February 2019

During the February meeting Deloitte agreed to prepare the G100 accounts including:

  • Assist with preparation of year-end balance sheet reconciliations required for audit;
  • Prepare & post quarterly adjusting journals to improve accuracy of quarterly board reports
  • Prepare & post year end adjusting journals & prepare financial accounts ready for audit.

 

We welcome our new & returning members

Webjet, Yarra Trams and BlueScope.

There may be NZ based companies interested in joining the G100. The National Executive noted that they may only find relevance if they are dual listed or have a secondary listing or significant business interests in Australia.

  

The following dinners have been locked in

  • Sydney (KPMG) and President’s Dinner in November Sydney. The speaker for the night will be Dr Brendan Rynne, a partner and Chief Economist at KPMG. He will discuss the Budget and other matters in this Federal Election year.
  • Guest speakers and venues for the other NE meetings and dinners are yet to be finalised.
  • EY has offered to host an Advisory Council Luncheon meeting in Melbourne, the other Advisory Council meetings are yet to have venues locked in.

 

Congress Update

  • AFR want to go ahead working with the G100 but are yet to formally respond.
  • The paper would like it moved to Sydney, members did not think that was a problem. As soon as we hear from the paper formally, a ‘save the date’ will be sent; and a small working party will be put together to work with the AFR to ensure Congress is success.

 

Shaping the Business Context

Capital Markets, Tax, Sustainability and External Reporting Working Groups

A paper was submitted to the National Executive meeting; of note was that ASIC had asked if the G100 would like a second representative on the ASIC Reporting Committee. The President invited Simon Cammell, the Head of the G100 External Reporting Working Group, which was accepted.

 

Proxy Advisers

The three companies confirming their interest in coming forward with issues will be raised with ASIC.  If no other companies come forward, we will take that as confirmation that companies are not prepared to take the risk of antagonising proxy advisers which is a strong message in itself.

 

Reporting Session with KPMG

 The KPMG conference in Melbourne on Tuesday 16 April was discussed, he G100 and Wolters Kluwer are assisting. The conference will be held at KPMG from 8.30am – 1 pm.  It is titled ‘Without transparency, there is no trust’.  Speakers are locked in and invitations will go out shortly.  The Conference is intended as part of a national debate on the changes required to governance, strategy implementation, resource allocation, business transparency, business behaviour and investor/stakeholder stewardship in a 21st Century digital world.

 

CFOs for tomorrow

 All members would be invited to take part in the EY 100 Day Program sessions as ‘mentors’ and would be invited to have senior members of their teams take part.  The President’s letter to all members will raise this.

 

Working Group ‘socialisation’

 A discussion of the idea of having the members of the Working Groups getting together periodically so they get a better understanding of what the other groups are doing.  Also raised that should the CA ANZ join the G100 as expected, they would like to get involved in some of the working groups.

 

CTA relationship

The President outlined the recent meeting with the CTA.  It was agreed to pursue several issues together and assist each other in our lobbying efforts.

 

Future of the Profession Working Group

 Discussions on what was needed to be done to ensure better prepared graduates entering the profession. An advocacy approach ensuring interaction with graduates being one option.

  • Important that the right people are entering the profession, difficult as the ‘war for talent’ intensifies.
  • As well as ensuring curricula are updated, ongoing education for those already in the profession should be considered.
  • Regular meetings for working group being set up.