LEGISLATIVE BODIES – COMMITTEES

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

Australia’s 2016 Census had ‘significant and obvious oversights,’ report finds

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Original article by Jennifer Dudley-Nicholson
News.com.au – Page: Online : 25-Nov-16

A Senate economics committee has released a report which criticises the Australian Bureau of Statistics and IT group IBM over their handling of the "digital first" 2016 Census, which was hit by a series of denial of service attacks. Amongst other things, the ABS’s decision to retain confidential personal information came under scrutiny, as well as the limited tender process for choosing a technology supplier for the Census. The committee’s recommendations include adopting an open tender system for work associated with the next Census.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, IBM AUSTRALIA LIMITED

Bad bank behaviour to be revealed

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Original article by Phillip Coorey, Joanna Mather, James Eyers, Jonathan Shapiro
The Australian Financial Review – Page: 1 & 6 : 25-Nov-16

The House of Representatives standing committee on economics has released a report on banks. Treasurer Scott Morrison said on 24 November 2016 that the committee’s recommendations were "very constructive" and "very practical", thus signalling his willingness to accept them. The recommendations include the creation of a new unit to ensure the right level of competition in the banking sector and easier access to customer data collected by banks. Committee chair David Coleman has described Australia’s banking sector as an oligopoly.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, RATESETTER AUSTRALIA PTY LTD, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Free-speech heat on Shorten

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Original article by David Crowe, Rachel Baxendale
The Australian – Page: 1 & 4 : 9-Nov-16

The joint parliamentary committee on human rights will report the findings of an inquiry into the Racial Discrimination Act by 28 February 2017. Federal cabinet opted to refer the issue to the committee, which will examine the impact of sections 18C and 18D on freedom of speech. It will also consider possible changes to the way complaints are handled by the Australian Human Rights Commission. Meanwhile, AHRC president Gillian Triggs has indicated that she is open to changes to section 18C.

CORPORATES
AUSTRALIA. JOINT PARLIAMENTARY COMMITTEE ON HUMAN RIGHTS, AUSTRALIAN HUMAN RIGHTS COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

Senate committee backs media bill

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Original article by Jake Mitchell
The Australian – Page: 4 : 8-Nov-16

The Senate environment and communications legislation committee has released its report on proposed changes to cross-media ownership laws. It has recommended that the upper house vote in favour of abolishing the "reach rule" and the "two-out-of-three" rule, although Australian Labor Party members of the committee opposed the latter reform. Labor believes that scrapping the "two-out-of-three" rule would particularly benefit News Corp Australia. However, the party supports another reduction in TV broadcasting licence fees.

CORPORATES
AUSTRALIA. SENATE ENVIRONMENT AND COMMUNICATIONS LEGISLATION COMITTEE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Media bill in hands of crossbench

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Original article by Max Mason
The Australian Financial Review – Page: 27 : 7-Nov-16

The Senate Environment & Communications Legislation Committee’s report on its inquiry into proposed cross-media ownership reforms is slated to be released on 7 November 2016. The committee is expected to recommend that the upper house should vote in favour of the bill. However, the Federal Government is likely to require the support of nine crossbenchers, as the Australian Labor Party and the Greens may oppose abolition of the "two out of three rule".

CORPORATES
AUSTRALIA. SENATE ENVIRONMENT AND COMMUNICATIONS LEGISLATION COMITTEE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA

Fewer home loans a good thing: APRA

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Original article by Joanna Mather
The Australian Financial Review – Page: 23 : 21-Oct-16

Australian Prudential Regulation Authority chairman Wayne Byres has told a Senate estimates committee that lending standards in the housing finance sector have improved over the last year. He added that APRA’s move to impose stricter lending standards on the industry has also resulted in slower growth in lending to property investors and to marginal borrowers. Treasury secretary John Fraser previously expressed concern about the cost of housing in Australia when he fronted the committee.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY

Media bosses back to Senate

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Original article by Jake Mitchell
The Australian – Page: 22 : 13-Oct-16

The Senate’s Environment & Communications Legislation Committee will release the findings of its second inquiry into the Federal Government’s cross-media ownership reforms on 7 November 2016. The CEOs of media companies fronted the first inquiry in March and April, and they are said to have been asked to appear before the committee again on 24 October. The first inquiry recommended that Parliament should approve the reforms, although the bill was shelved due to the double-dissolution election.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ENVIRONMENT, COMMUNICATIONS, INFORMATION TECHNOLOGY AND THE ARTS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, NSW FARMERS’ ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Bank culture won’t change overnight: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 6-Oct-16

Prime Minister Malcolm Turnbull says Australian banks require more accountability and transparency. He is confident that requiring the "big four" CEOs to front a parliamentary committee at least once a year will facilitate this, although he concedes that it will take some time for the culture within banks to change. The Federal Government also proposes to create a new tribunal for aggrieved customers to seek restitution, which was backed by Commonwealth Bank CEO Ian Narev and ANZ Bank CEO Shayne Elliott when they fronted the committee.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, LIBERAL PARTY OF AUSTRALIA, TIMBERCORP LIMITED

Regulating profits ‘dangerous’

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Original article by James Eyers, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 5-Oct-16

Commonwealth Bank CEO Ian Narev fronted a parliamentary committee on 4 October 2016, where he responded to questions on issues such as profits, interest rates and the bank’s insurance and financial planning scandals. Narev cautioned against any move to regulate the profits of the banking sector, stressing that banks need healthy profits to ensure that they can ride out economic shocks. The CEOs of the other major banks will appear before the committee in coming days. The Australian Labor Party continues to argue the case for a royal commission into the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH FINANCIAL PLANNING LIMITED, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA