Management, governance and accountability
Chairman
The Panel is made up of part‑time members appointed by the Minister. The Minister has appointed Mr Ken McKenzie 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.
Governance
External scrutiny
The FRP's determinations are not binding on either ASIC or 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 2008‑09.
Ombudsman
The FRP was not subject to any reports by the Commonwealth Ombudsman during 2008‑09.
Management of human resources
As at 30 June 2009, the FRP's administrative functions were performed within the Treasury. During the period, resource requirements were minimal and were allocated as required.
Staffing information
The following table represents the number of staff employed by the FRP, by classification and gender, as at 30 June 2009. Permanent staff are employed under the Public Service Act.
Table 3: Operative staff by classification and gender
Permanent full time |
|||
|---|---|---|---|
Classification |
Male |
Female |
Total |
EL1 |
0.2 |
0 |
0.2 |
Total |
0.2 |
0 |
0.2 |
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 administrative functions of the FRP were performed by the Treasury. As such, 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.
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 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 2008‑09.
Consultants and competitive tendering and contracting
The FRP did not employ any consultants or engage in any competitive tendering and contracting in 2008‑09.
Commonwealth disability strategy
The FRP adopts Treasury's policies and procedures in relation to the Commonwealth's disability strategy.
Discretionary grants
The FRP made no discretionary grants in 2008‑09.
Advertising and market research
The FRP did not carry out any advertising or market research during 2008‑09.
Environmental performance
The administrative functions of the FRP were performed by the Treasury. As such, the FRP adopts Treasury's policies and procedures in relation to environmental performance. Details of Treasury's policies in relation to energy management, paper and glass and plastics recycling, procurement practices and water usage are available in the Treasury Annual Report, Part 5: Appendices, Ecologically sustainable development.
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 ASIC Act.
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 advice;
- reasons for decisions;
- press releases;
- rules for proceedings;
- research relating to accounting issues and standards;
- administrative and financial documents relating 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 2008-09
The FRP did not receive any applications for access to documents under the Freedom of Information Actin 2008‑09.
Regulatory impact statements
The FRP did not submit any regulatory impact statements in 2008‑09.
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