April 2018

National Executive

AGM & Meeting the Opposition

The G100 has secured a series of briefings with senior Federal Opposition frontbenchers on Wednesday 30 May in Parliament House Canberra. These briefings will precede the G100’s AGM, also being held in Parliament House and those attending will have the opportunity to attend Question Time. The Guest Speaker at our Annual Canberra Dinner that evening will be the Hon Chris Bowen, Shadow Treasurer.

We are fortunate to have secured briefings from the Shadow Cabinet and to have the Shadow Treasurer speak at the dinner. We encourage all members to attend, this is a great opportunity to provide feedback on policies already announced by the Opposition as well as discuss other issues.

A ‘Bulletin’ has been sent to all members advising of the briefings, AGM and dinner; formal invitations with more details will be sent shortly.

 

Issues being addressed

  • Dealing with differing Federal and State regulations was discussed at the April meeting of the National Executive.
  • Issues such as payroll and long service leave provisions were identified as areas that are not treated consistently across state boundaries. This will be taken up with Federal and State Governments.
  • We are looking closely at the finance function of the future and are engaging with the professional bodies and educational institutions to assist in ensuring graduates have the skillsets required to work in the finance industry.
  • Other issues being pursued include dividend imputation and sustainability as well as the ongoing work on taxation reform, cutting red tape and proxy advisors.
  • The National Executive noted that the Federal Government has agreed to revisit issues surrounding FBT following the urging of the G100.
  • Members are again reminded to bring forward examples of issues with proxy advisors so they can be shared with ASIC, we continue to work with AIRA on this and it is top of the list of issues to be dealt with by the new joint working group we are running with AIRA.
  • The G100’s ‘repurposing project’ is being finalised which will see the G100 better able to address the key business issues facing Australia. The emphasis will be on pursuing high level strategic issues both with Government, key stakeholders and the media, to ensure we play our part in ‘creating better businesses for tomorrow.’
  • The G100 website overhaul has begun. This, and our social media presence, will be rolled out in stages starting in the coming weeks.

 

Members’ Dinner

The members’ dinner on 11 April in Sydney, hosted for the G100 by KPMG, was well attended. Guests heard from the Hon Dr Craig Emerson. In an engaging address, Dr Emerson discussed regional and local politics and shared some anecdotes from his time in Parliament including as a Minister. Our thanks to KPMG for putting on a wonderful evening in their Sydney offices.

 

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. As mentioned above, senior members of the Federal Opposition will brief members prior to that. Further details will be sent out by invitation this week which will include details of the dinner being put on for the G100 by PricewaterhouseCoopers.

ASIC/G100 briefings

Following meetings with ASIC, we have agreed to hold joint briefings to discuss financial reporting for G100 members. This is the first time ASIC has agreed to brief a business association like this outlining what it is focussing on. Again, we would encourage members to participate or send senior staff if unable to attend. Dates for the sessions are Melbourne 15 June and Sydney 2 July. Sessions for the other capital cities are yet to be finalised.

Group of 100/Russell Reynolds senior CFO lunches

Following successful CFO luncheons in Sydney and Melbourne earlier in the year, Russell Reynolds and the G100 are pleased to announce the next series. Please watch out for invitations from Russell Reynolds in coming days.

 

G100 Working Group Updates

Taxation

Feedback has been provided to the ATO on its revised ruling on the ‘Central Management; and Central Control’ residency test and a related draft Practical Compliance Guideline for targeted confidential consultation.

A joint submission to the Inspector general of Taxation is being considered on systemic issues arising from the ATO’s administration of R&D tax claims.

External Reporting

The International Accounting Standards Board (IASB) has issued its revised Conceptual Framework. AASB will issue IASB’s Conceptual Framework locally. The AASB will be holding roundtables during May to discuss the end of special purpose financial statements for entities complying with Australian accounting standards. The G100 has been invited to take part in an advisory panel on the Conceptual Framework Project.

IOSCO Monitoring Group, a subgroup of IOSCO, managed by regulators to establish auditing standards which may replace IFAC. The President raised several issues and has submitted a paper on the governance model which should be weighted equally between regulators, private sector preparers and practitioners with public sector and investor group involvement.

Leadership Development & Diversity

Following the meeting with the FEI, a draft outline has been agreed for how this revised joint working group should operate, potential members are being approached.

Capital Markets/Investor Relations

Following the meeting held with AIRA, a draft proposal outlining the way the joint working group would be set up and run was submitted to the NE which was noted.

Sustainability

The work being done with A4S, CPA Australia and CA ANZ will continue as a joint working group. An initial meeting was held in April as well as a workshop for companies interested in this area. More details of how the working group will function will be circulated in coming weeks as well as how workshops called ‘circles of practice’ will function.

 

CPA Relationship

In a meeting with the Chairman and President of CPA Australia, Peter Wilson, both organisations committed to continue the close working relationship.

The G100 congratulated Andrew Hunter on his appointment as the new Chief Executive Officer of CPA Australia. As many members would know, Andrew was most recently Managing Director and CEO of the Export Finance and Insurance Corporation (EFIC) and prior to that he held a number of senior positions with Macquarie Group.

We have been asked to remind members who are CPAs, or have staff who are CPAs, that CPA Australia’s Annual General Meeting will be held at Plenary 3, Melbourne Convention and Exhibition Centre on Tuesday 22 May 2018 at 5:30pm. This year there are 14 resolutions that will determine CPA Australia’s future direction. The new Board is supporting four resolutions that will implement the recommendations of the 2017 Independent Review.