Australia's first Minister for Superannuation and Corporate Law, Senator Nick Sherry, is facing an escalation of regulatory reform challenges in corporate governance and disclosure.
Sherry recently highlighted the need for more public transparency on executive remuneration and corporate sustainability. Now the ABC Learning Centres episode exposes possible gaps in sharemarket regulation, on disclosure of margin lending arrangements for directors' shareholdings.
Delivering an agenda-setting address on Sherry's behalf at last month's Australian Securities and Investment Commission's Summer School, Treasury secretary Dr Ken Henry gave the clearest outline yet of the Rudd Government's pragmatic reform priorities for the business sector. Sherry intends to start with an investigation of how corporate governance regulation adversely affects company directors and their businesses. As part of this review, Treasury also needs to assess the reform case on directors' duties, corporate regulatory sanctions, personal liability for corporate officials, and corporate reporting.
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