
	Where results make sense

Topic: CLERP

In the News (Fri 17 Feb 12)

EXECUTIVE POWER

Iran

ANALYSIS

Pakistan

Family compact

	Print Article: CLERP 9 avoids the pitfalls
		Other CLERP 9 recommendations are sensible, including the plan to allow auditors to incorporate, and to introduce proportionate liability to the profession.
		The committee's recommendation that chief executives and chief financial officers be required to sign statutory declarations that their company's accounts are in compliance with the law and "materially truthful and complete" may be supported, as might its calls for a stiffening or reinforcement of the true and fair test in company accounts.
		Overall, however, CLERP 9 is a balanced, constructive response to the disasters and debacles that overtook the markets in the wake of the collapse of the 1995-2000 boom.
	www.theage.com.au /cgi-bin/common/popupPrintArticle.pl?path=/articles/2002/09/18/1032054866543.html (1178 words)

	The Commonwealth Treasurer – Press Release - Government Releases Exposure Draft Legislation on Audit Reform & ...
		CLERP 9 originally proposed that ASIC have the power to issue infringement notices specifying payment of a fixed financial penalty in relation to contraventions of the continuous disclosure regime.
		CLERP 9 originally proposed that ASIC provide guidance on the level and manner of disclosure of conflicts of interest required under the duty to provide financial services ‘efficiently, honestly and fairly’.
		CLERP 9 originally proposed to align more closely the exemptions from the disclosure regimes that apply to sophisticated investors and wholesale clients under Chapters 6D and 7 of the Corporations Act.
	www.treasurer.gov.au /tsr/content/pressreleases/2003/087.asp (2154 words)

	Encyclopedia :: encyclopedia : 2004 in law (Site not responding. Last check: 2007-10-31)
		It is based on the reform proposals contained in the CLERP 9 discussion paper, Corporation disclosure - strengthening the financial reporting framework, which was released by the Australian government in September 2002.
		The CLERP Act also contains a number of reforms flowing from the recommendations contained in the report of the HIH Insurance Royal Commission released in April 2003.
		The CLERP Act proposes three bodies to represent a range of interests:
	www.hallencyclopedia.com /2004_in_law (2416 words)

	USAID/Armenia - Commercial Law and Economic Regulation Program (CLERP) (Site not responding. Last check: 2007-10-31)
		In contrast with the other CLERP components, primarily Competition Policy and Telecommunications, the design and implementation of the WTO component for year one did have the benefit of the Bearing Point experience in the Tax/Fiscal/Customs Reform Program during the eighteen months preceding CLERP.
		The CLERP activities are proving successful and the plan for year two is to accelerate that success by increasing the activities in each component.
		The CLERP regulatory team coordinates its technical assistance and training activities with the World Bank and the USAID implementing partner on energy matters, PA Consulting, which is responsible for supporting the PSRC in its energy sector activities.
	www.usaid.gov /am/activitypages/clerp2004.htm (789 words)

	The Parliamentary Secretary to the Treasurer - Speeches - Address to ASIC Summer School - Sydney [14/03/2003]
		The Government's reviewing the legal requirements about disclosure and we will be in CLERP 9 bringing forward some new proposals in relation to disclosure of remuneration which are thorough and enforceable and I think will lead to much better disclosure and a much more informed market place.
		CLERP 9 came back and said no, five is in line with international best practice and we are throughout all of this trying to harmonise as much as we can internationally and so we have five years.
		Obviously the Government is very busy with important international security issues at the moment, but I am keen to keep CLERP 9 on schedule and I would like to see the draft legislation out in this half of the year and the legislation to be passed by Parliament in the second half of the year.
	parlsec.treasurer.gov.au /parlsec/content/speeches/2003/001.asp (1993 words)

	Takeover Law Reforms in Australia and in ... (Site not responding. Last check: 2007-10-31)
		As a part of the CLERP, takeover law reforms accordingly were designed to achieve an appropriate balance between facilitating efficient corporate control while ensuring a sound investor protection regime, particularly for minority investors.
		The CLERP Act has repealed the whole of Chapter 6 of CL, and inserted new Chapter 6 together with Chapters 6A, 6B, 6C and 6D, of which Chapter 6 deals with the acquisition of shares and takeovers, Chapter 6A deals with compulsory acquisitions and buy-outs.
		The CLERP believed that there were potentially significant benefits associated with introducing a mandatory bid.(4) It would promote certainty in the takeover process, cut down the bid costs for removal of an auction and smooth the bid process for minimisation of directors' defensive behaviour.
	www.law-bridge.net /corplawyer/show.asp?id=227 (2534 words)

