Footnotes
[1] Mr Jeremy Cooper, Deputy
Chairman, Australian Securities and Investments Commission, Committee Hansard, 29 March 2006, p. 11.
[2] Australian Stock Exchange, Submission 124, p. 1.
[3] Mr Richard Turner, Submission 5, p. 5.
[4] The Hon Dr Ken Coghill, Dr Leeora Black, Mr Dough
Holmes, Submission 71, p. 4.
[5] Department of the Treasury, Submission 134, p. 1.
[6] Business Council of Australia, Submission 108, p. 6.
[7] Department of the Treasury, Submission 134, p. 1.
[8] Business Council of Australia, Submission 108, p. 3.
[9] Habitat for Humanity Australia, Submission 125, p. 1.
[10] Business Council of Australia, Submission 108, p. 10
[11] ECOS Corporation, Submission 51, p. 2. Submission 82 from Beerworth and Partners
agreed with this view (p. 2).
[12] Key Centre for Ethics, Law, Justice &
Governance at Griffith University, Submission
80, p. 3.
[13] Business Council of Australia, Submission 108, p. 8.
[14] Key Centre for Ethics, Law, Justice &
Governance at Griffith University, Submission
80, p. 3.
[15] Investment and Financial Services Association
Ltd, Blue Book: Corporate Governance:
A guide for fund managers and corporations, October 2004, p. 9.
[16] KPMG, Submission
53, p. 2.
[17] Website of the Ethical Investment Association, http://www.eia.org.au/, accessed 2 May 2006.
[18] Website of the National Institute of
Sustainability at Swinbourne University of Technology, Melbourne, at http://www.swinburne.edu.au/ncs/sustainability.htm,
accessed 2 May 2006.
[19] World
Commission on Environment and Development, Our
Common Future, Oxford University Press, Oxford, 1987, p. 43.
[20] Media release of the Minister for the Environment
and Heritage, Senator the Hon Ian Campbell, 24 March 2006, 'The State
of Sustainability Reporting in Australia 2005', at http://www.deh.gov.au/minister/env/2006/mr24mar06.html
, accessed 3 May 2006.
[21] PricewaterhouseCoopers, Submission 110, p. 11.
[22] Corporations and Markets Advisory Committee, Corporate Social Responsibility Discussion
Paper, November 2005, p. 1.
[23] Mr Jerome Davidson and Ms Susan Dudley, Introduction to the Corporations Act, in
Encyclopeadia of forms and precedents, Lexisnexis, 2005, p. 7.
[24] Department of the Treasury, Submission 134, p. 1.
[25] Business Council of Australia, Submission 108, p. 3.
[26] R.F.E. Warburton, Discussion of International Comparison of Australia's taxes, April
2006, p. xxii.
[27] Beerworth & Partners, Submission 82, p. 3.
[28] Business Council of Australia, Submission 108, p. 8.
[29] Mr Kim Horne, Refinery Manager, Pinjarra, Alcoa World Alumina Australia, Committee Hansard, 20 February
2006, p. 13.
[30] Department of the Treasury, Submission 134, p. 2.
[31] Sarah Anderson and John Cavanagh, Top 200: The
rise of rise of corporate global power, Institute for Policy Studies, 2000, http://www.ips-dc.org/downloads/Top_200.pdf,
accessed 19 May 2006.
[32] Department of the Treasury, Submission 134, p. 2.
[33] Department of the Treasury, Submission 134, p. 2.
[34] Salomon v Salomon & Co Ltd [1897] AC 22.
[35] Salomon v Salomon & Co Ltd [1897] AC 22.
[36] Corporations
Act 2001, s. 124.
[37] Phillip Lipton and Abe Hertzberg, Understanding Company Law, thirteenth
edition, Lawbook Company, 2006.
[38] Companies and Securities Advisory Committee, Corporate Groups Final Report, May 2000.
[39] Australian Institute of Company Directors, Submission 73, p. 7
[40] Philanthropy Australia, Submission 23, p. 3.
[41] For example, see Submission 2, Dr Gianni Zappalà,
p. 7.
[42] Dr Gianni Zappalà, Submission 2, p. 7.
[43] KPMG, Submission
53, p. 3.
[44] KPMG, Submission
53, covering letter p. 1.
[45] KPMG, Submission
53, p. 3.
[46] Department of Family, Community Services and
Indigenous Affairs, Submission 133, p. 2.
[47] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003.
[48] Department of Family, Community Services and
Indigenous Affairs, Submission 133, p. 4.
[49] Giving
Australia: Research on Philanthropy in Australia: Summary of Findings, Commonwealth
of Australia, October 2005, Executive Summary, p. x.
[50] Westpac Banking Corporation, Submission 94, pp 13–14.
[51] Mr Tony Wood, General Manager, Public and
Government Affairs, Origin Energy Committee Hansard,
5 April 2006, pp 49–50.
[52] Ethical
Investment Association, Sustainable
responsible investment in Australia 2005, p. 5.
[53] Ethical Investment
Association, Sustainable responsible investment
in Australia 2005, p. 13.
[54] Mr Jeremy Cooper, Deputy Chairman, Australian
Securities and Investments Commission, Committee
Hansard, 29 March 2006, p. 24.
[55] Many submissions discussed these drivers, for
example: Australian Institute of Company Directors, Submission 73, p. 8; and Business Council of Australia, Submission 108, pp 14–40.
[56] Insurance Australia Group, Submission 29, p. 1.
[57] Business Council of Australia, Submission 108, p. 4.
[58] Dr
Noel Purcell, Group General Manager,
Stakeholder Communications, Westpac
Banking Corporation, Committee Hansard,
23 November 2005, p. 99. Wesfarmers made a similar observation: see Committee Hansard, 20 February 2006, p.
17.
[59] BHP Billiton, Submission
13, p. 1.
[60] Business Council of Australia, Submission 108, p. 8.
[61] Business Council of Australia, Submission 108, p. 14.
[62] Business Council of Australia, Submission 108, p. 29.
[63] Chamber of Commerce and Industry of Western
Australia, Submission 92, p. 18.
[64] BHP Billiton, Submission
13, p. 1.
[65] Westpac Banking Corporation, Submission 94, pp 10–11.
[66] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 32.
[67] The Hon John Howard MP, Prime Minister of the
Commonwealth of Australia, 'The 1999 Corporate Public Affairs Oration'
presented to the Centre for Corporate Public Affairs, 26 March 1999, cited
by the Consumers' Federation of Australia , Submission
89, p. 6.
[68] Mr Stephen Brammer, University of Bath; Mr Chris
Brooks, Cass Business School; and Mr Stephen Pavelin, University of
Reading, Corporate Social Performance and
Stock Returns: UK Evidence from Disaggregate Measures, June 2005, p. 13.
[69] CPA Australia, Submission 103b, p. 19.
[70] ASX Corporate Governance Council, Principles of Good Corporate Governance and
Best Practice Recommendations, March 2003, p. 59.
[71] For example Dr Zappalà, Submission 2, Mr Turner, Submission
5, the Hon Dr Ken Coghill, Dr Leeora Black, Mr Dough Holmes, Submission 71, Mr Ben Neville, Submission 87, and Amnesty International,
Submission 90.
