Submission to Senate Economics Legislation Committee on proposed abolition of CAMAC

As has been our position for some time, AICD strongly opposes the abolition of CAMAC and we recommend that the proposed abolition not proceed.

CAMAC has played an important role in the development of corporate law since it was created in 1989. Regardless of one’s views as to the recommendations proposed by CAMAC on particular issues, it must be recognised that it has played a critical role in identifying, explaining and analysing corporate law and market-related problems. CAMAC has also played an important educational role by preparing high-quality and well-researched reports which effectively set out technical issues in a clear and highly readable manner.

From the time the proposed abolition was first announced, we have clearly expressed our concerns and our willingness to discuss the options availe to the Government to re-instate CAMAC or to deploy CAMAC’s assets and expertise to another independent body.

This submission is most relevant to directors of companies incorporated under the Corporations Act including small businesses, NFP’s that are public companies limited by guarantee and listed companies. CAMAC’s reports have spanned a range of issues relevant to our members including crowd sourced equity funding, personal liability for corporate fault and insolvency issues.