	Speech - Governance and Auditing in a Changing Environment in the Public Sector (Site not responding. Last check: 2007-10-31)
		CLERP 9 proposed that ASIC provide guidance via a policy statement on the level and manner of disclosure of conflicts of interest required under the general duty to provide financial services 'efficiently, honestly and fairly'.
		CLERP 9 proposed to more closely align the exemptions from the disclosure regimes that apply to sophisticated investors and wholesale clients under Chapters 6D and 7 of the Corporations Act.
		The CLERP 9 policy paper proposed a general statement of principle requiring the independence of auditors which was based on the relevant recommendation in the Ramsay report.
	www.anao.gov.au /WebSite.nsf/Publications/328CA702CFE6BC36CA256DFD0012BB5A (12097 words)

	CLERP 9 - about act, what it covers, clerp 9 complience, director's duties
		CLERP 9 proposes that reforms in executive remuneration, shareholder involvement and continuous disclosure be supported by law, bringing Australia up to date with global developments.
		The CLERP 9 Act also contains a number of reforms flowing from the Federal Government's September 2003 response to the recommendations contained in the Report of the HIH Royal Commission released in April 2003.
		The CLERP reforms distil the major duties of directors to four crisp commandments in the exercise of powers and discharge of duties.
	www.ausriskservices.com.au /governance/clerp9.htm (1342 words)

	Business Council of Australia - Strong Concerns Remain with CLERP 9 - BCA Submission (Site not responding. Last check: 2007-10-31)
		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.
		Releasing the BCA’s submission to CLERP 9 today, BCA President, Mr Hugh Morgan, said these proposals would effectively subject business to powers and intrusions that would not be countenanced in other areas of Australian society.
		Mr Morgan said that as part of its CLERP 9 submission, the BCA was recommending alternate proposals that would serve both the interests of shareholders in terms of greater transparency, without the need to place unjust obligations on companies.
	www.bca.com.au /content.asp?newsID=92992 (649 words)

	Corporate Law Economic Reform Program (Site not responding. Last check: 2007-10-31)
		CLERP Seven will focus on the paper compliance burden of Australian companies and will propose initiatives that will enable ASIC to make greater use of communications technology to reduce this paperwork including the abolition of the need for all proprietary companies to lodge annual returns by the year 2001.
		CLERP Seven will assist business with a range of initiatives to reduce the volume of material that is lodged with ASIC, while improving the quality and accessibility of the information in the ASIC database.
		The CLERP Seven project will also consider the scope for reducing the number of documents that must be lodged (particularly where the information has been previously provided) and the type of information which needs to be lodged.
	www.liberal.org.au /documents/1998_election/corplaw/corplaw.html (2128 words)

	Steering a path through the CLERP 9 maze
		In comparing the Bill with recent overseas approaches to corporate law reform, advocates of the Bill have taken the view that CLERP 9 represents a more flexible approach to that taken in the United States in the Sarbanes-Oxley Act and in the United Kingdom in the Combined Code on Corpo rate Governance.
		However, while CLERP 9 may arguably be less restrictive than overseas regulatory regimes, it will require directors, officers and auditors to address their compliance obligations.
		What this means for us as lawyers is that assisting clients to comply with the requirements of CLERP 9 may need to extend beyond simply interpreting the legislation to developing corporate governance compliance programs which assist clients to implement and monitor their corporate governance performance.
	www.lawyersweekly.com.au /articles/ba/0c01bcba.asp (1331 words)

	Welcome to Haworth & Lexon
		Before the commencement of CLERP Act, Eggleston Principle were reflected in s 731 of old Corporations Law (CL), which states that when Australian Securities and Investment Commission(ASIC) makes modification or declaration of takeovers provision it should consider those principles.
		Now CLERP Act incorporates all these four principles and makes them to be the main part of the purpose clause of takeover provisions.
		Before CLERP Act, if the Panel wanted to make declaration, it should consider that the declaration would be positive to the public interest.
	www.hllawyers.com /law-en-publications/law-en-publications-2.htm (2310 words)

