Tim Wilson (Goldstein, Liberal Party, Assistant Minister to the Minister for Industry, Energy and Emissions Reduction) Share this | Link to this | Hansard source

I present a supplementary explanatory memorandum to the bill with my beautiful signature on it. By leave—I move government amendments (1) to (4) together:

(1) Schedule 2, item 47, page 42 (after line 28), at the end of subsection 1687J(2), add:

Note: Paragraphs 249R(c) and 252P(c) of this Act (as inserted by Schedule 2 to the Corporations Amendment (Meetings and Documents) Act 2021) cease to apply if a report is not prepared and tabled within a certain period: see section 1687K.

(2) Schedule 2, item 47, page 42 (after line 28), after subsection 1687J(2), insert:

(2A) The review, to the extent that it relates to sections 249R and 252P of this Act, must be conducted by an independent panel, with:

(a) at least one member of the panel having experience in corporate governance and the role of company directors; and

(b) at least one member of the panel having experience advocating for corporate social responsibility; and

(c) at least one member of the panel having experience representing the interests of shareholders.

(3) Schedule 2, item 47, page 43 (after line 3), at the end of section 1687J, add:

(6) If a report under subsection (3) sets out recommendations, the Minister must cause:

(a) a written response of the Commonwealth Government to the recommendations to be prepared; and

(b) the response to be tabled in each House of the Parliament no later than the first sitting day of that House occurring 3 months or more after the day the report is first tabled in either House of the Parliament under subsection (5).

(4) Schedule 2, item 47, page 43 (after line 3), after section 1687J, insert:

1687K Provisions relating to holding virtual-only meetings cease to have effect if report of review of operation of laws is not tabled within certain period

(1) Paragraphs 249R(c) and 252P(c) of this Act do not apply to a meeting held after the first sitting day of a House of the Parliament to occur after the end of the period of 30 months beginning on the day Schedule 1 to the Corporations Amendment (Meetings and Documents) Act 2021 commences, if the Minister does not cause a report dealing with the amendments of sections 249R and 252P made by Schedule 2 to that Act to be prepared, and tabled in that House, on or before that first sitting day.

(2) To avoid doubt, nothing in this section affects the validity of anything that is done, or not done, in reliance on this Act as in force before the end of that sitting day.

Stephen Jones (Whitlam, Australian Labor Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

Earlier today, the Labor opposition, through myself, circulated some sensible amendments to this bill, which I referred to in my second reading speech. Of course Labor intends to support the sensible measures within the bill. We thought they could be improved upon by the insertion of a statutory review. We are very pleased to see that, in the time between the commencement of the second reading debate and where we are today, the government themselves have adopted the Labor amendment.

It is my view that this is going to charm, enlighten and please 150 members of this place. Of course, the one exception to those who will be delighted with the fact that Labor and the coalition have reached agreement is going to be member for Mackellar, because in his address he spent the best part of 12 minutes railing against the Labor amendments—and a whole bunch of other stuff that was barely relevant to anything that was before the House this week, let alone before the House right now. The amendment is a sound one. We will be supporting it. We won't be calling for a division on the matter. We will be supporting it, as much as we would love to see the member for McKellar come in here and have to vote for the very thing that he argued against so passionately.

Question agreed to.

Bill, as amended, agreed to.