The Business Council of Australia has made a submission to the Department of the Treasury's Corporations Legislation Amendment (Deregulatory and Other Measurers) Bill 2014.
The submission strongly supports the government’s deregulatory agenda, with its focus on removing unnecessary costs and barriers to competition, while retaining essential community protections.
The consultation document for this Bill describes the proposed changes to the Corporations Act as minor, but we consider they are important improvements that should be legislated as quickly as possible.
In summary, we support the key measures that:
- remove the ‘100 member rule’ from the Corporations Act
- amend the test for the payment of dividends
- amend the remuneration report requirements.