	Auditor Independence - Australia
		CLERP 9 (ICAA) - a collection of resources from the Technical Resources section of the Institute of Chartered Accountants in Australia (ICAA) website including press releases issued by the Institute on CLERP 9.
		CLERP 9: Corporate reporting and disclosure laws (ASIC) - resource centre from the Australian Securities and Investments Commission which 'enforces and regulates company and financial services laws to protect consumers, investors and creditors'.
		CLERP paper No.9: CLERP (Audit Reform and Corporate Disclosure) Bill 2003 - the objectives are described as promoting, 'transparency, accountability and shareholder activism.' The Draft Bill follows on from the September 2002 release of CLERP 9, Corporate Disclosure: strengthening the financial reporting framework.
	www.icaew.co.uk /library/index.cfm?AUB=TB2I_35095 (1886 words)

	CLERP 9, auditors, company directors - Deloitte Touche Tohmatsu
		Deloitte partner Nick Hullah said the proposals contained in the CLERP 9 reforms announced today had recommended a waiting period of four years for audit partners seeking to join their former audit clients.
		He added that the CLERP 9 reforms would also impose significant obligations on company directors as they will have to certify that non-audit services performed by the auditor did not, in their opinion, impair audit independence.
		Mr Hullah said the auditing profession welcomed the CLERP 9 commitment to introduce a proportionate liability regime to replace joint and several liability.
	www.deloitte.com /dtt/press_release/0,2309,sid=5527&cid=26536,00.html (444 words)

	Australian Legal Industry News and Law Firm - Clayton Utz - Senior lawyer tackles CLERP 9 proposals
		Under the CLERP 9 proposals, shareholders will be required to vote on whether to adopt a report on senior executives' remuneration.
		Under CLERP 9 it is proposed that ASIC be given the power to serve "infringement notices" on companies it believes have contravened the continuous disclosure requirements.
		"The explanatory memorandum in relation to CLERP 9 states that the provisions are intended to recognise and reinforce the role of the market operator, namely ASX, as front line regulator in relation to continuous disclosure and not to change the balance of responsibilities between the ASX and ASIC.
	www.claytonutz.com /news/controller.asp?nid=597 (497 words)

	Accounting bodies lodge major submission on Clerp 9 draft bill - Institute of Chartered Accountants in Australia (Site not responding. Last check: 2007-10-31)
		A massive four-week clause-by-clause review of the âCLERP 9ââ draft legislation on corporate regulation was completed today, when The Institute of Chartered Accountants in Australia (ICAA) and CPA Australia lodged their joint submission in Canberra.
		The accounting profession adopted the joint review of the CLERP 9 legislation to ensure that wherever possible the principles based approach, which it strongly supports, is not overtaken in the first draft by unnecessarily prescriptive provisions.
		The submission also calls for an expansion of the CLERP 9 FRP powers to also include a mechanism for offering assistance where there are accounting standards interpretations issues before financial statements are finalised, a specific HIH Recommendation that was not included in the draft CLERP 9 legislation.
	www.icaa.org.au /news/index.cfm?menu=297&id=A106686325 (588 words)

	Clayton Utz - Australia - Insolvency Perspective on CLERP 9 (20/08/2004) from Mondaq
		CLERP 9's provisions on officers, senior managers and employees are particularly relevant to insolvency practitioners and others involved management of corporations
		According to Mr Costello, CLERP 9 is designed to modernise business regulation and foster a healthy and vibrant economy.
		Amendments to the Corporations Act 2001 contained in Schedule 9 to the CLERP 9 entitled "Officers, Senior Managers and Employees" are particularly relevant to insolvency practitioners and others involved management of corporations.
	www.mondaq.com /article.asp?articleid=27881&lastestnews=1 (305 words)

	Federal Government Corporate Law Reform Package - 15/10/2003 - URG MOT (Site not responding. Last check: 2007-10-31)
		Even since the release of the CLERP 9 policy paper in September last year, the salaries of chief executive officers have continued to defy community expectations.
		CLERP 9, which was announced one month ago, is simply at the tail end of the evolving CLERP process.
		Prior to the introduction of CLERP 9 the Federal Government consulted interested stakeholders and parties, as it did with CLERPs 1 to 6.
	www.parliament.nsw.gov.au /prod/parlment/hansart.nsf/V3Key/LA20031015023 (4766 words)

