Self-imposed red tape is costing Western Australia $37 billion a year and putting the brakes on productivity and innovation, according to a report.
By Pat McGrath
Red tape has long been blamed for whittling away company profits in Australia, but global accounting firm Deloitte says internal red tape and self-imposed rules are costing businesses twice as much as government regulations.
Federal Trade Minister Andrew Robb says “significant progress” has been made in finalising the Trans-Pacific trade deal this weekend.
By Sue Lannin
The head of Australia’s corporate regulator says Australia is “a paradise for white collar crime”.
Big proxy advisory firms are campaigning to ensure the majority of directors in a boardroom should be truly independent, leading to significant implications for corporate Australia and the structure of its boardrooms.
So when does an independent director cease to be independent and how many directorships are too many?
Regulators ASX and ASIC do not have definitive rulings but the trend will particularly target businesses where families or founders have large share holdings in the business.
Shareholder activist Stephen Mayne says big companies will increasingly get strong protest votes against entrenched directors.
The ACT’s publicly owned water, sewerage and energy provider ACTEW paid four departing executives nearly $1.7 million in termination payments, according to its annual report.