[72] KPMG, Submission
53, p. 2.
[73] Ethical Investment Association, Sustainable responsible investment in
Australia 2005, p. 5.
[74] Department of the Treasury, Submission 134, p. 8.
[75] Mercer Human Resources Consulting, SRI: What so investment managers think?
21 March 2005, http://mercerhr.be/summary.jhtml;jsessionid=04AXPUGEXMNR4CTGOUGCHPQKMZ0QYI2C?idContent=1174905
(accessed 1 June 2006).
[76] Australasian Investor Relations Association, Submission 97, p. 2.
[77] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 4.
[78] KPMG, Submission
53, p. 3. The report, The State of Sustainability Reporting in
Australia 2005, was commissioned by the Department of the Environment and
Heritage and is available from http://www.deh.gov.au/settlements/industry/corporate/reporting/survey.html.
[79] Finance Sector Union of Australia, Submission 24, p. 3.
[80] ANZ, Submission
101, p. 3.
[81] KPMG, Submission
53, p. 1.
[82] Mr Tony
Berg AM, Member, Corporate Governance
Committee, Australian Institute of Company Directors, Committee Hansard, 23 November 2005, p.
95.
[83] Business Council of Australia, Submission 108, p. 16.
[84] Habitat for Humanity, Submission 125, p. 13, quoting Mr Chris Cooper, Managing Director,
ANZ Mortgage Group.
[85] Dr Noel Purcell, Group General Manager, Stakeholder Communications, Westpac Banking Corporation, Committee Hansard, 23 November 2005, p.
106.
[86] Alcoa World Alumina Australia, Submission 78, p. 13.
[87] KPMG, Submission
53, p. 3.
[88] KPMG, Submission
53, p. 1.
[89] The Shell Company of Australia, Submission 74, p. 9.
[90] The Shell Company of Australia, Submission 74, p. 9.
[91] BT Governance Advisory Service, Submission 19, p. 1.
[92] SustainAbility, The Changing Landscape of
Liability: A Director’s Guide to Trends in Corporate Environmental, Social and
Economic Liability, January
2005.
[93] RepuTex Ratings & Research Services, Submission 86, p. 2.
[94] RepuTex Ratings & Research Services, Submission 86, p. 2.
[95] BT Governance Advisory Service, Submission 19, p. 2.
[96] BT Governance Advisory Service, Submission 19, p. 3.
[97] Chamber of Commerce and Industry of Western Australia,
Submission 92, p. 9.
[98] Mr Richard Turner, Submission 5, p. 2.
[99] Ms Eva Cox, Submission
26, p. 1.
[100] The Hon Dr Ken Coghill, Dr Leeora Black, Mr
Doug Holmes, Submission 71, p. 56.
[101] The Hon Dr Ken Coghill, Dr Leeora Black, Mr
Doug Holmes, Submission 71, p. 48.
[102] BT Governance Advisory Service, Submission 19, p. 1.
[103] Centre for Corporate Public Affairs, Submission 135, p. 3.
[104] Business Council of Australia, Submission 108, p. 27.
[105] BT Governance Advisory Service, Submission 19, p. 1.
[106] The 1999 Corporate Public Affairs Oration presented
to the Centre for Corporate Public Affairs by the Prime Minister, the Hon John
Howard MP, Melbourne, 26 March 1999, available at http://www.pm.gov.au/News/Speeches/1999/corppubaffairs2603.htm.
[107] Mr Jeremy Cooper, Deputy Chairman, Australian
Securities and Investments Commission, Committee
Hansard, 29 March 2006, p. 11.
[108] Committee
Hansard, 29 March 2006, p. 23.
[109] Mr James Ensor, Director, Public Policy and
Outreach, Oxfam Australia, Committee
Hansard, 24 February 2006, p. 35.
[110] Committee
Hansard, 24 February 2006, pp 35–36.
[111] Mr Ian Matheson, Australasian Investor Relations
Association, Committee Hansard,
27 March 2006, p. 5.
[112] Mr James Ensor, Director, Public Policy and
Outreach, Oxfam Australia, Committee
Hansard, 24 February 2006, p. 35.
[113] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 27.
[114] Ms Sam Mostyn, Group Executive, Culture and
Reputation, Insurance Australia Group, Committee
Hansard, 9 March 2006, p. 4.
[115] Mr Alex Gosman, Director, Government and
Corporate Affairs, GlaxoSmithKline, Committee Hansard,
23 February 2006, p. 44.
[116] Dr Noel Purcell, Group General Manager,
Stakeholder Communications, Westpac Banking Corporation, Committee Hansard, 23 November 2005, p.
98.
[117] St James Ethics Centre, Submission 50, pp 5–6.
[118] Ms Serena Lillywhite, Manager, Ethical Business, Brotherhood of St
Laurence, Committee Hansard, 24
February 2006, pp 19–20.
[119] Mr Jeffrey Smith, Chief Executive Officer,
Australian Network of Environmental Defenders Offices, Committee Hansard, 9 March 2006, p. 111.
[120] Mr
Tony Berg AM, Member, Corporate Governance Committee, Australian Institute of
Company Directors, Committee Hansard,
23 November 2005, p. 90.
[121] Ms Sam Mostyn, Group Executive, Culture and
Reputation, Insurance Australia Group, Committee
Hansard, 9 March 2006, p. 16.
[122] Mr Erik Mather, BT Governance Advisory Service, Committee Hansard, 10 March 2006, p. 68.
[123] Mr Erik Mather, BT Governance Advisory Service, Committee Hansard, 10 March 2006, p. 72.
[124] Ms Sam Mostyn, Insurance Australia Group, Committee Hansard, 9 March 2006, p. 16.
[125] Committee
Hansard, 9 March 2006, p. 3.
[126] Mr Cameron Clyne, Executive General Manager,
Group Development, National Australia Bank, Committee Hansard, 5 April 2006, p. 6.
[127] Mr Gerard Brown, General Manager, Corporate
Affairs, Australia and New Zealand
Banking Group, Committee Hansard,
5 April 2006, p. 35.
[128] Westpac Banking Corporation, Submission 94, pp 10–11.
[129] Mr Keith Kessell, Executive General Manager, Corporate Affairs,
Wesfarmers, Committee Hansard,
20 February 2006, p. 48.
[130] Mr Philip O'Donoghue, Deputy Director, Australian Council of Social Service, Committee Hansard, 23 November 2005,
p. 65.
[131] Dr Robert Simons, National Manager, Strategic
Research and Social Policy, The Smith Family, Committee Hansard, 23 November 2005, p. 56.
[132] BHP Billiton, Submission 13, p. 1.
[133] Ms Catherine Sheehan, National Manager,
Corporate Responsibility, General
Motors Holden, Committee Hansard,
5 April 2006, p. 29.
[134] Ms Rosemary Bissett , Group Manager, Corporate
Social Responsibility, National Australia Bank, Committee Hansard, 5 April 2006, p. 12.
[135] Ms
Jane Nash, Head of Government and Regulatory Affairs, Australia
and New Zealand Banking Group, Committee
Hansard, 5 April 2006, p. 44.
