February 2018

National Executive

Issues addressed

  • Regulatory issues both Federal and State, particularly where State regulations hamper business activity was discussed. These issues will be taken up with Federal and State Governments.
  • The G100 National Executive continues to appeal to members to bring forward examples of issues with proxy advisers so they can be shared with ASIC, we are working with AIRA on this.
  • Other issues being pursued include taxation reform, FBT and remuneration reporting. The Opposition’s policy on dividend imputation has been raised directly with several senior Opposition Shadow Ministers.
  • Led by EY, the Group of 100 over recent months refocussed in order to better address the key business issues facing Australia. The results of this exercise will be rolled out over the coming months with an emphasis on pursuing high level strategic issues both with Government, key stakeholders and the media, to better realise its revitalised purpose.
  • The G100 website is being overhauled and a social media presence for the G100 released.

 

Industry Events/Outreach

Shadow Cabinet to brief Group of 100 members in Canberra prior to AGM

The G100 AGM will be held in Parliament House on 30 May. This year it will feature briefings from senior politicians, senior Shadow Ministers will be discussing their policies and taking Q&A sessions. The National Executive dinner will also be in Parliament House with the Hon Chris Bowen guest speaker. We would like to encourage all members to get involved in this rare opportunity of meeting with senior politicians in Parliament House and debating issues.

Lunch briefing by ACCC Chairman

The G100 in conjunction with Wolters Kluwer and Gilbert + Tobin held a session on Competition Policy with Rod Sims, Chairman of the ACCC. The function was well attended and the Chairman dealt with a series of competition issues faced by business in Australia.

Group of 100/Russell Reynolds senior CFO lunches

The first series of senior CFO lunches jointly hosted by Russell Reynolds and the G100 were held in Sydney and Melbourne. Details of the next series will be rolled out shortly. These functions offer senior CFOs the opportunity to discuss current topics of interest.

 

Members’ Dinner

The members’ dinner in February was well attended. Guests heard from John Stanhope, the head of the Group of 100 Advisory Council on issues he believed were of major concern to business in Australia and how the Group of 100 members
should be taking these on.

 

G100 Working Group Updates

Taxation

Marc Lewis (Woodside) has taken over chairmanship of the Tax Working Group. Issues covered include the ATO releasing a draft version of the revised ruling on Central Management and Control residency test, it also released a draft practical Compliance Guideline. Members have been invited to respond.

Members were invited to supply Treasury on integrity measures to counter perceived abuses of the tax system.

Emerging issues include PCG on Related Party Financing and Draft PGC on Diverted Profits Tax

External Reporting

Sustainability/climate risk reporting is gaining momentum, several forums held and A4S has decided to go ahead with
a workshop in April. Focus continues on integrated reporting

Met with consultants offering assistance on sustainability and positioning as this issue increases momentum.

AASB116 – Leases – work continues on addressing implementation of the new leasing standard.

Leadership Development

The G100 is revamping this working group to work closely with the FEI. An update on the way this group will work in the future will be circulated to members in the next few weeks. Meetings are being held to finalise the makeup of the working group with the FEI

Capital Markets/Investor Relations

The G100 and AIRA have announced that this working group will become a joint initiative with final details on how this group will work to be announced shortly. Members will be invited to sit in on this over coming weeks.

Sustainability

The Accountants for Sustainability (A4S) have been working with CPA Australia, CA ANZ and the G100 on setting up a sustainability working group. Its focus is on the Financial Stability Board Task Force on Climate-related Financial Disclosures (TCFD).