On 1 November, the AICD provided a letter to the Australian Law Reform Commission (ALRC) joining the Law Council of Australia's Business Law Section and others in encouraging a recommendation for the reinstatement of an independent advisory body on corporate law in its final report on improving Australia’s corporations and financial services legislation.
During the period of 1989 to 2014, the former CAMAC played an important role in the development of corporate law – identifying, explaining and analysing corporations and financial services law as well as market related matters. The AICD considers that CAMAC demonstrated a significant degree of independence and a non-partisan approach to policy proposals given its structure, the expertise of its members and legal committee, and its broad consultation on issues at hand.
Given the increasing complexity of corporate law and corporate governance in Australia, the AICD considers there is a need for expert and independent capacity to support the Government’s policy-making in this area. The reinstatement of a CAMAC-equivalent body could play a useful complementary role to that of Treasury and and configure itself with the necessary expertise relevant to the inquiry at hand. Its independence would also align with heightened stakeholder expectations around evidence-based policy informed by expert advice.
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