[136] Mr Gerard Brown, General Manager, Corporate
Affairs, Australia and New Zealand
Banking Group, Committee Hansard,
5 April 2006, p. 43.
[137] Mr Nicholas Goddard, Corporate Relations and
Communications Director, Unilever Australasia, Committee Hansard, 9 March 2006, p. 8.
[138] Ms Linda Funnell-Milner, Corporate ResponseAbility,
Committee Hansard, 10 March 2006, p. 36.
[139] Australian Banker's Association, Submission 106, p. 15.
[140] Mr Alex Gosman, Director, Government and Corporate
Affairs, GlaxoSmithKline, Committee Hansard,
23 February 2006, p. 45.
[141] GlaxoSmithKline, Submission 49, p. 3. See also the Group of 100 Submission 27, p. 3.
[142] Corporations
Act 2001, ss.
180(1).
[143] ASIC v Adler [2002] NSWSC 171 at [372] per
Santow J, paraphrased and references omitted.
[144] Beerworth & Partners, Submission 82, p. 1.
[145] Corporations
Act 2001, ss.
180(2).
[146] Freehills Lawyers, Submission 38, p. 5.
[147] Parliamentary Secretary to the Treasurer, the Hon Mr Chris
Pearce MP, Corporate and Financial
Services Regulation Review, April 2006, p. 32.
[148] Chamber of Commerce and Industry of
Western Australia, Submission 92, p. 5.
[149] Fiona Buffini, 'Calls to
Protect Corporate Conscience', Australian Financial Review, 23 November 2005,
p. 4.
[150] Professor Margaret Nowak, Research
Director, Corporate Governance and
Social Responsibility Research Unit, Curtin Business School, Curtin University
of Technology, Committee Hansard, 20
February 2006, p. 32.
[151] Tasmanian Farmers and Graziers' Fair Dinkum Food Campaign, Submission 123,
p. 2.
[152] Tasmanian Farmers and Graziers' Fair Dinkum Food Campaign, Submission 123,
p. 3.
[153] Beerworth & Partners, Submission 82,
p. 3.
[154] Beerworth & Partners, Submission 82, p. 5.
[155] BT Governance Advisory Service, Submission 19, p. 7.
[156] Department of Business Law and Taxation, Monash
University, Submission 39, p. 17.
[157] Ms Louise O'Halloran, Ethical Investment
Association, Committee Hansard, 23 November 2006,
p. 34.
[158] Department of Business Law and Taxation, Monash
University, Submission 39, p. 28.
[159] Company Law Reform Bill 2005 (UK), cl.156.
[160] Australian Network of Environmental Defenders'
Offices, Submission 48, p. 11.
[161] Australian Conservation Foundation, Submission 21, p. 17.
[162] Chartered Secretaries Australia, Submission 28, p. 10.
[163] Mr Michael Kerr, Submission 7, pp 114–115.
[164] Public Interest Law Clearing House
(Homeless Person's Legal Clinic), Submission
4, p. 23, references omitted.
[165] Mr Steven Münchenberg,
Deputy Chief Executive, Business Council of Australia, Committee Hansard, 23 February
2006, pp 100–101.
[166] Senator George Brandis, Committee Hansard, 23 February 2006, p. 101.
[167] Group of 100, Submission 27, p. 2.
[168] Mr Jeremy Cooper, Deputy Chairman, Australian
Securities and Investments Commission, Committee
Hansard, 29 March 2006, pp 12–13.
[169] Mr Tim Sheehy, Chief Executive, Chartered
Secretaries Australia, Committee Hansard, 23 November 2005,
p. 41.
[170] GlaxoSmithKline, Submission 49, p. 4.
[171] St James Ethics Centre, Submission 50, p. 4.
[172] Dr Simon Longstaff, Executive
Director, St James Ethics Centre, Committee
Hansard, 23 November 2005,
pp 19–20.
[173] Corporations
Act 2001, ss.
135(2).
[174] Chartered Secretaries Australia, Submission 28, p. 11.
[175] Mr Tim Sheehy, Chief Executive, Chartered
Secretaries Australia, Committee Hansard, 23 November 2005,
p. 44.
[176] Ms Kathleen Farrell, Member, Law
Committee, Australian Institute of
Company Directors, Committee Hansard, 23 November
2005, p.86.
[177] Mr Thomas Honan,
National President, Group of 100, Committee Hansard , 24 February
2006, p. 4.
[178] Professor Paul
Redmond, Committee Hansard, 9 March
2006, p. 47.
[179] Sir Graeme Davies, Chairman, Universities
Superannuation Scheme (UK), 0.618,
issue 5, January 2005.
[180] Australian Bureau of Statistics publication
5655.0, 'Managed Funds Australia, December 2005,
http://www.abs.gov.au/AUSSTATS/abs@.nsf/ProductsbyCatalogue/4896C3F895880688CA2568A900139379?OpenDocument,
accessed 13 June 2006.
[181] Coghill, Black, Holmes, Submission 71, p. 3.
[182] Mr Steven Münchenberg, Deputy Chief Executive,
Business Council of Australia, Committee Hansard,
23 February 2006, p. 93.
[183] Department of the Environment and Heritage, Corporate Sustainability – an Investor
Perspective (the 'Mays Report'), 2003, p. 18.
[184] BT Governance Advisory Service, Submission 19, p. 2.
[185] Insurance Australia Group, Submission 29, p. 12.
[186] Ms Louise O'Halloran, Executive Director,
Ethical Investment Association, Committee Hansard,
23 November 2005, p. 34.
[187] ABN AMRO Equities United Kingdom 'Pharmaceuticals
and SRI' in United Nations Environment Programme Finance Initiative, The Materiality of Social, Environmental and
Corporate Governance Issues to Equity Pricing – 11 Sector Studies, 2004, p.
15.
[188] Mr Gerard Brown, General Manager, Corporate
Affairs, Australia and New Zealand Banking Group, Committee Hansard, 5 April 2006, p. 40.
[189] Coghill, Black, Holmes, Submission 71, p. 59.
[190] BT Governance Advisory Service, Submission 19, p. 2.
[191] Ms Louise O'Halloran, Executive
Director, Ethical Investment Association, Committee Hansard,
23 November 2005, pp. 30-31
[192] Corporations
Act 2001, s. 601FC(1)(c)
[193] Superannuation
Industry (Supervision) Act 1993, s. 62(1)(a)
[194] Superannuation
Industry (Supervision) Act 1993, s. 62(1)(b)
[195] Coghill, Black, Holmes, Submission 71, p. 58.
[196] United Nations Environment Programme Finance
Initiative, A legal framework for the
integration of environmental, social and governance issues into institutional
investment, 2005, p. 45.
[197] Financial Services Institute of Australasia, Submission 146, p. 9.
[198] Coghill, Black, Holmes, Submission 71, p. 55.
[199] Ernst and Young, for the Department of the
Environment and Heritage, The Materiality
of Environmental Risk to Australia's Finance Sector, 2003, p. 2.
[200] Financial Institute of Australasia, Submission 146, p. 4.
[201] The Principles use the acronym ESG, for 'environmental,
social, and corporate governance'. The committee has adjusted the UN Principles
to use the consistent term 'corporate responsibility' rather than 'ESG'.
[202] http://www.unpri.org
[203] Explanatory Memorandum, Future Fund Bill 2005,
p. 2.
