Another independent government body has added its voice to the growing chorus of legal experts calling for the reinstatement of a standing corporate law reform body.
The chair of the Australian Securities and Investments Commission (ASIC) has joined the growing chorus of legal experts urging the government to revive a standing corporate law reform body.
Law Council of Australia executive member Elizabeth Shearer shared that reinstating a dedicated advisory body would help ensure Australia’s corporate regulatory framework keeps pace with the fast-changing business landscape.
“The Law Council has called on the government to establish a standing law reform advisory body to replace the former Corporations and Markets Advisory Committee (CAMAC),” Shearer said.
“The dynamic nature of corporations and markets creates a need for ongoing and timely reform and legal regeneration in these areas.”
Calls from legal bodies for a corporate law reform body focus on re-establishing the former Corporations and Markets Advisory Committee (CAMAC), which was disbanded more than a decade ago as part of the 2014–15 federal budget.
Established in 1991, CAMAC provided independent, expert advice and recommendations to the minister about matters relating to corporations and financial services law, administration and practice.
Shearer emphasised that bringing back a dedicated advisory body would offer real, practical benefits by helping to “enhance the efficiency of the reform process and reduce complexity and unnecessary costs”.
The Law Council’s Business Law Section (BLS), chaired by Professor Pamela Hanrahan, has been a leading voice in advocating for the reinstatement of a CAMAC-style body, championing its return for several years.
The group included the proposal in its Call to Parties document ahead of the last federal election, arguing that the absence of an independent reform mechanism has slowed progress on critical corporate law issues.
“Reinstituting a body like CAMAC was a key recommendation of our Call to Parties circulated in the lead-up to last election; and the need for such a body was reiterated last month by the Corporate Law Reform Alliance, which includes the BLS and 12 other peak bodies,” Shearer said.
With ASIC now throwing its weight behind the move to revive the axed corporate law reform body, Shearer welcomed the endorsement and expressed hope that the government would act on these calls.
“We were heartened by the support expressed last week by the chair of ASIC, Joe Longo, for reviving a standing expert body to support productivity-enhancing regulatory reform,” Shearer said.