	The HIH Report and CLERP 9 (Site not responding. Last check: 2007-10-31)
		When the CLERP 9 proposals were released in September 2002, the Federal Treasurer indicated that the proposals would incorporate the Government's response to the report.
		The CLERP 9 legislation will also deal with continuous disclosure, including the introduction of personal liability for breach; auditor independence; accounting standards; expensing of options; compliance controls; and encouragement of greater shareholder participation at meetings.
		In finding this, he thought that the CLERP 9 standard, which requires that a reasonable person, informed of all relevant circumstances, would conclude that the auditor is not independent, was too high.
	www.findlaw.com.au /article/8816.htm (2176 words)

	THE CORPORATE LAW ECONOMIC REFORM PROGRAMME: AN OVERVIEW
		CLERP is intended to effect a fundamental review of corporate law: a wide-ranging initiative to improve not only the expression, but also the content and initiative of the law.
		One of the underlying objectives of CLERP is to ensure business regulation is consistent with the promotion of a strong and vibrant economy; to facilitate business in the Asia Pacific region and elsewhere.
		Well expressed, comprehensible legislation produced by the legislature is a preferred alternative to prolonged and expensive litigious processes resolving on a case by case basis the meaning and application of obscure and prolix provisions.
	www.hcourt.gov.au /speeches/callinanj/callinanj_calspe.htm (3923 words)

	The Commonwealth Treasurer – CLERP (Audit Reform and Corporate Disclosure) Bill Introduced [04/12/2003]
		The Commonwealth Treasurer – CLERP (Audit Reform and Corporate Disclosure) Bill Introduced [04/12/2003]
		CLERP 9 establishes a regulatory framework governing audit oversight and independence.
		This Bill will implement significant reforms in the area of financial reporting and corporate disclosure more generally and will bring our regulatory framework into line with world’s best practice.
	www.treasurer.gov.au /tsr/content/pressreleases/2003/103.asp (550 words)

	Mallesons’ News Audit failures not the major reason for corporate collapses
		The CLERP 9 issues paper was released by the Australian Government on 18 September 2002 in response to the perceived need for corporate governance reform in the light of the series of recent corporate collapses.
		A major problem with the CLERP 9 paper is that it reinforces the audit “expectation gap” – the gap between society’s expectations of auditors and the reality of their obligations.
		Ms Lansley cites recent studies that show that audit failures were not the cause, or even a substantial cause, of corporate collapses – rather, in many cases the collapses arose because of “a failure of boards of directors to comply with national and international best practice guidelines and standards on corporate governance”.
	www.mallesons.com /news/articles/6123516W.htm (678 words)

	Speech to Trustee Corporations Association of Australia
		One of the early CLERP reforms in which the Committee played a major role and which remains of particular interest to your members was the Managed Investments Act 1998.
		The package of proposals to be addressed in the CLERP 9 paper will be directed at ensuring Australia has an effective regulatory and disclosure framework that is at the forefront of defining world's best practice and provides the structures and incentives for a fully informed market.
		The CLERP 9 paper is to be released shortly and will contain the Government's response to Professor Ramsay's recommendations on auditor independence.
	www.senatorchapman.com /sptrus.htm (2448 words)

	[No title]
		A discussion paper \emdash }{\i\f0\fs24 Corporate Disclosure: Strengthening the financial reporting framework}{\f0\fs24 \emdash was released in September 2002 and proposed a range of measures designed to enhance audit regulation and the gener al corporate disclosure framework.
		The Ramsay report recommendations envisage the inclusion of a comprehensive legislative framework of auditor ind ependence requirements in the Corporations Act which would be supplemented by the auditor independence rules in the professional codes of conduct.
		There are concerns regarding the level of detail that is required to put the provisions into a legislative form and some stakeholders consider that it would be desirable to continue relying on the professional rules.
	scaleplus.law.gov.au /html/ems/0/2003/rtf/03207em.rtf (3580 words)

	CLERP 6 months later than planned
		Speaking at the recent FPA Sydney chapter luncheon, Financial Services Minister Joe Hockey said the Government hopes to release a draft legislation by Christmas for three months public exposure and then introduce legislation into parliament "in the first half of the year".
		Hockey is also talking tough on any plans by opposition parties or lobby groups to unsettle the measures.
		"You should be aware that the scale of CLERP 6 is unmatched anywhere in the world," he says.
	www.moneymanagement.com.au /Articles/-months-later-than-planned_0c0040de.html (323 words)

Try your search on: Qwika (all wikis)