Members’ Updates

A news bulletin for G100 members.

Chairman’s Notes from the AGM held on Friday, May 14th

Mr Andrew Porter said the previous year represented the first step in an ongoing repurposing process for the G100, with a new executive structure, addition of staff, updated website and the completion of the value proposition the Group of 100’s offering to its members.

Mr Porter highlighted the work done with state and federal politicians, saying he was delighted with the government relationships the G100 now has in place.

The G100 has been enormously helped by the contribution of the “Big 4” accounting firms, not least through the hosting Group of 100 events. He also highlighted EY’s “CFO First 100 Days Program,” PwC’s work on tax reform,  and leadership of the Future of the Finance function, KPMG for their ongoing work on harmonisation of state and federal issues. Mr Porter thanked Deloitte for their support of the G100, in particular, the contribution of Mr John Leotta, as the Public Officer of the Group of 100, for the preparation of the accounts and the transformation of the organisation to a Registered Australian Business.

The IMD’s World Competitiveness Centre’s latest survey was highlighted at the meeting as it shows that Australia’s international economic competitiveness is being held back by high corporate and personal tax rates, high cost of living, low digital skills and a stalled energy policy. Mr Porter said the G100 would continue to work with policymakers on these critical issues and others such as shareholder class actions, tax reform, and proxy advisers amongst many others.

Mr Porter thanked the heads of the five working groups, and the contributions they made for members. “This is a vital role that we play not only in providing feedback, guidance into important policy and practice areas but in further developing and allowing our team members to contribute beyond their usual day-to-day work,” he said.

Mr Porter expressed his thanks and appreciation to the members of the National Executive who give their time and effort to the Group of 100. “I have greatly appreciated your advice, support and friendship. I am sure that the next six months will be at least as enjoyable and as fruitful as the last 18,” Mr Porter said.

The G100 is a member organisation, and Mr Porter recognised the great work the Secretariat has done in bringing in new members.

Mr Porter outlined his expectations for the  G100 Congress being run jointly with the Australian Financial Review in Sydney  November 7th, 2019. “It is an exciting time for us, and I think that we will continue to offer our members’ opportunities to improve their businesses, benefit their teams, as well as improve the business environment in Australia” he concluded.

 

The last National Executive meeting and dinner was held in Brisbane last week

The Board Dinner held on Tuesday 11th of June was hosted by PwC in the Apollo Room in their offices in Queen Street, Brisbane. Mr Brad Cooper, the Managing Editor of Australia’s largest regional print and digital media network was the guest speaker. He focused his address on the importance of the agricultural publications, and how they have responded to the changes in the way that people receive their news.

With more than twenty years media experience as a journalist and editor, plus time as a communications consultant to some of Australia’s biggest agriculture corporations, Brad has been busy in recent times helping newsrooms manage change in an era of digital disruption and opportunity. Brad’s address looked at how once traditional news brands are now connecting with rural and regional audiences and where this transformation is likely to take us into the future.

The minutes of the National Executive Meeting will be sent out to the G100 members in the coming days.

 

ASIC and Group of 100 Reporting Workshops were well attended

ASIC and the Group of 100 (G100) again held workshops in Sydney and Melbourne in the lead up to the reporting season.

The workshops are designed for members to engage with ASIC in order to understand issues and trends they are identifying as areas of interest in company reporting.

After Andrew Porter, Chair of the G100 welcomed members to each of the workshops held at ASIC, it was over to ASIC’s Doug Niven, Senior Executive Leader, Financial Reporting and Audit, to work through areas of focus and issues as he saw them.  He then took questions allowing the participants to engage, provide feedback and seek further clarification.

Mr Niven spoke at length about the areas of focus for 2019 and other issues which were raising some ‘interest’ for ASIC.  He said the following were key issues for ASIC in 2019:

  1. Trust, culture, professionalism, behaviour and ethics
  2. Expectations with the new accounting standards
  3. Operating and Financial Review and use of non-IFRS financial information
  4. Reporting on the possible impact of climate change
  5. ASIC’s new approach to enforcement and “why not litigate?”
  6. Dealing with complexity and differing user needs
  7. Recent developments relating to audit quality in the UK and Australia

Mr Niven finished by saying that media releases and guidance notes would be prepared on key topics and would be available on the ASIC website.  Andrew Porter closed each workshop by thanking Mr Niven and ASIC.