Thousands of vaccine injuries, hardly anyone compensated
Last November it was widely reported that over 10,000 people intended to claim compensation under the governments no-fault indemnity scheme. At that time 78,000 injuries were reported and the scheme had not been promoted by the government. By September this year the government reported just over 3,000 claims had been made and less than 50 […]
Sacked over mandates? You’ll want to watch this Fair Work Commission Senate Hearing
Last week I questioned Fair Work Australia about their commissioners. I have sworn affidavits from people saying one Vice President was heard saying on the phone that she wouldn’t let an unvaccinated person look after her grandchildren. I also asked why commissioners aren’t listening to expert advice representing sacked workers. Commissioners are just washing their […]
1. When ASIC decides to commence an official investigation on a corporate entity or individual persons who within ASIC becomes aware of the investigation and the company and/or people who are the target of that investigation? 2. Are ASIC staff outside the Office of Enforcement able to find out who is being officially investigated by ASIC? 3. Does ASIC ever inform the Department of the Treasury about active official investigations and who are the subject of them? 4. Does ASIC ever inform the Treasurer, the Assistant Treasurer, or any other Cabinet Minister about what official investigations are being undertaking by ASIC and who are subject of those investigations? If so, when does ASIC make these disclosures and how does ASIC exercise its discretion? 5. Is the Treasurer or the Assistant Treasurer able to ask ASIC who is under official investigation? If so, what are the procedures of how such requests are made and managed? 6. If ASIC becomes aware that a Federal Parliamentarian has either a public or private relationship with a corporate entity or individuals under official investigation, what does ASIC do in this circumstance? Are there any operational procedures? Does ASIC’s operational procedures in this regard change if the Federal Parliamentarian is a Cabinet Minister? 7. Under section 14 of the ASIC Act, the Treasurer has the legal power to instruct ASIC to commence an investigation. Conversely, does the Treasurer (or other Cabinet Minister such as the Prime Minister) have the power to instruct ASIC to shut down an official investigation? If so, where is this legal power and how would the Treasurer exercise this power? 8. Who within ASIC has the operational power to close an official investigation? Is it: a. The senior investigator? b. The senior manager? c. The executive leaders within the Office of Enforcement? d. ASIC’s Enforcement Committee (which includes ASIC’s Deputy Chair)? e. The ASIC Chairman? 9. Has a Federal Parliament ever been subjected to a section 19 examination by ASIC? On how many occasions has this occurred?
Question Number: 68 PDR Number: SBE068 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. ASIC staff are generally permitted to access information about ASIC investigations on a ‘need to know’ basis for the proper and efficient performance of their duties unless information about a particular matter has been restricted through system […]
On 28 October 2022, ASIC issued a press release stating that ASIC found a material deterioration of audit quality in the past 12 months (https://asic.gov.au/about-asic/newscentre/find-a-media-release/2022-releases/22-296mr-asic-reports-on-audit-inspectionfindings-for-12-months-to-30-june-2022/). Has ASIC considered whether companies are engaging and remunerating auditors appropriately given the size and scope of the company? For example, does ASIC consider ratios such as audit fees as a percentage of revenue to determine whether the external auditor has been appropriately engaged to perform a proper and comprehensive audit?
Question Number: 67 PDR Number: SBE067 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission Setting audit fees is a commercial decision by companies and their auditors. ASIC is not a pricing regulator. The fee setting process is managed by directors and the audit committees with their auditors and can vary from year […]
ASIC held a forum which occurred last week on 3-4 November 2022. I note that ticket prices for the forum this year was more than $AUD 2,000 per ticket. 1. Do you think it is appropriate that ASIC is giving access to the big end of town to its senior leadership at a price point which is inaccessible to mum and dad retail investors? Does ASIC concede that mum and dad retail investors who may wish want to engage with ASIC’s executive leadership don’t have $AUD 2,000 to spend on a ticket? 2. Are events such as the ASIC Forum opportunities for ASIC’s senior leadership to be captured by the big end of town? 3. Can ASIC confirm whether anyone from the Office of Enforcement attended the ASIC Forum? If so, is it appropriate that ASIC’s law enforcement staff attend an expensive event with people that they may investigate at some point in the future?
Question Number: 66 PDR Number: SBE066 Date Submitted: 14/11/2022 Department or Body: Australian Securities and Investment Commission 1. The ASIC Annual Forum is a platform that enables ASIC to engage with the community and industry. Attendees of the Annual Forum include consumer groups, academics, financial services firms and business, media, major law and accounting firms, […]