[204] Senate
Economics Legislation Committee, Provisions
of the Future Fund Bill 2005, February 2006, p. 12.
[205] For example, Mr Jeremy Cooper, Deputy Chairman,
Australian Securities and Investments Commission, Committee Hansard, 29 March 2006, p. 11.
[206] CPA Australia, Submission 103, p. 4.
[207] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 31.
[208] KPMG, Submission
53, p. 3.
[209] Mr Keith Kessell, Executive General
Manager, Corporate Affairs, Wesfarmers Ltd, Committee Hansard, 20 February 2006, p. 42.
[210] Dr Simon Longstaff, Executive Director, St James Ethics Centre, Committee Hansard, 23 November 2005, p. 24.
[211] Mr Tim Sheehy, Chief
Executive, Chartered Secretaries Australia, Committee Hansard, 23 November 2005, p. 42.
[212] Mr Tim Sheehy, Chief
Executive, Chartered Secretaries Australia, Committee Hansard, 23 November 2005, p. 50.
[213] Corporate ResponseAbility, Submission 93, p. 8. However, the submission went onto say 'it is
reasonable for all listed ASX 100 companies to be encouraged to produce their
first CSR report by 2007, and all ASX 200 companies by 2009.'
[214] Dr Leeora Black, Managing Director, Australian Centre for Corporate Social Responsibility,
Committee Hansard, p. 102.
[215] R. P. Austin, & I. M. Ramsay, Ford's Principles of Corporations Law,
12th Edition, Sydney, 2005, p. 499.
[216] Dr Leeora Black, Managing Director, Australian Centre for Corporate Social Responsibility,
Committee Hansard, 24 February 2006, p.
102.
[217] Mr Rod, unknownunknown84Masson, Manager,
Policy and Communications, Finance Sector Union, Committee Hansard, 23 February
2006, p. 42.
[218] Mr James
Ensor, Director, Public Policy and Outreach, Oxfam Australia, Committee Hansard, 24 February 2006, p.
19.
[219] Dr Helen Anderson, Acting Head of Department,
Department of Business Law and Taxation, Monash University, Committee
Hansard, 24 February 2006, p. 71.
[220] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 42.
[221] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 42.
[222] Mr Gene McGlynn, Assistant
Secretary, Department of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 30.
[223] Directive 2003/51/EC of the European Parliament
and of the Council of 18 June 2003, Official Journal of the European
Union, 17 July 2003, p. L178/17.
[224] Mr
Ian Matheson, Chief Executive Officer, Australian Investor Relations
Association, Committee Hansard, 27 March 2006,
p. 2.
[225] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate Governance and Best Practice
Recommendations, March 2003, foreword.
[226] Australian Institute of Company Directors, Submission 73, p. 18.
[227] Mr Gene McGlynn, Assistant
Secretary, Department of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 29.
[228] Mr Matthew Brine unknownunknown86, Manager, Governance and
Insolvency Unit, Department of the Treasury, Committee Hansard, 29 March 2006, p. 18; and Australian Securities
and Investments Commission, Submission to
the Corporations and Markets Advisor Committee's Corporate Social
Responsibility inquiry, p. 3, http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/ASIC_CSR.pdf
(accessed
30 may 2006).
[229] Mr Philip Cohn, Assistant Director, RepuTex
Australia Pacific, Committee Hansard,
23 February 2006, p. 23.
[230] CPA Australia, Submission 103, p. 4.
[231] Senator the Hon Ian Campbell, Foreword to a
report by the Centre for Australian Ethical Research, The State of Sustainability Reporting in Australia 2005, March
2006, p. 1.
[232] Ms Louise O'Halloran, Executive Director,
Ethical Investment Association, Committee Hansard,
23 November 2005, p. 33. This view was endorsed by Mr Matthew Brine, Manager,
Governance and Insolvency Unit, Department of the Treasury, Committee Hansard,
29 March 2006, p. 26.
[233] Department of the Environment and Heritage, Submission 116, p. 5.
[234] Mr Tim Sheehy, Chief
Executive, Chartered Secretaries Australia, Committee Hansard, 23 November 2005, p. 49.
[235] Global Reporting Initiative, Submission 130, p. 4.
[236] Business Roundtable on Sustainable Development, Submission to the Corporations and Markets
Advisory Committee's Corporate Social Responsibility inquiry, p. 2, http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/BRSD_CSR.pdf (accessed 30 May 2006).
[237] Mr Jeremy Cooper, Deputy Chairman, Australian
Securities and Investments Commission, Committee
Hansard, 29 March 2006, p. 11.
[238] Centre for Australian Ethical Research, The State of Sustainability Reporting in Australia
2005, March 2006, p. 38.
[239] CPA Australia, Submission 103b, p. 6.
[240] Ms Eva Cox, Submission
26, p. 3.
[241] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 25.
[242] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 25.
[243] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 59.
[244] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, pp 25 and 59.
[245] NSW Young Lawyers Pro Bono and Community Services
Taskforce, Submission 65, pp 17–19
and Mr David Wishart, Submission 140,
p. 9.
[246] www.unglobalcompact.org/AboutTheGC/index.html
(accessed 20 April 2006)
[247] The Hon Dr Gary Johns, Attachment to Submission 126, p. 2.
[248] Organisation
for Economic Co-operation and Development, OECD Declaration on
International Investment and Multinational Enterprises, November 2000, p. 11.
[249] Department of the Treasury, Submission 134, p. 11.
[250] Dr Sean Rooney, Attachment to Submission 104,
p. 25.
[251] Dr Sean Rooney, Attachment to Submission 104,
p. 25.
[252] Statement by the Australian National Contact
Point 'GSL Australia Specific Instance', April 2006, http://www.ausncp.gov.au/content/docs/298_343_Final%20Statement.pdf
(accessed 30 May 2006).
[253] Regarding the former, see for example the
Australian Council of Trade Unions, Submission
10, and the latter, see for example
the PILCH Homeless Persons' Legal Clinic, Submission 4.
[254] Dr Gianni Zappalà, Submission 2, p. 12.
[255] Global Reporting Initiative, Submission 130, p. 1.
[256] Global Reporting Initiative, Sustainability Reporting Guidelines,
2002, p. 13.
[257] Insurance Australia Group, Submission 29, p. 20.
[258] The GRI Guidelines classify performance
indicators as either 'core' or 'additional,' with core indicators being those
relevant to most reporting organisations and of interest to most stakeholders.
Reporting organisations that choose to report 'in accordance' with the GRI
Framework must note the reasons for the omissions of any core indicators. The
factors that may explain the omission of a core indicator include protection of
proprietary information; lack of data systems to generate the required
information; and that a specific indicator is not relevant to an organisation's
operations.
[259] Ms Louise O'Halloran, Executive Director,
Ethical Investment Association, Committee Hansard,
23 November 2005, p. 34.
[260] KPMG Global Sustainability Services, KPMG
International Survey of Corporate Responsibility Reporting 2005, June 2005, p. 20.
[261] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 4. The report shows that about 60 per cent
of the companies using the GRI Guidelines are internationally owned.
[262] Dr Judy Henderson, Chairperson, Global Reporting Initiative, Committee Hansard, 10 March 2006, p. 28.
[263] This section is based in part on a submission by
Mr Richard Turner, Submission 5, pp
19–20.
