Footnotes

Chapter 1 - Introduction

[1]        Explanatory Memorandum, p. 1.

[2]        Explanatory Memorandum, p. 4.

[3]        Explanatory Memorandum, p. 4.

Chapter 2 - The Bill in the context of current insolvency law

[1]        The Hon John Howard MP, House of Representatives, House Hansard, 4 June 2001, p 27 127.

[2]        See, for example, transcripts of hearings of the HIH Royal Commission into the collapse of the HIH Insurance Group, http://www.hihroyalcom.gov.au/Hearings/Transcript.asp

Chapter 3 - Provisions of the Bill

[1]        Explanatory memorandum, 1.

[2]        The Australian Chamber of Commerce and Industry submitted that taken as a whole, it considers the Bill ‘to be a focused and proportional approach to dealing with a fairly infrequent issue in corporate governance in Australia’. Submission 2, p. 1. The Association of Superannuation Funds of Australia also expressed support for the aims of the Bill. Submission 4 p. [2]. Similarly the CPA Australia and the Institute of Chartered Accountants in Australia gave qualified support for the Bill. Submission 5, p. 1.

[3]        Submission 8, p. 1.

[4]        Submission 3, p. 1.

[5]        Committee Hansard, p. E5.

[6]        Committee Hansard, p. E5.

[7]        Submission 6, p. 1.

[8]        Submission 8, p. 1. See also Committee Hansard, pp. E8 and E18.

[9]        Submission 4, p. [2].

[10]      The Hon Peter Costello MP, Treasurer of the Commonwealth of Australia, Media Release, ‘Corporations Amendment (Repayment of Directors’ Bonuses) Bill 2002, 16 October 2002. See also second reading speech, Mr Peter Costello MP, House Hansard, 16 October 2002, p. 7677.

[11]      The Hon. Peter Costello, MP, Treasurer of the Commonwealth of Australia, Media Release, ‘Corporations Amendment (Repayment of Directors’ Bonuses) Bill 2002, 16 October 2002. See also Second Reading Speech, Mr Peter Costello MP, House Hansard, 16 October 2002, p. 7677.

[12]      Submission 5,  p. 2.

[13]      Submission 7, p. 2.

[14]      Submission 5, p. 2.

[15]      Submission 7, p. 2; Committee Hansard, p. E14.

[16]      Submission 1, p. 1.

[17]      Submission 5, p. 1.

[18]      Supplementary Submission, p. 1.

[19]      See, for example, the comments of Mr Dwyer, National President, Insolvency Practitioners Association of Australia, Committee Hansard, p. E8.

[20]      See comments by Professor Bob Baxt, Committee Hansard, p. E6.

[21]      Supplementary Submission 9, p. 1.

[22]      Submission 5, p. 2.

[23]      Available from Treasury website, http://treasury.gov.au/, Bills, Acts & Legislation.

[24]      Submission 6, p. 3.

[25]      Submission 5, p. 2.

[26]      Committee Hansard, p. E11.

[27]      Submission 4.

[28]      Committee Hansard, p. E19.

[29]      Committee Hansard, p. E19.

[30]      Explanatory memorandum, para 3.6.

[31]      Submission 1, p. 2. The AICD suggested that the ‘reasonableness’ test in s588FDA(1)(c) require that:

3. the transaction be so manifestly unreasonable having regard to:
   1. the benefits (if any) to the company of entering into the transaction;
      and
   2. the detriment to the company of entering into the transaction; and
   3. the respective benefits to other parties to the transaction of entering into it; and
   4. any other relevant matter;

that no reasonable person in the company’s circumstances could have entered into it.

[32]      Committee Hansard, p. E17.

[33]      Submission 2, p. 2.

[34]      Submission 3. See also Mr Peter Costello MP, Second Reading Speech, House Hansard, 16 October 2002, p, 7677 and media release 16 October 2002.

[35]      Committee Hansard, p. E17.

[36]      Sharon Burrow, Committee Hansard, p. E14.

[37]      Committee Hansard, p. E14.

[38]      Committee Hansard, p. E14.

[39]      Committee Hansard, p. E17.

[40]      House Hansard, 11 February 2003, p. 11439.

[41]      House Hansard, 11 February 2003, p. 11442.

[42]      Submission 4.

[43]      Submission 6.

[44]      Committee Hansard, pp. E18–19.

[45]      Submission 1, p. 1, and comments by Professor Baxt, Committee Hansard, p. E2.

Labor members minority report

[1] Committee Hansard, 6 March 2003, page E2

[2] Committee Hansard, 6 March 2003, page E10

[3]        The Hon John Howard MP, House of Representatives, House Hansard, 4 June 2001, p 27 127.

[4]        See, for example, transcripts of hearings of the HIH Royal Commission into the collapse of the HIH Insurance Group, http://www.hihroyalcom.gov.au/Hearings/Transcript.asp

Supplementary remarks - Senator Andrew Murray: Australian Democrats

[1] See Democrats and Labor amendments (s.300A), forcing the Government to accept disclosure of remuneration Company Law Review Bill 1997, Senate Hansard 24 and 25 June 1998.

[2] AFR ‘Disclosure Pays Off’ Page 70 Thursday 13 March 2003.

[3] AFR Page 72 Saturday 15 March 2003.

[4] JCPAA Report 391 ‘Review of Independent Auditing by Registered Company Auditors’

[5] Dr Shann Turnbull is a notable Australian and international authority in this area of corporate governance.  His writings have been an important contribution to the debate.

[6]        The Hon John Howard MP, House of Representatives, House Hansard, 4 June 2001, p 27 127.

[7]        See, for example, transcripts of hearings of the HIH Royal Commission into the collapse of the HIH Insurance Group, http://www.hihroyalcom.gov.au/Hearings/Transcript.asp