Submission regarding the CLERP (Audit Reform and Corporate Disclosure) Bill

Key parts of the proposed CLERP 9 legislation will continue to be strongly opposed by big business on the basis that they are counter to sound company performance, good corporate governance and long-term shareholder interests.

The proposals would effectively subject business to powers and intrusions that would not be countenanced in other areas of Australian society.

This is a proposal – despite assurances that direct shareholder plebiscites will go no further than executive pay – that effectively has no limit and will undoubtedly be applied over time to intrude upon or circumvent other areas of board responsibility and decision making.