[264] Department
of the Environment and Heritage, Triple
Bottom Line Reporting in Australia: A Guide to Reporting Against
Environmental Indicators, June 2003.
[265] Department of
the Environment and Heritage, Triple
Bottom Line Reporting in Australia: A Guide to Reporting Against
Environmental Indicators, June 2003, p.
iii.
[266] Department of the Environment and Heritage, Triple Bottom Line Reporting in Australia:
A Guide to Reporting Against Environmental Indicators, June 2003, p.
10.
[267] Department of the Environment and Heritage, Triple Bottom Line Reporting in Australia:
A Guide to Reporting Against Environmental Indicators, June 2003, pp
14 and 20, respectively.
[268] Department of Family and Community Services, Triple
Bottom Line Reporting in Australia: A Guide to Reporting Against Social
Indicators, Draft in Discussion, July 2004.
[269] Australian Bankers Association, Submission 106, p. 3: also CPA Australia, Submission
103, p. 34.
[270] Australian Bankers Association, Submission 106, p. 3.
[271] Corporate Responsibility Index webpage,
http://www.corporate‑responsibility.com.au/results/2005_results.asp (accessed 1 June 2006).
[272] St James Ethics Centre, Submission 50, p. 5.
[273] Dr Simon Longstaff, Executive Director, St James Ethics Centre, Committee Hansard, 23 November 2005, p. 24.
[274] St James Ethics Centre, Submission 50, p. 5.
[275] St James Ethics Centre, Submission 50, p. 5.
[276] Joint submission by St James Ethics Centre and Caux Round Table, Submission 145,
p. 1.
[277] Mr Francis Grey, Research Manager, Sustainable Asset
Management Australia, Committee Hansard,
p. 18.
[278] Sustainable Asset Management Australia, Submission 137, p. 16.
[279] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 3. The survey was carried out on 500
companies comprised of the S&P/ASX 300 companies, the top 100 unlisted
public companies and the top 100 private companies. The results include both
stand-alone reports and sustainability sections in annual reports and on
reports published in 2004 and 2005.
[280] KPMG International, KPMG International Survey of Corporate Responsibility Reporting 2005,
June 2005.
[281] Figures derived from Table 7, Centre for
Australian Ethical Research, The State of
Sustainability Reporting in Australia 2005, March 2006, p. 28.
[282] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, pp 24–25.
[283] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, pp 15 and 21.
[284] CPA Australia, Submission 103A, p. 2; and Professor Craig Deegan, Submission 96,
p. 7.
[285] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 23.
[286] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 4.
[287] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 41.
[288] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 3.
[289] Mr Mark Coughlin, National President, CPA
Australia, Committee Hansard, 23
February 2006, p. 85.
[290] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 34.
[291] CPA Australia, Supplementary Submission 103a, p. 23.
[292] CPA Australia, Supplementary Submission 103a, p. 23.
[293] Ms Sam Mostyn, Group Executive, Culture and Reputation, Insurance Australia Group, Committee Hansard, 9 March 2006,
p. 8.
[294] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 38.
[295] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 28.
[296] Mr Jeremy Cooper, Deputy Chairman, Australian
Securities and Investments Commission, Committee
Hansard, 29 March 2006, p. 10.
[297] For example Mr Daren Armstrong, Secretary,
Legislative Review Task Force, Commercial Law Association of Australia Limited,
Committee Hansard, 23 November 2005,
p. 13.
[298] Mr
Anthony McLellan, Chairman, Habitat for Humanity Australia, Committee Hansard, 9 March 2006, p.
27.
[299] Amnesty International, Submission 90a, response to question on notice, p. 1.
[300] Mr Gene McGlynn, Assistant
Secretary, Department of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 29.
[301] Mr Francis
Grey, Research Manager and Founding Principal
(Australia), Sustainable Asset Management Research, Committee Hansard, 5 April 2006, p. 23.
[302] Mr Francis
Grey, Research Manager and Founding Principal
(Australia), Sustainable Asset Management Research, Committee Hansard, 5 April 2006, p. 24.
[303] The Hon Dr Ken Coghill, Dr Leeora Black, Mr
Dough Holmes, Submission 71, p.
62.
[304] BT Governance
Advisory Service, Submission 19,
p. 8.
[305] BT Governance
Advisory Service, Submission 19,
pp 2–3.
[306] Mr
Matthew Brine, Manager, Governance and Insolvency Unit, Department of the
Treasury, Committee Hansard,
29 March 2006, p. 18.
[307] Mr Erik Mather, Head, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, p. 67.
[308] George
Wilkenfeld and Associates, Costs and Benefits of a National Greenhouse
and Energy Reporting Framework, March 2006, p. 2.
[309] Mr Richard Turner, Submission 5, p. 41, quoting the Parliamentary Joint Statutory
Committee on Corporations and Securities, Report on the Corporate Code of
Conduct Bill 2000, June 2001, p. 1.
[310] Professor Peter Newman, Director, Institute
of Sustainability and Technology Policy, Murdoch University; Chair, Sustainability
Roundtable, Western Australian Government, Committee Hansard, 20 February 2006, p. 6.
[311] CPA Australia, Supplementary Submission 103a, p. 23.
[312] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 1.
[313] Australian Stock Exchange, Submission 124, p. 5; and Mr Jeremy Cooper, Deputy Chairman,
Australian Securities and Investments Commission, Committee Hansard, 29 March 2006, p. 16.
[314] Corporations and Markets Advisory Committee, Corporate Responsibility Discussion Paper,
November 2005, p. 87.
[315] Mr Richard Turner, Submission 5, p. 37.
[316] Directive 2003/51/EC of the European Parliament
and of the Council of 18 June 2003.
[317] Official Journal of the European Union, 17 July
2003, p. L178/18.
[318] Official Journal of the European Union, 17 July
2003, p. L178/17.
[319] COM(2006)136: European Commission, Implementing
the Partnership for Growth and Jobs: Making Europe a Pole of Excellence on
Corporate Social Responsibility, March 2006, p. 10.
[320] The King Committee on Corporate Governance, Code of Corporate Practices and Conduct,
2002, p. 16.
[321] Professor Craig Deegan, Submission 96,
p. 7.
[322] This section is in part based on: Corporations
and Markets Advisory Committee, Corporate
Responsibility Discussion Paper, November 2005; Mr Richard Turner, Submission 5; and Professor Craig Deegan, Submission 96.
[323] Corporations
Act 2001, ss. 674–678; ASX Listing Rule 3.1.
[324] Australian Stock Exchange, Guidance Note 8: Continuous Disclosure: Listing Rule 3.1,
June 2005, p. 3.
[325] Australian
Human Rights Centre, Submission 20, p. 8.
[326] Mr Phillip Spathis, Executive Officer, Australian
Council of Super Investors, Committee Hansard,
5 April 2006, p. 66.
[327] Corporations
Act 2001, para. 675(1)(b).
[328] Corporations
Act 2001, ss. 292–294.
[329] Corporations
Act 2001, ss. 295–297.
[330] Corporations and Markets Advisory Committee, Corporate Responsibility Discussion Paper,
November 2005, p. 80.
[331] Corporations
Act 2001, ss. 298–300A.
