroom Report, Vol. 10, Issue 2, 8 February 2012, p. 1, http://www.google.com.au/url?sa=t&rct=j&q=coag%20directors%20liability%20reform%20700%20&source=web&cd=6&ved=0CEAQFjAF&url=http%3A%2F%2Fwww.companydirectors.com.au%2F~%2Fmedia%2F8F6EE3E75B254151BFECB494E4AE1BAE.ashx&ei=SE57UISHBq-XiQfri4DIDw&usg=AFQjCNEpl8fLLLvurDdyp55dLd17V-SjcA (accessed 15 October 2012).
[28]
Australian Institute of Company Directors, 'AICD welcomes findings on
director liability', Company Director Magazine, 1 February 2009, http://www.companydirectors.com.au/Director-Resource-Centre/Publications/Company-Director-magazine/2000-to-2009-editions/2009/February/Inside-AICD-Director-liability-Feb-09 (accessed 15 October 2012).
[29]
Laws relating to workplace health and safety and environmental
projection were excluded on the basis that they were subject to separate reform
processes at the time. Explanatory Memorandum, Personal Liability for Corporate
Fault Reform Bill 2012, para 1.3.
[30]
Australian Institute of Company Directors, Impact of Legislation on
Directors, November 2010, p. 4, http://www.companydirectors.com.au/General/Header/Media/Media-Releases/2010/Liability-laws-damaging-the-economy-director-survey-reveals (accessed 10 October 2012).
[31]
The Hon. Bernie Ripoll MP, Parliamentary Secretary to the Treasurer,
Second Reading Speech, House of Representatives Hansard, 19 September
2012, p. 19.
[32]
COAG Reform Council, Seamless National Economy Report on Performance,
Report to the Council of Australian Governments, 23 December 2011, p. 180.
[33]
The Hon. David Bradbury MP, Assistant Treasurer and Minister Assisting
for Deregulation, 'Benefits and outcomes of the seamless national economic
agenda', Regulatory reform conference, 27 September 2012, http://assistant.treasurer.gov.au/DisplayDocs.aspx?doc=speeches/2012/009.htm&pageID=005&min=djba&Year=&DocType= (accessed 15 October 2012).
[34]
COAG Reform Council, National Partnership Agreement to Deliver a
Seamless National Economy: Performance Report for 2009-10, p. 203, http://www.coagreformcouncil.gov.au/reports/competition.cfm(accessed 10 October 2012).
[35]
COAG Reform Council, National Partnership Agreement to Deliver a
Seamless National Economy: Performance Report for 2009–10, p. 220.
[36]
COAG Reform Council, National Partnership Agreement to Deliver a
Seamless National Economy: Performance Report for 2009–10, p. 220.
[37]
ASIC v Healey & Ors [2011] FCA 717 (the Centro case)
[38]
Bryan Frith, 'Centro ruling reminds directors where their
responsibilities lie', The Australian, 29 June 2011, http://www.theaustralian.com.au/business/opinion/centro-ruling-reminds-directors-where-their-responsibilities-lie/story-e6frg9kx-1226083776840 (accessed 15 October 2012).
[39]
Australian Institute of Company Directors, 'Centro Case Summary. ASIC v
Healey & Ors [2011] FCA 717', 27 June 2011; Grant Thornton, 'The Centro
case: Where to from here?', www.grantthornton.com.au/Publications/Newsletters/fr_1107.asp (accessed 14 October 2012);
Group of 100, The Centro Experience - A wake up call for Directors,
2012, www.group100.com.au/.../g100-centro-experience-2012.pdf (accessed 15 October 2012).
[40]
Corrs Chambers Westgarth, Analysis of the application of COAG's
directors' liability principles, August 2011, p. 37.
[41]
COAG Reform Council, Seamless National Economy: Report on Performance,
Report to the Council of Australian Governments, 23 December 2011, p. 183, http://www.coagreformcouncil.gov.au/reports/competition.cfm(accessed 15 October 2012).
[42]
Senator the Hon. Nick Sherry and the Hon. David Bradbury MP, 'New Way
Forward for Directors' Liability Reforms', Media Release, 19 August
2011, http://archive.innovation.gov.au/ministersarchive2011/sherry/MediaReleases/Pages/NEWWAYFORWARDFORDIRECTORSLIABILITYREFORMS.html (accessed 12 October 2012).
[43]
Paul McClintock AO, Chairman, COAG Reform Council, 'COAG's reform agenda
and the Seamless National Economy', Address at AICD, 2 April 2012, http://www.coagreformcouncil.gov.au/media/index.cfm#speeches
(accessed 15 October 2012).
[44]
Senator the Hon. Nick Sherry and the Hon. David Bradbury MP, 'New Way
Forward for Directors' Liability Reforms', Media Release, 19 August
2011.
