LAW REFORM – AUSTRALIA

Bid to clean up ‘feral’ Senate

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 20-Mar-15

Liberal Party of Australia MP Tony Smith has urged changes to the voting system for the upper house. Smith has expressed concern that the current system can be "gamed" by independents and minor parties to secure seats in the Senate. He favours a system of optional preference voting for people who chose to vote "above-the-line" on the ballot paper, which would not result in the distribution of preferences. Australian Greens senator Lee Rhiannon has supported the reform push

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA

Business pans power abuse test

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Original article by Katie Walsh
The Australian Financial Review – Page: 23 : 9-Dec-14

A submission to the Harper competition review panel by the Business Council of Australia has criticised proposed changes to regulations governing abuse of market power. The employer’s group argues that the reforms would create uncertainty, result in significant cost to the economy and could potentially lead to lengthy litigation. The Australian Industry Group and large corporations such as Telstra and Coles have also expressed concern about the proposed reforms

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, TELSTRA CORPORATION LIMITED – ASX TLS, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, MASTER GROCERS’ AUSTRALIA PTY LTD, GLENCORE COAL HOLDINGS LIMITED, RIO TINTO LIMITED – ASX RIO, RAMSAY HEALTH CARE LIMITED – ASX RHC, FORD MOTOR COMPANY AUSTRALIA LIMITED, CITY OF MELBOURNE

Change laws to boost women’s super: ASFA

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Original article by Nassim Khadem
The Australian Financial Review – Page: 24 : 13-Nov-14

It is estimated that men have an average of $A197,000 in their superannuation fund upon retirement, compared with just $A105,000 for women. The Association of Superannuation Funds of Australia (ASFA) has proposed relaxing discrimination laws to permit higher employer contributions to female employees’ super accounts. The ASFA also proposes scrapping the superannuation guarantee income threshold, which is currently set at $A450 per month

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, CHALLENGER LIMITED – ASX CGF, COLONIAL FIRST STATE GROUP LIMITED, VICSUPER PTY LTD, RICE WARNER ACTUARIES PTY LTD, AUSTRALIA. SEXUAL DISCRIMINATION COMMISSION

Boards seeking new legal shields

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Original article by Annabel Hepworth
The Australian – Page: 20 : 31-Jul-14

Attorney-General George Brandis and other politicians are being lobbied by the Australian Institute of Company Directors. It wants to see the inclusion of an "honest and reasonable director" defence in the Corporations Act, to give company boards better protection in cases launched over alleged breaches of the law as well as of the Australian Securities & Investments Commission Act. The professional body notes that the majority of serious offences in the Corporations Act feature a dishonesty component. The call for reform is separate to any expansion of the current business judgment rule

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ASX LIMITED – ASX ASX