ASIC

Insider trading, tax avoidance allegations levelled at Retail Food Group

Insider trading, tax avoidance allegations levelled at Retail Food Group

RFG repeatedly declined to provide the committee with important information about its operations.”The lack of cooperation by both current and former RFG officers is striking, and indicative of a poor corporate culture at the company,” the report said. While the committee received evidence about churning and burning in other franchise systems, the problem appears to…


ASIC boss says bankers resisting change

ASIC boss says bankers resisting change

“What they are doing is just focusing on rogue regulators, who (they think) are just going off on a frolic.“It’s not a frolic. We clearly have been given a mandate by the government, by the Parliament, by the royal commission, to do our job as effectively as possible.”The banking sector’s apparent resistance to reform was…



NAB’s Mr Fixit, Phil Chronican, can’t forget board renewal

NAB’s Mr Fixit, Phil Chronican, can’t forget board renewal

Still, these are strange and difficult times in NABland, and no one is likely to worry too much about this temporary concentration of power given it is the universally respected Chronican straddling both roles.Indeed, the dual jobs might actually help “Fixit Phil” cement his early message to bank staff, which was pretty simply summed up…


Wake-up call for investors facing lower returns in Labor franking plan

Wake-up call for investors facing lower returns in Labor franking plan

Under Australia’s system of dividend imputation, shareholders receive franking credits to account for tax paid at the corporate level, which in most cases is 30 per cent. Credits can be used to offset tax owed by the shareholder.For people who pay little or no tax (such as superannuation funds and retirees), excess franking credits are…


Accounting regulator chairman Bill Edge still being paid by PwC

Accounting regulator chairman Bill Edge still being paid by PwC

This view is in stark contrast to the corporate regulator, which has repeatedly raised concerns about audit quality. The Australian Securities and Investments Commission’s latest Audit Inspection Program results, based on examining almost 100 risk-targeted audits to asses quality, found there was inadequate evidence behind the findings of one in five reviewed audits.The joint committee…


Climate change activism entering a new era

Climate change activism entering a new era

Chanticleer understands that when the Centre for Policy Development held a private session in Melbourne in 2017 to talk about Hutley’s opinion, directors’ duties and climate-related risks there was a forthright and somewhat controversial intervention by a former High Court judge.The judge said that if he were forced to decide on this sort of matter…



Private dinner between Deloitte, EY, KPMG and PwC chiefs in spotlight

Private dinner between Deloitte, EY, KPMG and PwC chiefs in spotlight

‘Concerted practices’The reason both cite are new “concerted practices” provisions which came into effect in November 2017 and mean the ACCC has a lower evidence threshold to meet than the old cartel provisions.These provisions, which have not yet been tested in court, prohibit companies from engaging in a co-ordinated way that “is likely to have…


ASIC took 3 years to charge rogue Deutsche Bank trader

ASIC took 3 years to charge rogue Deutsche Bank trader

Donaldson’s conduct was first discovered by the investment bank in June 2014, and he was fired shortly thereafter.But it wasn’t until 3 1/2 years years later, in December 2017, that he received a court attendance notice notifying him of the criminal charges.He said it was 8am when the doorbell rang and he thought he was…