Management, governance and accountability
Chairman
The Panel is made up of part-time members appointed by the Minister. The Minister has appointed Mr Paul Shannon as Chairman. The Chairman's responsibilities include:
- liaising with the Minister, Government, Treasury and stakeholders;
- reviewing the performance of the Panel Executive;
- making Panel rules;
- appointing the Chairman for 'Sitting Panels'; and
- considering the interests of Sitting Panel members for possible conflicts of interest.
Executive team
As at 30 June 2008, the members of the Executive team were:
- Mr Stephen Powell, Executive Director; and
- Ms Marilyn Dango, Office Manager and Executive Assistant.
During the period, Mr Paul Power resigned from the position of Executive Director.
Governance
External scrutiny
The FRP's determinations are not binding on either ASIC or on the lodging entity. However, ASIC has publicly stated that it will support the determinations made. Technically, the FRP's decisions are subject to review by the Federal Court under the Administrative Decisions (Judicial Review) Act 1977 but such reviews are considered unlikely given the non-binding nature of the FRP's determinations.
The FRP is an alternative dispute forum which assesses the facts of a matter and interprets how they fit within the existing accounting standards. However, the FRP recognises the importance of the disputants being comfortable with the process and readily accepting the validity of its determinations. The approach adopted by the FRP, whilst not strictly allowing for a consensus-orientated approach is one of informality and information sharing with the goal of achieving agreement of the disputants to the determination.
Ethics
FRP staff are required to adhere to the Australian Public Service values and code of conduct under the Public Service Act 1999.
Australian Public Service values include performing functions impartially and professionally, the highest ethical standards, open accountability and delivering services fairly, effectively, impartially and courteously to the Australian public.
The requirements of the code of conduct include honesty, care and diligence, compliance with the law and avoiding conflicts of interest.
Government scrutiny
The FRP was not subject to any reports by the Australian National Audit Office or any Parliamentary committees during 2007-08.
Ombudsman
The FRP was not subject to any reports by the Commonwealth Ombudsman during 2007-08.
Management of human resources
As at 30 June 2008, the FRP's Executive staff consisted of two ongoing permanent members of staff.
Staffing information
The following table represents the number of staff employed by the FRP, by classification and gender, as at 30 June 2008. Permanent staff are employed under the Public Service Act 1999.
Table 3: Operative staff by classification and gender
Permanent full time |
|||
|---|---|---|---|
Classification |
Male |
Female |
Total |
APS4 |
1 |
1 |
|
EL1 |
1 |
1 |
|
Total |
1 |
1 |
2 |
Australian Workplace Agreements
The EL1 member of staff on the FRP Executive was employed under an AWA. The AWA expires on 6 September 2009. The FRP did not make any specific performance pay or bonus payments.
Staff development
The FRP seeks to ensure that its staff continuously develop their core skills and keep up-to-date with developments in accounting standards and finance practices in the corporate sector.
Staff attended workshops and training sessions during this financial year in the areas of financial accounting and office administration.
Remuneration
The Treasury Certified Agreement 2007-2009 determines the salary rates for non-SES staff of the FRP. Details and statistics on non-SES remuneration are included in the Treasury Annual Report, Part 3: Management and Accountability, Management of Human Resources.
Workplace diversity
The FRP adopts Treasury's policies and procedures in relation to Equal Employment Opportunity (EEO). Details and statistics on operative and paid inoperative staff by EEO target group and EEO appointments to the FRP are included in the Treasury Annual Report, Part 3: Management and Accountability, Workplace Diversity.
At 30 June 2008, the FRP Executive consisted of two staff members of which one was male and one female.
Industrial democracy
The FRP has adopted Treasury's Certified Agreement Performance Management System and Treasury Management Model. Industrial democracy issues are dealt with by Treasury's Workplace Relations Committee.
Occupational health and safety (OH&S)
As employees of Treasury, FRP staff and members have the benefit of Treasury's OH&S programs and functions. The FRP has adopted the Employee Assistance Program, an external service organised by Treasury for employees and their families.
There were no accidents, injuries or dangerous occurrences notified to Comcare in 2007-08.
Commonwealth disability strategy
The FRP adopts Treasury's policies and procedures in relation to the Commonwealth's disability strategy.
Consultants and competitive tendering and contracting
The consulting contract entered into in 2006-07 for the provision of services in relation to the development and implementation of a communication strategy continued during 2007-08. Total expenditure during 2007-08 on this contract was $26,433.
Discretionary grants
The FRP made no discretionary grants in 2007-08.
Advertising and market research
The FRP did not carry out any advertising or market research during 2007-08.
Environmental performance
The FRP consciously undertakes energy saving and recycling on its premises by exercising the following:
- power save mode features on all office equipment;
- power on desktop computers turned off at the end of each business day;
- lights switched off in unused areas during business hours;
- paper and cardboard recycling; and
- the FRP does not operate any vehicles.
Freedom of information
Given the commercially sensitive nature of matters being considered, and the time pressures imposed on the FRP by relevant legislation, proceedings are generally conducted in private. However, the FRP has the power to invite submissions from any person, to accept submissions made by interested persons who are not formal parties to specific proceedings, and to call for persons to make submissions in relation to specific proceedings.
Statement under section 8 of the Freedom of Information Act 1982
The Financial Reporting Panel is an agency within the Treasury portfolio in relation to the application of the Freedom of Information Act, and was established under section 239 of the Australian Securities and Investments Commission Act 2001.
Organisation, functions and powers
The FRP's organisation, functions and powers are set out in previous sections of this report.
Categories of documents held by the Panel
The Panel maintains the following categories of documents:
- lodged applications;
- correspondence, evidence and submissions relation to proceedings;
- independent expert advices;
- reasons for decisions;
- press releases;
- rules for proceedings;
- research relating to accounting issues and standards;
- administrative and financial documents relation to the Panel's operations;
- general correspondence; and
- resources (that is, internet links to: Australian legislation and regulations; relevant Parliamentary reports; international regulators; Australian corporate law websites and professional associations websites).
The documents accessible to the public for viewing are the FRP's determinations, press releases and annual reports.
Access to documents
The primary method of access to FRP documents is from the FRP website. The FRP seeks to ensure that all publicly available documents are on its website.
Alternatively, formal freedom of information requests can be sent to:
The Freedom of Information Officer
Australian Treasury
Langton Crescent
PARKES ACT 2600
Freedom of information activity in 2007-08
The FRP did not receive any applications for access to documents under the Freedom of Information Act 1982 in 2007-08.
Regulatory impact statements
The FRP did not submit any Regulatory Impact Statements in 2007-08.
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