November – December 2018

Presidents Discussion

During the meetings in both November and December, the meeting schedule for 2019 meetings was discussed including keeping the bi-monthly dinners and National Executive meetings together, it was agreed these should continue to be run in tandem.

The G100’s participation at the World Congress of Accountants (WCOA) was also discussed, the panel discussion led by the President, with National Executive member Lawrie Tremaine as panellist, was well attended.

Other subjects covered included proxy advisers (also discussed with Blackrock), remuneration, as well as MiFUD. A meeting with ACTU was held where share ownership schemes for employees was discussed as well as wage increases and benefits of single touch payroll.

 

CEO Report

Organising large political briefings in the states, similar to those in Canberra were proving difficult to replicate. As a result, there will be increased focus on one on one meetings with state politicians on state issues. Fewer politicians will be invited as guest speakers at the G100 dinners due to the inconvenience to members as we were forced to move dates to accommodate their erratic schedules.

 

Other points of interest include:

  • Working closely with the CPA and CAANZ on the World Congress of Accountants.
  • Series of meetings with the Government and Opposition on taxation reform coming up. With further discussion on the R&D considerations.
  • Working on a story with The Australian on issues around consensus.
  • During discussions on issues management, Tino La Spina raised the matter of MiFUD. G100 will monitor this more closely and raise issues of concern with Government and regulators.
  • Discussions underway with the AFR on jointly hosting the Congress at the end of the 2019.
  • President interviewed by the AFR on the future of the profession in the lead up to the World Congress on Accounting.
  • Meetings with politicians (the Hon Jim Chalmers MP and the Hon Cameron Dick MP) and key advisers on both sides on tax reform.
  • Successful breakfast meeting with WA Treasurer in Perth for members and potential members which saw a series of state issues raised.
  • CA ANZ have been approached to discuss a closer working relationship, similar to that enjoyed with CPA Australia.

 

G100 Transition to a registrable Australian Body (RAB)

The G100 is continuing to work towards becoming an RAB. A revised version of the Rules of Association was discussed, and minor changes agreed to. A 75% vote of NE members present at a Special General Meeting would be required for the change to be made. The decision to proceed towards transition to an RAB was unanimously endorsed.

A minimum of twenty-one (21) days’ notice of the Special General Meeting to members is required. This will include an explanatory note detailing why it is proposed the G100 transition to an RAB regulated by both ASIC and the CAV, and the main changes to the existing Rules of Association.

The CEO will investigate Directors & Officers Liability insurance for the G100 (Board) National Executive and G100 staff.

 

Review of 2018

A paper was presented that highlighted what worked for the G100 in 2018, what had not worked and what needed more work. The ‘repurposing’ and raising the G100’s profile with key stakeholders were listed amongst the successes. Locking in a closer relationship with the ATO and taking too long to get the new website up were things that did not work. Chasing up newly appointed CFOs and more approaches to CFOs for membership were listed as areas requiring more work.