[332] See Explanatory Memorandum to Corporate Law
Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 para
4.391 and Royal Commission report The Failure of HIH Insurance, April 2003, vol 1 at p. 182 and
Recommendation 13.
[333] Explanatory Memorandum to Corporate Law Economic
Reform Program (Audit Reform and Corporate Disclosure) Bill 2003, para 5.306.
[334] Group of 100, Guide to Review of Operations
and Financial Condition, 2003,
p. 7, available at www.group100.com.au/publications/g100_Review_Operations2003.pdf
(accessed 10 May 2006).
[335] Group of 100, Guide to Review of Operations
and Financial Condition, 2003,
p. 12.
[336] Group of 100, Guide to Review of Operations
and Financial Condition, 2003,
p. 21.
[337] Group of 100, Guide to Review of Operations
and Financial Condition, 2003,
p. 22.
[338] Corporations and Markets Advisory Committee, Corporate Responsibility Discussion Paper,
November 2005, p. 83.
[339] Australian Bankers Association, Submission 106, p. 16; Australian
Institute of Company Directors, Submission
73, p. 17.
[340] Australian Conservation Foundation, Submission 21, p. 32.
[341] In
this regard the Committee notes the comments of CPA Australia: 'Over recent
years Australian business, government and community have witnessed some
unacceptable corporate conduct. Each incident reinforces a growing disconnect
between the expectations of community and the practices of some corporations.
However, each incident also serves to emphasise that inappropriate practices
are not the norm, and the vast majority of today's business leaders regularly
display high levels of competence and integrity.' (CPA Australia, Submission 103, p. 3).
[342] ASX Corporate Governance Council, Principles of Good Corporate Governance and
Best Practice Recommendations, March 2003, p. 5.
[343] Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, p. 6.
[344] Australian Stock Exchange, Analysis of Corporate
Governance Practices reported in 2005 Annual Reports, May 2006, p. 2, available at http://www.asx.com.au/about/pdf/corporate_governance_2005_disclosure.pdf
(accessed 23 May 2006).
[345] Professor Craig Deegan, Submission 96,
p. 15.
[346] Mr Tim Sheehy, Chief
Executive, Chartered Secretaries Australia, Committee Hansard, 23 November 2005, p. 50.
[347] Corporate ResponseAbility, Submission 93, p. 5.
[348] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 25.
[349] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 44.
[350] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 45.
[351] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 45.
[352] ASX Corporate Governance Council, Analysis of Corporate Governance Practices
reported in 2004 Annual Reports, May 2005, p. 3.
[353] New South Wales Young Lawyers Pro Bono and
Community Services Taskforce, Submission 65,
p. 18.
[354] ASX Corporate Governance Council, 2005 Analysis of Corporate Governance Practice
Disclosure, May 2006, p. 2.
[355] The section utilises information provided by the
Australian Stock Exchange, Submission 124,
and the Department of the Environment and Heritage, Submission 116.
[356] Australian Stock Exchange, Submission 124, p. 6.
[357] Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, p. 5.
[358] Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, p. 9.
[359] Mr
Michael Bray, Partner, KPMG, Committee
Hansard, 24 February 2006, pp 37–38.
[360] Ethical
Investment Association, Submission 105,
p. 4; Mr Richard Turner, Submission 5,
p. 50; and Public Law Clearing House (Vic) Inc, Submission 66, p. 14, respectively. Other submissions that
suggested including a reporting framework in the ASX Council Recommendations,
without specifying a preferred framework included the Governance and Corporate
Social Responsibility Research Unit, Curtin Business School, Curtin University
of Technology, Submission 128a,
p. 3; Professor Bryan Horrigan, Submission
14, p. 7; and Volunteering Australia, Submission
36, p. 5.
[361] Mr Eric Mayne, Chair, Australian Stock Exchange
Corporate Governance Council, Committee Hansard,
10 March 2006, p. 9.
[362] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 4.
[363] Mr Eric Mayne, Chair, Australian Stock Exchange
Corporate Governance Council, Committee Hansard,
10 March 2006, p. 9.
[364] Australian Institute of Company Directors, Submission 73, p. 17.
[365] RepuTex Ratings & Research Services, Submission 86, p. 16.
[366] Dr Judy Henderson, Global Reporting Initiative, Committee Hansard, 10 March 2006, p. 27.
[367] Centre for Australian Ethical Research, Just how business is done? A review of
Australian business' approach to bribery and corruption, March 2006, p. 3.
[368] Mr Phillip Spathis, Executive Officer, Australian
Council of Super Investors, Committee Hansard,
5 April 2006, p. 67.
[369] BT Governance Advisory Service, Submission 19, p. 5.
[370] BT
Governance Advisory Service, Submission
19, p. 8.
[371] ASX Corporate Governance Council, 2005 Analysis of corporate governance
practice disclosure, May 2006, p. 12.
[372] ASX Corporate Governance Council, 2005 Analysis of corporate governance
practice disclosure, May 2006, p. 13.
[373] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 3.
[374] Ms Amanda McCluskey, Sustainability Manager,
Portfolio Partners, Committee Hansard,
5 April 2006, p. 69. BHP Billiton's Health
Safety Environment and Community Report 2004 is available from www.bhpbilliton.com.au/bbContentRepository/Reports/bhpb_full_hsec_report_04.pdf, pp 16‑20
(accessed 10 May 2006).
[375] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 44.
[376] Mr Erik Mather, Head, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, pp 68–69.
[377] Australian Stock Exchange Corporate Governance
Council, Principles of Good Corporate
Governance and Best Practice Recommendations, March 2003, p. 60.
[378] Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, pp 9–10.
[379] For
example the Australian Conservation Foundation, Submission 21, p. 34; Oxfam, Submission 45,
p. 6; KPMG, Submission 53, p. 7; Australian
Centre for Corporate Social Responsibility, Submission
63, pp 5–6; Gippsland Community Legal Service, Submission 79, p. 8; Professor Craig Deegan, Submission 96,
p. 5; Dr Sean Cooney, Submission 104,
p. 2; Ethical Investment Association, Submission
105, p. 4; and Futureye, Submission
119, p. 9.
[380] For
example Philanthropy Australia, Submission
23, p. 14; Australian Institute of Company Directors, Submission 73, p. 4; Shell Australia, Submission 74, p. 11; Credit Union Services Corporation (Australia)
Limited, Submission 77, p. 3;
Business Council of Australia, Submission
108, p. 51; British American Tobacco Australia, Submission 112, p. 5; and unknownunknown134Mr Alex Gosman,
Director, Government and Corporate Affairs, GlaxoSmithKline, Committee Hansard, 23 February
2006, p. 44.
[381] AMP Capital Investors Sustainable Funds, Submission 30, pp 1–2.
[382] Mr Charles Berger, Legal Adviser, Australian Conservation Foundation, Committee Hansard, 24 February 2006, p.
83.
[383] Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, p. 10.
[384] Submissions are available on the committee's
website at
www.aph.gov.au/senate/committee/corporations_ctte/corporate_responsibility/index.htm
[385] Australian Human Right Centre, Submission 20, p. 9.
[386] United Nations Environment Programme Finance
Initiative Australasian Operational Environmental Management and Reporting
Advisory Committee, Submission 127,
p. 4.
[387] Australian Conservation Foundation, Submission 21, p. 31.
[388] Mr
Jeremy Cooper, Deputy Chairman, Australian Securities and Investments Commission,
Committee Hansard, 29 March 2006, p.
23.
[389] Australian Securities and Investment Commission,
Section 1013DA disclosure guidelines,
December 2003, p. 3.
[390] Ms Amanda McCluskey, Sustainability
Manager, Portfolio Partners, Committee
Hansard, 5 April 2006, p. 71.
[391] Financial Services Institute of Australasia, Submission 146, p. 10.
[392] Australian
Securities and Investment Commission, Section
1013DA disclosure guidelines, December 2003, p. 3.
[393] Financial Services Institute of Australasia, Submission 146, p. 3.
[394] Mr Erik Mather, Head, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, p. 75.
[395] Ms
Rosemary Bissett, Group Manager, Corporate Social Responsibility,
National Australia Bank, Committee
Hansard, pp 13–14. The two halves of this quote appear in reverse order in
the Hansard transcript.
[396] http://www.bitc.org.uk/about_bitc/index.html
(accessed 1 June 2006).
[397] http://www.bitc.org.uk/about_bitc/index.html
(accessed 1 June 2006).
[398] Hon Dr Ken Coghill, Dr Leora Black, Mr Dough
Holmes, Monash University, Submission
71, p. 13.
[399] Australian Business and Community Network, Submission 109, p. 18.
[400] Australian Business and Community Network, Submission 109, p. 18.
[401] Ms Catelijne Wessels, Senior Director, Membership
Services, CSR Europe, private communication, May 2006.
[402] Mr Erik Mather, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, p.
72.
[403] For example, Professor Margaret Nowak, Research
Director, Governance and Corporate Social Responsibility Research Unit, Curtin
Business School, Committee Hansard,
20 February 2006, p. 28.
[404] Mr Kim Horne, Refinery Manager, Pinjarra, Alcoa World Alumina Australia, Committee Hansard, 20 February 2006, p.
15.
[405] Mr Erik Mather, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, p.
72.
[406] Mr Kim Horne, Refinery Manager, Pinjarra, Alcoa World Alumina Australia, Committee Hansard, 20 February 2006, p.
15.
[407] Ms Allison Cohen, unknownunknown145Executive Officer, Indigenous Affairs and Land
Access, Chamber of Minerals and Energy, Western Australia, Committee Hansard, 20 February 2006, p. 50.
[408] Australasian
Operational Environmental Management and Reporting Advisory Committee of the
United Nations Environment Programme Finance Initiative, Submission 127, p. 2.
[409] Correspondence from the Credit Union Foundation
Australia to the Chair of the Committee, Senator Grant Chapman, 13 April 2006.
[410] Business Council of Australia, Submission to the Corporations and Markets
Advisor Committee's Corporate Social Responsibility inquiry, p. 8, www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/BCA_CSR.pdf (accessed
30 May 2006)
[411] Sustainability Asset Management, Submission 137, p. 16.
[412] Boral Limited, Submission 85, p. 4.
[413] Australian Banker's Association, Submission 106, p. 18.
[414] Dr Robert Simons, National Manager, Strategic
Research and Social Policy, The Smith Family, Committee Hansard, 23 November 2005, p. 56.
[415] Ms
Serena Lillywhite, Manager, Ethical Business, Brotherhood of St Laurence, Committee Hansard, 24 February
2006, p. 29.
[416] Ms Eva Cox, Senior Lecturer and Program
Director, Faculty of Humanities and Social Sciences, University of Technology
Sydney, Committee Hansard, 10 March
2006, pp 47–48.
[417] Dr
Robert Simons, National Manager, Strategic Research and Social Policy, The
Smith Family, Committee Hansard, 23
November 2005, p. 58.
[418] Mr
Alan Kirkland, Treasurer, Australian Council of Social Service, Committee Hansard, 23 November
2005, pp 67–68.
[419] Mr Alan Kirkland, Treasurer, Australian Council
of Social Service, Committee Hansard,
23 November 2005, p. 78.
[420] CPA Australia, Confidence in Corporate Reporting 2005, November 2005, pp 2–3.
[421] This section is based on Submission 133 by the Department
of Families, Community Services and Indigenous Affairs.
[422] Dr Robert Simons, National Manager, Strategic
Research and Social Policy, The Smith Family, Committee Hansard, 23 November 2005, p. 55.
[423] Department
of Families, Community Services and Indigenous Affairs, Submission 133, p. 3.
[424] Department of Family and Community Services, Submission 133, p. 3.
[425] Amnesty
International, Submission 90, p. 13.
[426] Ms
Sam Mostyn, Group Executive, Culture and Reputation, Insurance Australia Group,
Committee Hansard, 9 March 2006, p.
17.
[427] Department
of Families, Community Services and Indigenous Affairs, Submission 133, p. 9.
[428] Derived from Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 64, which shows that 2 of 71 government
agencies audited, are currently preparing sustainability reports.
[429] Mr Gene McGlynn, Assistant
Secretary, Department of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 39.
[430] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 18.
[431] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 15.
[432] Policy framework for Greening of
Government website, www.deh.gov.au/settlements/government/purchasing/policy.html
(accessed 19 May 2006).
[433] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 24.
[434] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 24.
[435] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 24.
[436] Dr Paul Starr, Senior Policy Officer, Committee Hansard, 27 March 2006, p. 40.
The various policies are discussed in Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, pp 16–20. Improvements in the energy efficiency
performance of government buildings were the significant exception, although
the report found that further improvements in this area were possible. In this
area DEH prepares an annual report.
[437] Australian National Audit Office, Cross
Portfolio Audit of Green Office Procurement, December 2005, p. 24
[438] Insurance Australia Group, Submission 29, p. 24.
[439] Australian Centre for Corporate Social
Responsibility, Submission 63, p. 6.
[440] For example, the Australian Centre for Corporate
Social Responsibility, Submission 63,
p. 6.
[441] Mr Gerard Brown, General Manager, Corporate
Affairs, Australia and New Zealand Banking Group Ltd, Committee Hansard, 5 April 2006, p. 37.
[442] Mr Tim Sheehy, Chief Executive, Chartered
Secretaries Australia, Committee Hansard,
23 November 2005, p. 50.
[443] Macquarie Graduate School of Management, the Australian
Graduate School of Management, Melbourne Business School, the University of
Technology Sydney Graduate School of Business and the University of Queensland
Business School.
[444] Department of the Environment and Heritage, Submission 116, p. 4.
[445] For example, Mr Eric Mayne, Chair, Australian Stock Exchange Corporate
Governance Council, Committee Hansard,
10 March 2006, p. 12; and Mr Tim Sheehy, Chief
Executive, Chartered Secretaries Australia, Committee
Hansard, 23 November 2005, p. 43.
[446] Ms Rosemary
Bissett, Group Manager, Corporate Social Responsibility, National Australia Bank,
Committee Hansard, 5 April 2006, p.
6.
[447] Mr Matthew Brine unknownunknown161, Manager, Governance and
Insolvency Unit, Department of the Treasury, Committee Hansard, 29 March 2006 p. 16.
[448] Mr Tom Ravlic, Policy Adviser, Financial Reporting and Governance,
National Institute of Accountants, Committee
Hansard, 5 April 2006, p. 84.
[449] Department of the Treasury, Submission 134, p. 14.
[450] Mr Matthew Brine unknownunknown162, Manager, Governance and
Insolvency Unit, Department of the Treasury, Committee Hansard, 29 March 2006, pp 15–16.
[451] Australian Stock Exchange, Submission 126, p. 1.
[452] For example Business Council of Australia, Submission to the Corporations and Markets
Advisor Committee's Corporate Social Responsibility inquiry, p. 7, states: 'to
support the wider adoption of CSR by business, the UK Government has been
exploring the benefits of CSR for general business performance. The UK Government
has worked with others on projects looking at the links between CSR or sustainability
and business performance, both in terms of the impact on the competitiveness of
individual companies and national economies.' See www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/BCA_CSR.pdf (accessed
30 May 2006).
[453] BHP Billiton, Submission 13, p. 6.
[454] Ms Sam Mostyn, Group
Executive, Culture and Reputation, Insurance Australia Group, Committee Hansard, 9 March 2006, p. 21.
[455] Mr Matthew Brine unknownunknown164, Manager, Governance and
Insolvency Unit, Department of the Treasury, Committee Hansard, 29 March 2006 p. 26.
[456] Dr Judy Henderson, Chairperson, Global Reporting Initiative, Committee Hansard, 10 March 2006, p. 33.
[457] Mr Gerard Brown, General Manager, Corporate Affairs,
Australia and New Zealand Banking Group Ltd, Committee Hansard, 5 April 2006, p. 37.
[458] Mr
Alex unknownunknown166Gosman,
Director, Government and Corporate Affairs, GlaxoSmithKline, Committee Hansard, 23 February
2006, p. 52.
[459] R.F.E. Warburton, Discussion of International Comparison of Australia's taxes, April
2006, p. 208.
[460] Mr Charles Berger, Legal Adviser, Australian
Conservation Foundation, Committee
Hansard, 24 February 2006, p. 78.
[461] Mr Erik Mather, Head, BT Governance Advisory Service, Committee
Hansard, 10 March 2006, p. 71.
[462] Mr Reece Agland,
Technical Counsel, National Institute of Accountants, Committee Hansard, 5 April 2006, p. 88.
[463] Department of the Treasury, Submission 134A, pp 1–2.
[464] Department of the Treasury, Submission 134A, pp 1–2.
[465] Mr Alex McDonald, the Body Shop, Committee Hansard, 23 February 2006,
pp 12–13.
[466] Ms Sam Mostyn, Group Executive, Culture and
Reputation, Insurance Australia Group, Committee
Hansard, 9 March 2006, p. 22.
[467] St James Ethics Centre, Submission 50, p. 5.
[468] Dr Simon Longstaff, Executive Director, St James Ethics Centre, Committee Hansard, 23 November 2005, p. 22.
[469] Dr Judy
Henderson, Chairperson, Global Reporting Initiative, Committee Hansard, 10 March 2006, p. 35.
[470] World
Business Council of Sustainable Development, www.wbcsd.org
[471] Speech by Lord Browne, BP Group Chief Executive,
at the Massachusetts Institute of Technology (MIT), Boston (2 May 2006)
[472] Insurance Australia Group, Submission 29, p. 24.
[473] Australian Centre for Corporate Social
Responsibility, Submission 63, p. 6.
[474] Mr Gene McGlynn, Assistant Secretary, Department
of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 41.
[475] This is discussed further below.
[476] Australian Centre for Corporate Social
Responsibility, Submission 63, p. 2.
[477] Dr Paul Starr, Senior Policy Officer, Committee Hansard, 27 March 2006, p. 39.
[478] Australian Bankers Association, Submission 106a, p. 2
See also: Association of Certified Chartered Accountants, Submission 32, p. 4, for UK perspective
[479] Fiona Buffini, 'Calls to protect corporate
conscience', Australian Financial Review,
23 November 2005, p. 4.
[480] Financial
Services Institute of Australasia, Submission
146, p. 9.
[481] Mr Steven Muchenberg, Business Council of
Australia, Committee Hansard, 23
February 2006, pp 104–105.
[482] Mr Steven Muchenberg, Business Council of
Australia, Committee Hansard, 23
February 2006, p. 105.
[483] Ms Sam Mostyn, Group Executive, Culture and
Reputation, Insurance Australia Group, Committee Hansard, 9 March 2006,
p. 18.
[484] Mr Charles Berger, Legal Adviser, Australian Conservation Foundation, Committee
Hansard, 24 February 2006, p. 83.
[485] Mr Charles Berger, Legal Adviser, Australian Conservation Foundation, Committee
Hansard, 24 February 2006, p. 84.
[486] The Body Shop, Submission 42, p. 5.
[487] Mr Wayne Gumley, Senior Lecturer, Department
of Business Law and Taxation, Monash University, Committee
Hansard, 24 February 2006, p. 60; and Mr Murray Hogarth, Senior Associate,
Ecos Corporation, Committee Hansard,
9 March 2006, p. 71.
[488] Mr Wayne Gumley, Senior Lecturer, Department
of Business Law and Taxation, Monash University, Committee Hansard, 24
February 2006, p. 60.
[489] Mr Murray Hogarth, Senior Associate, Ecos Corporation, Committee Hansard, 9 March 2006, p. 71.
[490] For example Mr Steven Muchenberg, Business
Council of Australia, Committee Hansard,
23 February 2006, p. 105; Insurance Australia Group, Supplementary Submission 29a, p. 3; Mr Charles Berger, Australian Conservation Foundation, Committee Hansard,
24 February 2006, p. 84; and Philanthropy Australia, Submission 23, p. 4.
[491] Department of the Treasury, Submission 134, p. 11.
[492] Centre for Australian Ethical Research, Just how
is business done? A review of Australian
business' approach to bribery and corruption, March 2006, p.3
[493] United
Nations Convention Against Corruption, (New York, 31 October 2003) [2003] ATNIF
21.
[494] AMP Capital Investors, Submission 30, p. 2
[495] Association of Certified Chartered Accountants, Submission 32, p. 9
[496] Centre for Australian Ethical Research, The State of Sustainability Reporting in
Australia 2005, March 2006, p. 7.
[497] Global Reporting Initiative, Sustainability Reporting Guidelines,
2002, p. 34.
[498] Australian Bankers Association, Submission 106 a, p. 2.
[499] Mr Daren Armstrong, unknownunknown190Secretary, Legislative Review
Task Force, Commercial Law Association of Australia Limited, Committee Hansard, 23 November 2005, p. 13;
and Australian Conservation Foundation, Submission
21, p. 34.
[500] Mr Gene McGlynn, Assistant Secretary, Department
of the Environment and Heritage, Committee Hansard, 27 March 2006, p. 41.
[501] Corporate ResponseAbility, Submission 93,
p. 8.
[502] Report of the HIH Royal Commission, Chapter 6.3
[503] Ms
Amanda McCluskey, Portfolio Partners, Committee
Hansard, 5 April 2006, p.69
[504] See also
Senate Hansard 14 June 2006, Senator Andrew Murray – Matters of Public Interest
–Ethics and Integrity in Public Life
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