Explain the role of the Australian Securities and Investments Commission (‘the ASIC’) and discuss the significance of this role for proper corporate governance in the twenty-first century. Introduction: ASIC was initially structured as the Australian Securities Commission (ASC), which initiated existence on 1 January 1991 as per the (then) ASC Act 1989. The motivation behind the ASC was to bind together corporate controllers around Australia by supplanting the National Organizations and Securities Commission and the Corporate Issues work places of the states and domains. The corporate controller turned into the Australian Securities & Speculations Commission (ASIC) on 1 July 1998, when it likewise got answerable for purchaser assurance in superannuation, protection, store taking. It has since picked up further obligations: in 2002 for credit, the Australian Stock Trade in 2009. In 2012, ASIC called for forces to utilize information, which other brainpower orgs have blocked. Regions of obligation: ASIC's regions of obligation include: • Corporate administration • Financial administrations • Securities and subordinates • Insurance • Consumer security • Financial education. ASIC is Australia’s corporate, markets and financial services regulator. They help Australia's financial notoriety and wellbeing by guaranteeing that Australia's money related markets are reasonable and transparent, upheld by certain and educated moguls and buyers. They are an autonomous District Government body. We are situated up under and oversee the Australian Securities and Speculations Commission Act (ASIC Act), and we complete a large portion of our work under the Enterprises Demonstration. The Australian Securities and Investme... ... middle of paper ... ...k positions with the conventional perspective (even in the information that that judgment may be toppled), will lead numerous chiefs to take the simpler alternative of attempting to oblige those diverse hobbies, and to manage those specific matters economically. There will be not many events where that will arrive the executives in 'boiling point water' however it is precisely those cases that are the ones that end up being the key cases in the court. References: http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Summer-School-2011-report-1.pdf/$file/Summer-School-2011-report-1.pdf http://www.comlaw.gov.au/Details/C2013C00002/Html/Text#_Toc343613354 https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/corporate_governance_summit.pdf/$file/corporate_governance_summit.pdf
Corporations functioning within the jurisdiction of the Australian Commonwealth are governed and regulated by the provisions of the Corporations Act, 2001. Common law principles developed through judicial
... Gross Development Produce generally, there is a persistent and pronounced trend towards consolidation of these institutions in Australia. With the combination of resilience contributions into the system, consolidation has generally resulted in the average size of superannuation institutions increasing significantly (measured by assets) during the decade to $2.6 billion in June 2012.
The Australian Stock Exchange’s (ASX) Corporate Governance Council (2014) defines corporate governance as “A framework of rules, relationships, systems and processes within and by which authority is exercised and controlled within corporations”. One goal of corporate governance is for the board members to increase shareholder value (Tricker 2015). In order to achieve this, it is important that the board act appropriately and justly so that the best interest of investors are protected. This report will explore the effectiveness of JB Hi-Fi’s corporate governance. JB Hi-Fi is Australia’s largest home entertainment retailer, selling a variety of products at discounted prices. Over the years, they have maintained a substantial
The first advantage towards Australia from federation that will be discussed in this essay is that federation helped Australia’s economy. Prior to federation the continent of Australia was broke up into six small economies, each a colony. Federation meant that Australia would become a bigger and better economy therefore other governments, particularly Brittan would be more willing to grant Australia loans and invest within it, opposed to doing so with smaller and separate colonies. Federation also had an effect on the tariffs. Prior to federation business people had to pay tariffs but under federation the tariffs would be abolished and free trade would make cheaper production costs and open up many more business opportunities. In this sense, Federation should have been a necessity for Australia due to all the finan...
The Australian Consumer Law (ACL) was established to protect consumers in any legal trading activities in Australia. A set of guarantees has also been introduced for those consumers who are acquiring goods and services from Australian suppliers, importers or manufacturers. The guarantees are intended to ensure that consumers will receive the goods or services they have paid for. If they have problems with the products and services they bought, they are entitled for remedies, such as repair, replacement, and refund.
With commercial dealings on the rise in Australia and globally, so too are the complications. If some sort of codification is not established and built from the principals that already exist, commercial opportunities could be in jeopardy due to the uncertainty and risk of not having a clear outline or set of laws to cover contracts generally.
As a federal Crown corporation, BDC is accountable for its activities to Parliament, through the Minister of Industry. A Board of Directors, consisting of a Chairperson, the President and Chief Executive Officer (CEO), and a maximum of 13 other members, guides the corporation’s activities.
Australia has had one of the most outstanding economies of the world in recent years - competitive, open and vibrant. The nation’s high economic performance stems from effective economic management and ongoing structural reform. Australia has a competitive and dynamic private sector and a skilled, flexible workforce. It also has a comprehensive economic policy framework in place. The economy is globally competitive and remains an attractive destination for investment. Australia has a sound, stable and modern institutional structure that provides certainty to businesses. For long time, Australia is a stable democratic country with strong growth, low inflation and low interest rate.(Ning)
This report gives the brief overview of the concept of corporate governance, its evolution and its significance in the corporate sector. The report highlights various key issues and concerns that are faced by the organizations while effectively implementing and promoting Corporate Governance.
D’Amato, E. (2010). Australian Shareholders’ Association: Standing Up for shareholders – The top 15 financial ratios. Australia: Lincoln Indicators Pty Ltd.
In 1934 the Securities Exchange Act created the SEC (Securities and Exchange Commission) in response to the stock market crash of 1929 and the Great Depression of the 1930s. It was created to protect U.S. investors against malpractice in securities and financial markets. The purpose of the SEC was and still is to carry out the mandates of the Securities Act of 1933: To protect investors and maintain the integrity of the securities market by amending the current laws, creating new laws and seeing to it that those laws are enforced.
The end of 2001 and the start of 2002 saw the end of a period of magnified share prices and booming businesses. All speculations of misrepresentation came to light and those firms which once seem unconquerable were now filing for bankruptcy. Within this essay, I shall discuss the corporate governance mechanisms and failures which led to the Enron scandal resulting in global corporate governance reforms being encouraged.
They are an organisation which was formed on 1st October 2009. They deliver health care services in Wales. First there were 22 local health boards which were too complex so they were redesigned and simplified to 7. These 7 are now responsible for certain areas in Wales. The 7 local health boards in Wales are called Aneurin Bevan Health Board, Abertawe Bro Morgannwg University Health Board, Cardiff & Vale University Health Board, Hywel Dda Health Board, Cwm Taf Health Board, Betsi Cadwaladr University Health Board and Powys Teaching Health Board.
Nottingham Trent University. (2013). Lecture 1 - An Introduction to Corporate Governance. Available: https://now.ntu.ac.uk/d2l/le/content/248250/viewContent/1053845/View. Last accessed 16th Dec 2013.
The fundamental duty of an external financial auditor is to form and express an opinion on whether the reporting entity’s financial statements are prepared in accordance with the relevant financial reporting framework. In discharging this duty, the auditor must exercise “reasonable skill, care and caution” (Lopes, J. in Kingston Cotton Mill Co 1896) as reflected in current legal and professional requirements.