Message From The Chair – 12 August 2021

Dear Members,

While eDMs are usually sent to members following Board meetings, I would like to draw your attention to several important matters:

Changes to Continuous Disclosure Laws
I am delighted to report that the share market disclosure laws will be permanently changed after the Federal Government’s share market disclosure reforms were passed by the Parliament on Monday night.

As a result, companies and directors will be liable for continuous disclosure law breaches only where they have acted with ‘knowledge, recklessness or negligence’ in market sensitive updates.  In the past, lawsuits only needed to prove companies and their officers failed to disclose information to the market, regardless of intention.

The legislation also includes an extension of provisions allowing virtual annual general meetings and electronic signatures.

As you know, the Group of 100 has been working with politicians on both sides and the cross bench for the last three years to achieve this outcome, it is a testament to the strong relationships we have developed in the Federal Parliament that we have been able to play a significant part in the disclosure laws campaign.

Obviously, we were not the only people advocating for this change but unlike others we are concerned to be seen as constructive and maintain our ‘apolitical’ stance, so we have refrained from making comments in the media.  I would like to thank Andrew Porter for leading our campaign.

We are now turning our attention to proxy reforms, an ongoing issue for many members.  We will be seeking comments from members as we develop the next stage in our campaign in this area.

September Board Meeting and Dinner
Unfortunately we are unable to hold our Board meeting in-person on 2 September in Brisbane as planned.  The meeting will now be held online.

We were due to have our Brisbane dinner for G100 members following the Board meeting, this can’t take place due to the uncertainty of lockdowns and travel.  We are planning a webinar instead.  The event is being finalised now with KPMG, our hosts of the event.  I will be back in touch with final details shortly.

PTRS webinar 10 September
A reminder that we are holding an important Payment Times Reporting Framework webinar on Friday 10 September from 11.30am – 12.15pm AEST with business assurance experts Satori Group.  Satori has uncovered a number of issues with the scheme and have put together a presentation for members’ core finance staff that is ‘not to be missed’.

Future of Work webinar – 14 September
The next Future of the Profession webinar on the ‘Future of Work’ will be held Tuesday 14 September 12.00pm – 1.00pm.  While we are focused on current business challenges, particularly around remote working and the impact on teams, it is important not to lose sight of the longer term and the evolution of the finance function.  This also is a ‘not to be missed’ event which will include panellists from two ASX listed companies.  Please look out for the invitation in the coming week.

As always, please don’t hesitate to get in touch if the Group of 100 can be of any assistance, in the first instance contact our CEO Stephen Woodhill swoodhill@group100.com.au

Kind regards

Janelle Hopkins
Chair
Group of 100 Inc
CFO REA Group Limited