LEGISLATIVE BODIES – COMMITTEES

Bounties urged for evidence

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Original article by Nassim Khadem, Adele Ferguson
The Age – Page: 1 : 14-Sep-17

The final report of a federal parliamentary inquiry has recommended increased legal protection for whistleblowers. Amongst other things, the joint parliamentary committee has proposed establishing a Whistleblower Protection Authority and providing financial payments or "bounties" for people who expose illegal conduct in the public or private sector. Under the proposed bounty system, a whistleblower who had participated in the criminal activity could potentially receive immunity from prosecution rather than a financial reward.

CORPORATES
AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, AUSTRALIA. DEPT OF FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CPR PARTNERS, FEDERAL COURT OF AUSTRALIA, ORIGIN ENERGY LIMITED – ASX ORG

ATO hails tech giants’ $7b sales surge

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Original article by Joanna Mather
The Australian Financial Review – Page: 4 : 23-Aug-17

Executives from technology companies such as Apple and Google appeared before an inquiry into corporate tax avoidance on 22 August. Apple Australia MD Tony King told the Senate committee that the company has not been penalised following the completion of a five-year audit by the Australian Taxation Office, while IBM, Facebook and Google advised that they are still being audited. Meanwhile, Tax Commissioner Chris Jordan hailed the success of the ATO’s crackdown on tax avoidance by multinationals, noting that it issued $A4bn worth of tax assessments in 2016-17.

CORPORATES
APPLE PTY LTD, AUSTRALIAN TAXATION OFFICE, IBM AUSTRALIA LIMITED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, MICROSOFT AUSTRALIA

Google ‘misled’ Senate on revenue

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Original article by Darren Davidson
The Australian – Page: 1 & 2 : 23-Aug-17

Executives from Google and Facebook appeared before a Senate committee on 22 August. Google’s MD for Australia and New Zealand, Jason Pellegrino, told the inquiry into the future of public-interest journalism that the digital giant boasted gross advertising revenue of $1.1bn in Australia in 2016. Senator Nick Xenophon questioned this figure, citing advertising industry estimates which suggest that Google’s annual revenue was around $A3bn. Meanwhile, Facebook said its gross revenue in Australia was $A326m in 2016.

CORPORATES
GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NICK XENOPHON TEAM, MELBOURNE BUSINESS SCHOOL, MORGAN STANLEY AUSTRALIA LIMITED

Levy a shock for foreign investors: NAB

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Original article by James Eyers
The Australian Financial Review – Page: 18 : 16-Jun-17

The Senate Economics Legislation Committee is currently investigating the bill to implement the Federal Government’s proposed bank levy. National Australia Bank CFO Gary Lennon says foreign investors have expressed concern to him about the tax, including the rushed manner in which it has been adopted. Amongst other things, submissions to the committee have argued that the bill should include a "sunset clause" and that the tax should cover foreign banks.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. SENATE ECONOMICS LEGISLATION COMMITEE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE BANK LIMITED – ASX MBL, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN BANKERS’ ASSOCIATION, ME BANK, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, CUSTOMER OWNED BANKING ASSOCIATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN GREENS

‘Glass walls’ contribute to gender pay gap

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Original article by Stephanie Peatling
The Age – Page: 13 : 8-Jun-17

A report produced by the Senate’s Finance & Public Administration Committee has made a number of recommendations aimed at addressing the gender pay gap. They include amending the Fair Work Act to include the objective of achieving pay equity and developing a national strategy on the issue. Australian Labor Party senator Jenny McAllister says the gender pay gap has narrowed by just one per cent to 16 per cent over the last two decades.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Senate inquiry blasts ATO on unpaid super

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Original article by Michael Roddan
The Australian – Page: 23 : 3-May-17

It is estimated that about three million Australian workers do not receive their compulsory superannuation contributions, which equates to around $A6bn per year. A Senate economics committee inquiry has recommended that the Australian Taxation Office should adopt a more proactive approach to non-compliance with the super guarantee regime. The ATO’s focus at present is on a self-reporting system for employers who fail to pay some or all of the guarantee.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, INDUSTRY SUPER AUSTRALIA PTY LTD

Report pans banks’ reform resistance

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Original article by Richard Gluyas
The Australian – Page: 21 : 26-Apr-17

The ANZ Bank is the only major Australian bank to have supported the key recommendations of the House of Representatives economics committee’s first report on increasing competition and governance in the industry. The recommendations included measures to make bank executives more accountable for the misconduct of employees. The Australian Labor Party still maintains the need for a royal commission into the banking sector.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKERS’ ASSOCIATION, LIBERAL PARTY OF AUSTRALIA

Energy giants to be grilled over tax minimisation tactic

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Original article by Ben Butler
The Australian – Page: 17 & 20 : 26-Apr-17

Executive from major oil and gas producers will appear before the Senate economics reference committee on 28 April 2017. They include executives from Chevron, which recently lost a transfer pricing dispute with the Australian Taxation Office regarding a $A2.5bn inter-company loan. The case centered on the interest rate on the loan made by US-based Chevron to its Australian subsidiary, which is expected to prompt the ATO to issue new guidelines regarding interest rates for such loans.

CORPORATES
CHEVRON CORPORATION, CHEVRON AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, EXXONMOBIL CORPORATION, BHP BILLITON LIMITED – ASX BHP, WOODSIDE PETROLEUM LIMITED – ASX WPL, BP PLC, ROYAL DUTCH SHELL PLC, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, TAX JUSTICE NETWORK, GETUP LIMITED, MINTER ELLISON, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, RIO TINTO LIMITED – ASX RIO, CLAYTON UTZ

Ombudsman calls for tough work penalties

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Original article by Anna Patty
The Age – Page: 21 : 13-Apr-17

Fair Work Ombudsman Natalie James addressed a Senate inquiry on 12 April 2017. She conceded that the FWO has limited capacity to combat employers who deliberately ignore workplace laws because they feel that the potential financial penalties for underpaying staff are sufficiently low to make non-compliance worth the risk. James warned that employers will continue to exploit vulnerable workers unless the sanctions for non-compliance are sufficiently increased to provide a genuine deterrent. The inquiry is examining proposed changes to the Fair Work Act.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. SENATE EDUCATION AND EMPLOYMENT LEGISLATION COMMITEE, 7-ELEVEN STORES PTY LTD, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, CALTEX AUSTRALIA LIMITED – ASX CTX

Rio chair’s confusion over pay

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Original article by James Chessell
The Australian Financial Review – Page: 13 & 16 : 8-Dec-16

Rio Tinto chairman Jan du Plessis has told a UK parliamentary committee of the growing complexity of the remuneration packages of British executives. He noted in particular the trend to measure executives’ performance by an increasing number of performance criteria. Du Plessis also conceded that he has trouble understanding some aspects of Rio Tinto’s remuneration policy, and said companies must do more to justify the high salaries paid to their executives.

CORPORATES
RIO TINTO LIMITED – ASX RIO, SABMILLER PLC, ANHEUSER-BUSCH INBEV SA/NV, HIGH PAY CENTRE, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER