Policy Research

The Centre for Corporate Law is involved in a number of important, high-profile projects for government departments and industry bodies. These projects often lead to legislative and policy changes.

This policy work includes:

Advice to the Parliament of Victoria Scrutiny of Acts and Regulations Committee

In 2008, Professor Ian Ramsay was appointed an expert advisor to the Parliament of Victoria Scrutiny of Acts and Regulations Committee and provided advice to the Committee in relation to its inquiry into the repeal of certain corporations laws.

Advice to the Government of the State of Victoria 

Communications Legislation Amendment (Enforcement Powers) Act 2006 which enacts the key recommendations in Professor Ramsay's report

- Explanatory Memorandum to the Communications Legislation Amendment (Enforcement Powers) Bill 2006 
- Parliamentary Library analysis of the Communications Legislation Amendment (Enforcement Powers) Bill 2006
- House of Representatives Debate on the Communications Legislation Amendment (Enforcement Powers) Bill 2006 (10 October 2006)

Earlier developments relating to the report

- Government announcement of new enforcement powers based upon Professor Ramsay's report (July 2006)
- Government announcement of public consultation regarding proposed reforms based upon Professor Ramsay's report (November 2005)
- Media release of the Minister for Communications, Information Technology and the Arts (November 2005)
- Government issues paper outlining the proposed reforms (November 2005)
- Professor Ramsay's report
- Media commentary on the government announcement

Disclosure of fees in superannuation and other managed investments

Report of the Parliamentary Joint Committee on Corporations and Financial Services on the Corporations Amendment Regulations (March 2004) which draws upon the submission of Professor Ian Ramsay

Report by Professor Ian Ramsay for the Financial Planning Association on disclosure of fees by financial advisers

- Financial Planning Association media release
- Media commentary on Professor Ian Ramsay's appointment to the project

Financial Planning Association developments following consideration of Professor Ramsay's report

- FPA proposes principles for managing conflicts of interest (April 2005)
- FPA guide on rebates and commissions (November 2004)
- FPA code of practice on soft dollar benefits (July 2004)

Enactment of the Financial Services Reform Amendment Act 2003 to require dollar disclosure of fees as recommended in Professor Ramsay's report on disclosure of fees in managed investments

- Senate debate on the Financial Services Reform Bill 2003 (4 December 2003)
- Report of the Senate Economics Legislation Committee on the Financial Services Reform Amendment Bill 2003 and Certain Associated Regulations (December 2003)

Australian Securities and Investments Commission fee disclosure model based on Professor Ian Ramsay's report on disclosure of fees and charges in managed investments

- ASIC fee template take up rate impressive says Investment and Financial Services Association
- ASIC media release and fee disclosure model
- Media commentary on the fee disclosure model

Report on rebuilding confidence in financial reporting for the International Federation of Accountants

- International Federation of Accountants media release
- International Taskforce report
- Media commentary on the report
- Institute of Chartered Accountants in England and Wales media release
- Institute of Chartered Accountants in Australia and CPA Australia joint media release
- Professor Ramsay appointed to the International Federation of Accountants Taskforce on Rebuilding Confidence in Financial Reporting

Report by Professor Ian Ramsay for ASIC on disclosure of fees and charges in managed investments

The Report

- ASIC media release
- Investment and Financial Services Association welcomes Ramsay report
- Association of Superannuation Funds welcomes Ramsay report
- IOOF Funds Management welcomes Ramsay report
- Media commentary on the report
- Professor Ramsay's report

References to Professor Ramsay's report in Parliamentary committee reports

-Report of the Senate Economics Legislation Committee on the Financial Services Reform Amendment Bill 2003 and Certain Associated Regulations (December 2003)
-Report of the Senate Select Committee on Superannuation on the draft Superannuation Industry (Supervision) Amendment Regulations 2003 (September 2003)
- Report of the Parliamentary Joint Committee on Corporations and Financial Services on the Review of the Australian Securities and Investments Commission (March 2003)
-Report of the Senate Select Committee on Superannuation on Provisions of the Superannuation Legislation Amendment (Choice of Superannuation Funds) Bill 2002 (November 2002)
-Report of Parlimentary Joint Committee on Corporations and Financial Services on the Regulations and ASIC Policy Statements made under the Financial Services Reform Act 2001 (October 2002)

References to Professor Ramsay's report in Parliamentary debates

- Senate debate on the Financial Services Reform Bill 2003 (4 December 2003)l
- Senate debate on the Superannuation Amendment Bills 2003 (17 September 2003)
- Senate Economics Legislation Committee debate on the Australian Securities and Investments Commission (12 February 2003)
- Senate debate on the report of the Parliamentary Joint Statutory Committee on Corporations and Financial Services on the Regulations and Australian Securities and Investments Commisssion Policy Statements made under the Financial Services Reform Act 2001 (5 December 2002)
-Tabling of the report of the Parliamentary Joint Statutory Committee on Corporations and Financial Service on the Regulations and Australian Securities and Investments Commission Policy Statements made under the Financial Services Reform Act 2001 (23 October 2002)
- Senate debate on superannuation policy (26 September 2002)

Report by Professor Ian Ramsay for the Government on Independence of Auditors

Australian Prudential Regulation Authority proposes new auditor independence requirements based on the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (which enacts key recommendations in Professor Ramsay's report on auditor independence)

-Governance for APRA-regulated institutions, Discussion Paper (May 2005)

Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 which enacts key recommendations in Professor Ramsay's report

-Media release of the Parliamentary Secretary to the Treasurer
-Media Release of the Parliamentary Joint Commitee on Corporations and Financial Services relating to the report on the Bill
- Report of the Parliamentary Joint Commitee on Corporations and Financial Services on the Bill
-Appearance of Professor Ian Ramsay before the Parliamentary Joint Committeon Corporations and Financial Services in relation to its inquiry into the Bill (March 2004)
- Treasurer's first and second reading speech in the House of Representatives (4 December 2003)

Government response to Professor Ramsay's report

- Government's response to Professor Ramsay's report on the Independence of Australian Company Auditors
- Government's Corporate Law Economic Reform Program Paper No 9 - Corporate Disclosure: Strengthening the Financial Reporting Framework
- Parliamentary Secretary to the Treasurer calls for submissions on auditor independence report

Auditing and Assurance Standards Board issues new guidance on auditor independence following recommendation in Professor Ramsay's report

- Auditing & Assurance Standards Board media release

Professional accounting bodies update their ethical rules on auditor independence following recommendation in Professor Ramsay's report

- New Australian standard for audit independence

Major political parties welcome auditor independence report

- Minister for Financial Services and Regulation, the Hon Joe Hockey MP, media release
- Shadow Minister for Financial Services and Regulation, Senator Stephen Conroy, media release
- Australian Democrats spokesperson on Business and Corporate Affairs, Senator Andrew Murray, media release

Key stakeholders welcome auditor independence report

- Australian Institute of Company Directors supports Ramsay report on auditor independence
- Ramsay report hits the mark, say CPAs
- Professor Ramsay's report on audit independence welcomed by Institute of Chartered Accountants
- PricewaterhouseCoopers supports audit independence best practice initiatives
- National Institute of Accountants welcomes Ramsay report

The report

- Auditor independence report release (available here)
- Media coverage of audit independence inquiry

References to Professor Ramsay's report in Parliamentary committee reports

- Report of the Parliamentary Joint Committee on Public Accounts and Audit on Independent Auditing by Registered Comapny Auditors (August 2002)

References to Professor Ramsay's report in Parliamentary debates

- Government response to the report of the Senate Select Committee on Superannuation and Financial Services titled Prudential Supervision and Consumer Protection for Superannuation, Banking and Financial Services (11 November 2002)
- House of Representatives debate on the Corporations Amendment (Improving Corporate Governance) Bill 2002 (23 September 2002)
- Senate debate on the Corporations Amendment (Improving Corporate Governance Bill 2002 (23 September 2002)
- House of Representatives debate on investments and retirement savings (22 August 2002)
- Government response to the report of the Productivity Commission on superannuation legislation (17 April 2002)

References to Professor Ramsay's report in the report of the HIH Royal Commission

- HIH Royal Commission report (chapter 7)

References to Professor Ramsay's report in international reports

- South Africa - Report to the Minister of Finance by the Ministerial Panel for the Review of the Draft Accountancy Profession Bill
- United Kingdom - Report of the Accountancy Foundation Review Board on Regulatory Solutions in the UK on Independent Regulation of the Accountancy Profession
- United Kingdom - Interim Report to the Secretary of State for Trade and Industry and the Chancellor of the Exchequer of the Coordinating Group on Audit and Accounting Issues
- United Kingdom - Report of the Chartered Institute of Management Accountants on Auditor Independence
- United Kingdom - Minutes of Evidence of the Treasury Committee of the United Kingdom Parliament relating to its report on the Financial Regulation of Public Limited Companies
- India - Report to the Ministry of Finance of the Committee on Corporate Audit and Governance (the Naresh Chardra Committee)
- USA - Report of KPMG on a New Focus on Governance - Managing Stakeholder Expectations to Sustain Business Value

Institutional investors adopt recommendations in Professor Ramsay's report

- Vanguard Investments proxy voting policy
- Commonwealth Superannuation Scheme audit governance position paper

Examples of companies benchmarking their audit practices against the recommendations in Professor Ramsay's report

- BHP Billiton corporate governance statement.
- BHP Billiton statement relating to non-audit services
- National Australia Bank corporate governance statement
- Westpac Banking Corporation
- Trust Company of Australia
- Lend Lease
- Equity Trustees
- Macquarie Bank
- Australian Olympic Committee
- Orica
- Smorgon Steel Group
- Suncorp-Metway
- Delta Electricity
- The Warehouse Group
- Concept Systems International

As a member of the Corporations and Markets Advisory Committee (which is the Federal Government's main corporate law reform body) Professor Ramsay has participated in preparing the Committee's reports on topics including:

- Aspects of market integrity
- Shareholder claims against insolvent companies
- Issues in external administration of companies
- Long-tail liabilities: the treatment of unascertained future personal injury claims 
- Corporate social responsibility
- Personal liability for corporate fault
- Corporate duties below board level
- Directors and officers Insurance
- Insider trading
- Rehabilitating large and complex enterprises in financial difficulties

As a member of the Takeovers Panel (which is the main forum for resolving takeovers disputes) Professor Ramsay has participated in preparing the Panel's policies on topics including:

- Break fees and lock-up devices
- Conflicts of interest
- Legislative review

Report of the Parliamentary Joint Committee on Public Accounts and Audit on independent auditing by registered company auditors

- References to the research of Professor Ian Ramsay in the Committee's report
- Appearance of Professor Ian Ramsay before the Committee

Other policy work

• Centre Research Report on Corporate Governance: The Role of Superannuation Trustees featured as cover story in Investor Weekly
• Research - Not for Profit Organisations
• Centre Research Report on Proxy Voting in Australia's Largest Companies referred to by the Treasurer in the Commonwealth Parliament
• Centre Research Report on Proxy Voting featured as cover story in Company Director
• Centre Research Report on Proxy Voting in Australia's Largest Companies referred to in the Government's response to the report of the Parliamentary Joint Committee on Corporations and Securities on Matters Arising from the Company Law Review Act 1998
• Research on the High Court decisions in Hughes and Wakim and the referral of corporate law powers by the State Parliaments referred to in the Commonwealth Parliament