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The Department of Home Affairs has issued its draft guidance “Modern Slavery Act 2018: Draft Guidance for Reporting Entities” (Draft Guidance) for the new Modern Slavery Act 2018 (Cth) (the Act).
Welcome to Edition 82 of Boardroom Brief.
This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.
Getting tough on ‘white-collar’ criminal offences - proposed reforms to strengthen penalties for corporate and financial sector misconduct. The Australian Government has opened consultation on draft legislation to strengthen penalties for corporate and financial sector misconduct. The reforms intend to implement some of the recommendations of the ASIC Enforcement Review Taskforce, including:
The AICD welcomes consultation on the reforms, noting it has long called for stronger criminal and civil penalties for corporate misconduct as they are an essential part of a robust enforcement regime. Consultation ends on 23 October 2018.
They keep coming….big banks criticised for unacceptable delays in reporting, addressing and remediating significant breaches following ASIC review. Another blow this week to Australia’s big financial services groups, with ASIC identifying serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law. The law requires that significant breaches, investigated and determined by a financial institution, be reported to ASIC within 10 business days. However, one in seven significant breaches were reported later than this requirement. ASIC analysed the 2014 - 2017 breach data of a number of financial services groups (including the big four banks and AMP). Key findings from ASIC’s report include:
A copy of ASIC’s media release can be found here.
ABS releases jobs figures. The ABS released job figures for vacancies, jobs filled and hours worked. Some of the key points revealed include:
Daylight saving commences at 2:00 am EST this Sunday. Daylight saving is not observed in Queensland, Western Australia (WA) or the Northern Territory. As WA will be three hours behind Sydney time during daylight saving, as of next Monday, ASX Market Announcements will stay open until 8.30 pm EST (5.30 pm WST). ASX Market Announcements will revert to its usual 7.30 pm EST closing time when daylight saving ends on 7 April 2019.
China’s Golden Week. China will celebrate its National Day Holiday (referred to as Golden Week) from 1 October to 7 October.
RBA interest rate decision. The RBA’s interest rate decision will be released on Tuesday. Rates are forecast to remain at 1.5%.