Compliance Overview

Compliance Framework
Compliance Driver Corporations Act 2001 (Cth)
Classification Level 2
University-wide requirement. Lower impacts.
Associated Legislation
Associated Standards None
Associated Codes None
Associated Information None
Return to Top Administrative Information
Administrative Body Australian Securities and Investments Commission
Administrative Name
Administrative Address Mailing Address
P.O. Box 4000
Gippsland Mail Centre Victoria
Australia, 3841
Mailing Address
GPO Box 9827
Sydney NSW
Australia, 2001
Administrative Phone 1300 300 630
03 5177 3988
Administrative Email  
Administrative Website http://asic.gov.au/for-business/
Return to Top General Introduction
VC Compliance Delegate Kate McNarn, Director Governance and University Secretary
Compliance Coordinator Katrina Warden, Director Legal Services
Business Units Impacted
  • Ag360
  • Australian Business Research Institute
  • Controlled Entities
  • UNE Foundation Limited
  • UNE Life
  • UNE Life Pty Ltd
  • UNE Partnerships Pty Ltd
Overview The Corporations Act 2001 (Cth) is the principal legislation regulating business entities (primarily companies) in Australia. It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.

As the Commonwealth has insufficient power (under Section 51(xx) of the Australian Constitution) to legislate in relation to the formation of companies, a co-operative scheme involving a referral of power from the Australian States was created and adopted by all States (for NSW refer to the Corporations (New South Wales) Act 1990 (NSW)). Under the Corporations Agreement between the States and the Commonwealth, all changes to the Act must be referred to the Ministerial Council for Corporations (MINCO) for approval.

The Corporations Act 2001 (Cth) amendments to whistle-blower provisions commenced on 1 July 2019. These provisions expand the protections available to whistle-blowers and the liabilities of board members and senior managers of corporations, including the penalties for breaches. The provisions apply to a regulated entity, which includes corporations to which the Commonwealth constitution applies.

This legislation is relevant for the controlled entities of the University.

Compliance Obligations

Return to Top Directors' Duties
Description Directors duties in Australia are designed to promote good governance and ensure that directors act in the interests of
the company " including putting the company’s interests ahead of their own.

Both common law and statutory obligations include:
" duty to act bona fide (in good faith) in the interests of the company as a whole
" duty not to act for an improper purpose
" duties of care and diligence
" duty to avoid conflicts of interest
" duty not to make improper use of position
" duty not to make improper use of information
" duty not to trade while insolvent
Impacts Individual consequences can include both criminal and civil penalties. The maximum penalty is a fine of $200,000 or five years imprisonment, or both.
Responsible Manager Kate McNarn, Director Governance and University Secretary
Coordinating Officer Katrina Warden, Director Legal Services
Coordinating Unit Finance
Oversight Committee/Group None
Business Units Impacted
  • Australian Business Research Institute
  • UNE Foundation Limited
  • UNE Life
  • UNE Partnerships Pty Ltd
Obligation Framework
Associated Legislation
Associated Standard None
Associated Code None
Associated Information None
Management Tools
Rule None
Policy None
Procedure None
Guideline None
Other Websites
 
Return to Top Whistleblower Protections - eligible recipients
Description Nominate Officers who are eligible recipients within UNE for taking a qualifying disclosure (ie. Director Audit and Risk and Associate Director Audit and Risk).
Impacts
Responsible Manager Kate McNarn, Director Governance and University Secretary
Coordinating Officer Kate McNarn, Director Governance and University Secretary
Coordinating Unit Internal Audit
Oversight Committee/Group Audit and Risk Committee
Business Units Impacted
  • Ag360
  • Australian Business Research Institute
  • Controlled Entities
  • UNE Foundation Limited
  • UNE Life
  • UNE Life Pty Ltd
  • UNE Partnerships Pty Ltd
Obligation Framework
Associated Legislation None
Associated Standard None
Associated Code None
Associated Information
Management Tools
Rule Reporting Wrongdoing at UNE Policy
Policy None
Procedure Public Interest Disclosure Procedures
Guideline None
Other Websites ASIC Website - Information for Corporate Whistleblowers