More accountability, less red tape
The Australian Government is proposing reforms to strengthen and improve the Corporations (Aboriginal and Torres Strait Islander) 2006 (CATSI Act). The reforms are intended to benefit Aboriginal and Torres Strait Islander corporations by reducing red tape, especially for small corporations. Other proposed changes seek to increase transparency for members. There are also minor changes to streamline and clarify some parts of the CATSI Act.
The proposed changes cover the topics of:
- size classifications
- rule books
- business structures
- meetings and reporting
- transparency of senior executives
- payments to related third parties
- special administrations
- voluntary deregistration
- compliance powers.
We've updated our summary of the reforms (PDF). You can also view the proposed legislation (Bill) by following the link below.
Progress on the reforms
On 5 December 2018 the Corporations (Aboriginal and Torres Strait Islander) Amendment (Strengthening Governance and Transparency) Bill 2018 was introduced into the Parliament.
We have undertaken two rounds of consultations around Australia—the first in 2017 and the second in 2018. We'd like to thank everyone who participated in roundtable sessions, interviews and also wrote to us.
We have used your comments and feedback to help identify any issues with implementing the proposed amendments to the CATSI Act, and to ensure corporations can comply with them.
We will carry out further information and implementation sessions as the legislative amendments progress. We will use these sessions to provide guidance and support to help corporations understand and implement the changes when they take effect.
For materials provided during consultations, download:
- a three-page summary (PDF 192kb)
- the 24-page discussion paper (PDF 358kb)—including information on making a written submission, and questions for you to consider
- a PDF of the presentation we're using to frame the consultation (1.3mb)—including illustrations and examples.
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Background: Technical review of the CATSI Act
On 5 July 2017, the Minister for Indigenous Affairs, Nigel Scullion, announced that ORIC would lead a technical review of the CATSI Act.
The technical review was conducted in late 2017 and included stakeholder consultation. The CATSI Act commenced on 1 July 2007, and this was the first time a comprehensive review had been undertaken since the legislation came into effect. The purpose of the review was to explore ways to strengthen and improve the CATSI Act and aligning it with recent changes in corporate law and regulation, particularly in the Corporations Act 2001. For details see the following documents:
- Technical Review—terms of reference (PDF 24kb)
- Technical Review—discussion paper (PDF 102kb)
- Technical Review of the Corporations (Aboriginal and Torres Strait Islander) Act 2006—report by DLA Piper (PDF 1.4mb)
The review found a range of opportunities to make the law stronger and allow corporations to use it more effectively. Based on recommendations from the review, drafting of a Bill to amend the CATSI Act is now in progress.