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Notice given 26 June 2003

*2  Senator Lees: To move—That the following matter be referred to the Finance and Public Administration References Committee for inquiry and report by 31 December 2003:

The issue of corporate governance, with particular reference to:

(a) the decline in the share price of some iconic Australian companies, including those majority-owned by the Commonwealth, such as Telstra, and possible reasons for this decline;

(b) corporate competence and accountability demonstrated by the boards of these companies;

(c) payment and benefits to directors and executives, including the rewarding of non-performing and exiting senior executives with ‘Golden Parachutes’, and possible future taxation of such benefits;

(d) the provision of share options as a form of payment;

(e) the conduct of company annual general meetings, including necessary changes to their guidelines to allow for effective action on the part of shareholder-activists;

(f) the need for independent directors on company boards;

(g) the role of fund managers, including whether or not fund managers should sit on boards of companies in which they have invested, and the disclosure of votes by funds at company meetings or on boards;

(h) the oversight and regulation of superannuation funds, particularly those jointly established by unions and employers, and the role of administrators of these funds;

(i) the relationship between Government majority-owned companies and the Executive and Parliament, including the use of company resources to monitor and lobby members of the Government and the Parliament, and the level of accountability of these companies to the Parliament, in relation to all items of expenditure, including sponsorship and hospitality; and

(j) any other relevant matters.

Business of the Senate—Orders of the Day

Employment, Workplace Relations and Education References Committee

Report to be presented on the refusal of the Government to respond to the order of the Senate of 21 August 2002 for the production of documents relating to financial information concerning higher education institutions.

Environment, Communications, Information Technology and the Arts References Committee

Report to be presented on the role of libraries as providers of public information in the online environment.

Environment, Communications, Information Technology and the Arts References Committee

Report to be presented on environmental performance at the Ranger, Jabiluka, Beverley and Honeymoon uranium operations.

 

 4  Economics Legislation Committee

Report to be presented on the provisions of the Financial Services Reform Amendment Bill 2003. ( Referred upon the introduction of the bill in the House of Representatives pursuant to Selection of Bills Committee report .)

Rural and Regional Affairs and Transport Legislation Committee

Report to be presented on the provisions of the Aviation Transport Security Bill 2003 and the Aviation Transport Security (Consequential Amendments and Transitional Provisions) Bill 2003. ( Referred upon the introduction of the bill in the House of Representatives pursuant to Selection of Bills Committee report .)

Six sitting days after today (20 August 2003)

Business of the Senate—Notice of Motion