Corporations and Related Legislation
Amendment Regulation 2013 (No. 1) [F2013L01264]
legislation: Australian Securities and Investments Commission Act 2001, Business Names Registration (Fees) Act 2011, Corporations Act 2001,
Corporations (Aboriginal and Torres Strait Islander) Act 2006, Corporations
(Fees) Act 2001, Fair Work (Registered Organisations) Act 2009, Occupational
Superannuation Standards Act 1987, Statutory Declarations Act 1959 and
Superannuation Industry (Supervision) Act 1993
Last day to disallow: 4 March 2014
In July 2011, the Australian Accounting Standards Board (AASB) announced
the withdrawal of certain disclosure requirements contained in the accounting
standards it publishes, with effect from 1 July 2013. This instrument places
remuneration disclosure requirements into the Corporations Regulations 2001
following the removal of these requirements from the relevant accounting
The committee reported on the instrument in its First Report of the
Committee view on compatibility
Right to privacy
Disclosure of information
The committee sought clarification regarding whether personal
information will be released through remuneration disclosure and, if so, what
protections are provided to ensure the instrument is compatible with the right
Parliamentary Secretary's response
The Regulation identifies a number of disclosures that must
be included in the remuneration report of a listed entity related to
transactions between key management personnel, or related parties that exert
control or influence, and the listed entity.
These disclosures are designed to achieve the objective of
ensuring that the company reports contain the disclosures necessary to draw
attention to the possibility that its financial position and profit and loss
may have been affected by transactions entered into with key management
personnel or related parties that exert control or influence.
These disclosures are not designed to require entities to
release personal information, or information that is unrelated to transactions
entered into by the disclosing entity. However, consideration will be given to
regulatory amendments that clarify the operation of the Regulation where necessary.
The committee thanks the Acting Assistant Treasurer for his
response and has concluded its examination of this instrument.
The committee welcomes the Acting Assistant Treasurer's statement
that appropriate regulatory amendments will be considered to clarify the
operation of the regulation.
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