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Corporate responsibility.



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LEADER OF THE OPPOSITION

STATEMENT BY THE LEADER OF THE OPPOSITION THE HON SIMON CREAN MP

Corporate Responsibility

John Howard has again demonstrated how out of touch he is with his arrogant dismissal of the need to safeguard the savings and retirement incomes of Australians.

Australians must be confident that their investments are secure.

Australians are entitled to know that decisions are being taken in the best interests of their savings and investments and not primarily for the benefit of chief executives or company directors.

The overwhelming majority of Australian companies are run honestly and in the best interest of their shareholders.

Openness, honesty and accountability are vital not just to the interests of investors, but for ensuring confidence in the economy and in all companies, as is now being graphically demonstrated in the United States.

Strong and effective regulation is in the interests of all participants in the market place.

The Prime Minister and Treasurer are supporting the push by some sectors of the business community to weaken the powers of the ACCC. The Prime Minister and Treasurer are refusing to amend Australia's corporate regulations to increase corporate responsibility - including changes they promised to make before the last election.

Labor believes Australian business must be given every legitimate encouragement to grow and create jobs and wealth for the nation.

But Australia also needs corporate and consumer regulators that will vigorously protect the needs of investors, creditors and consumers.

PORT AUGUSTA 18 JULY 2002