[45]
COAG Reform Council, Seamless National Economy: Report on Performance,
Report to the Council of Australian Governments, 23 December 2011, p. 186.
[46]
Department of Treasury, Submission 4, p. 4.
[47]
Department of Treasury, Submission 4, p. 4.
[48]
Department of Treasury, Submission 4, p. 4.
[49]
Department of Treasury, Submission 4, p. 3.
[50]
Paul McClintock AO, Chairman, COAG Reform Council, 'COAG's reform agenda
and the Seamless National Economy', Address at AICD, 2 April 2012, http://www.coagreformcouncil.gov.au/media/index.cfm#speeches
(accessed 15 October 2012).
[51]
Australian Institute of Company Directors, 'States fail to reform test
again says directors', Media Release, 6 December 2010, http://www.companydirectors.com.au/General/Header/Media/Media-Releases/2010/States-fail-the-reform-test-again-say-directors (accessed 15 October 2012).
[52]
The Hon. Barry O'Farrell MP, 'M2012-09 Directors' Liability Reform', Announcement,
31 July 2012, http://www.dpc.nsw.gov.au/announcements/ministerial_memoranda/2012/m2012-09_directors_liability_reform (accessed 15 October 2012).
[53]
The Hon. Barry O'Farrell MP, 'M2012-09 Directors' Liability Reform', Announcement,
31 July 2012.
[54]
Michaela Whitbourne and Mark Skulley, 'NSW backs COAG reforms',
Australian Financial Review, 5 May 2011, p. 7, http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22media%2Fpressclp%2F741069%22 (accessed 15 October 2012).
[55]
The Hon. Campbell Newman, Premier, Keynote Speech – AICD & UQ
Business School Leader's Edge Luncheon, Media Statement, 25 September
2012, http://statements.qld.gov.au/Statement/2012/9/25/keynote-speech--aicd--uq-business-school-leaders-edge-luncheon (accessed 15 October 2012).
[56]
The Hon. Campbell Newman, Premier, Keynote Speech – AICD & UQ
Business School Leader's Edge Luncheon, Media Statement, 25 September
2012.
[57]
The Hon. Campbell Newman, Premier and the Hon. Jarrod Bleijie,
Attorney-General, 'Company director reforms a boost for business', Joint
statement, 25 September 2012, http://statements.qld.gov.au/Statement/2012/9/25/company-director-reforms-a-boost-for-business (accessed 15 October 2012).
[58]
The Hon Jarrod Bleijie, Attorney-General, 'Government commits to
red-tape reductions and reforms', Media Statement, 7 September 2012, http://statements.qld.gov.au/Statement/Id/80432 (accessed 15 October 2012).
[59]
Department of the Treasury, Submission 4, p. 6.
Chapter 3 - Key provisions of the bill
[1]
Corporate responsibility provisions cover matters such as changes to the
principal place of business, lodgement of notices and annual reports with ASIC
and responses to return of particulars.
[2]
Sections for which these new civil penalties apply include 142, 145,
146, 178A, 178C, 254X, 346C and 348D.
[3]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 9.
[4]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 11.
[5]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 12.
[6]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 19.
[7]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 23.
[8]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 26.
[9]
Explanatory Memorandum, Personal Liability for Corporate Fault Reform
Bill 2012, p. 30.
[10]
Explanatory document, Personal Liability for Corporate Fault Reform Bill
2012, Third tranche, 14 August 2012, http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Personal-Liability-for-Corporate-Fault-Reform-Bill-Tranche-3 (accessed 17 October 2012).
[11]
Australian Institute of Company Directors, Submission 1,
Attachment 3, p. 2; Chartered Secretaries Australia, Submission 2, p. 2.
Chapter 4 - Concerns raised in evidence
[1] Australian Institute of
Company Directors, Submission 1; Chartered Secretaries Australia, Submission
2, p. 1; Confidential, Submission 3; Mr Bruce Cowley, Law Council of
Australia, Committee Hansard, 22 October 2012, p. 1.
[2] Mr Bruce Cowley of the
Australian Law Council informed the committee that the Law Council of Australia
had 'been campaigning for reform in the area for many years'. Committee
Hansard, 22 October 2012, p. 1. Similarly, Ms Judith Fox of CSA stated that
CSA had 'participated since 2005 in consultations on proposed reformed personal
liability for corporate fault, noting our reservations with derivate liability
at every stage'. Committee Hansard, 22 October 2012, p. 9.
[3] Australian Institute of
Company Directors, Submission 1; Chartered Secretaries Australia, Submission
2, p. 1; Confidential, Submission 3.
[4] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 1.
[5] Professor Robert Baxt,
Law Council of Australia, Committee Hansard, 22 October 2012, p. 7.
[6] Mr Peter Abraham,
Chartered Secretaries Australia, Committee Hansard, 22 October 2012,
p. 10.
[7] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 2.
[8] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 10 and
Attachment 2, p. 2.
[9] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 26.
[10] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 10.
[11] Chartered Secretaries
Australia, Submission 2, p. 2.
[12] Mr Yisheng Ho, Department
of the Treasury, Committee Hansard, 22 October 2012, pp 15-16.
[13] Australian Institute of
Company Directors, Submission 1, Attachment 3, p. 2.
[14] Professor Robert Baxt, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 3.
[15] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 5.
[16] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, pp 2–3.
[17] Explanatory Memorandum,
Personal Liability for Corporate Fault Reform Bill 2012
[18] Chartered Secretaries
Australia, Submission 2, p. 2.
[19] Australian Institute of
Company Directors, Submission 1, Attachment 3, p. 2.
[20] Australian Institute of
Company Directors, Submission 1, Attachment 3, p. 2.
[21] Chartered Secretaries
Australia, Submission 2, p. 2.
[22] Explanatory document,
Personal Liability for Corporate Fault Reform Bill 2012, Third tranche, 14
August 2012, http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Personal-Liability-for-Corporate-Fault-Reform-Bill-Tranche-3 (accessed 17 October 2012).
[23] Explanatory document,
Personal Liability for Corporate Fault Reform Bill 2012, Third tranche, 14
August 2012, http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Personal-Liability-for-Corporate-Fault-Reform-Bill-Tranche-3 (accessed 17 October 2012).
[24] Mr Peter McCray, Department
of Finance and Deregulation, Committee Hansard, 22 October 2012, p. 15.
[25] Mr Yisheng Ho, Department
of the Treasury, Committee Hansard, 22 October 2012, p. 16.
[26] Mr Bruce Paine, Department
of the Treasury, Committee Hansard, 22 October 2012, p. 16.
[27] Australian Institute of
Company Directors, Submission 1, Attachment 2, p. 2.
[28] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 4.
[29] Australian Institute of
Company Directors, Submission 1, Attachment 2, pp 17 and 21.
[30] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 31.
[31] Ms Judith Fox, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012, p. 9.
[32] Mr Peter Abraham, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012,
p. 12.
[33] Mr Peter Abraham, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012,
p. 10.
[34] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 4.
[35] Australian Institute of
Company Directors, Submission 1, Attachment 1, p. 4.
[36] Exposure Draft, Personal
Liability for Corporate Fault Reform Bill 2012, First tranche, 27 January
2012, http://archive.treasury.gov.au/contentitem.asp?ContentID=2300
(accessed 24 October 2012).
[37] Mr Peter McCray, Department
of Finance and Deregulation, Committee Hansard, 22 October 2012, p. 15.
[38] Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 22.
[39]
Corporations and Markets Advisory Committee, Personal Liability for
corporate fault, September 2006, http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFFinal+Reports+2006/$file/Personal_Liability_for_Corporate_Fault.pdf
(accessed 22 October 2012).
[40]
Corporations and Markets Advisory Committee, Personal Liability for
corporate fault, September 2006, p. 53.
[41]
Australian Institute of Company Directors, Submission 1, Attachment 1
(correspondence to Treasury dated 28 June 2012), p. 8.
[42] Ms Judith Fox, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012, p. 9.
[43] Ms Judith Fox, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012, p. 9.
[44] Mr Peter Abraham, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012,
pp 10–11.
[45] Mr Peter McCray, Department
of Finance and Deregulation, Committee Hansard, 22 October 2012, p. 14.
[46] Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 23.
[47]
Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 24.
[48]
Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 21.
[49] Mr Bruce Paine, Department
of the Treasury, Committee Hansard, 22 October 2012, p. 14.
[50] Mr Bruce Paine, Department
of the Treasury, Committee Hansard, 22 October 2012, p. 14.
[51] Department of Treasury, Submission
4, p. 4.
[52] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 3.
[53]
Australian Institute of Company Directors, Submission 1, Attachment
2, p. 2.
[54]
Chartered Secretaries Australia, Submission 2, p. 3.
Chapter 5 - Committee view
[1] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 1.
[2] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, pp 6–7.
[3] Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 22.
[4] Explanatory Memorandum,
Personal Liability for Corporate Fault Reform Bill 2012, p. 9.
[5] Mr Paul Miller, NSW
Department of Premier and Cabinet, Committee Hansard, 22 October 2012,
p. 21.
[6] Mr Bruce Cowley, Law
Council of Australia, Committee Hansard, 22 October 2012, p. 1.
[7] Professor Robert Baxt,
Law Council of Australia, Committee Hansard, 22 October 2012, p. 4.
[8] Ms Judith Fox, Chartered
Secretaries Australia, Committee Hansard, 22 October 2012, p. 9.
[9] Mr Bruce Paine,
Department of Treasury, Committee Hansard, 22 October 2012, p. 14.
[10] Mr Peter McCray, Department
of Finance and Deregulation, Committee Hansard, 22 October 2012, p. 17.
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