find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Backlash over plans to scrap CAMAC

Backlash over plans to scrap CAMAC

Trish Hyde ACLA

Industry groups are rallying behind the Corporations and Markets Advisory Committee (CAMAC) following a Senate Economics Committee recommendation that the body be abolished.

The senate committee tabled a report on 17 March supporting the federal government’s Corporations and Markets Advisory Committee Abolition Bill proposing that CAMAC and its legal committee be consolidated into the Treasury.

Australian Corporate Lawyers Association CEO Trish Hyde (pictured) stressed the importance of an independent body like CAMAC in articulating the views and needs of business in law reform.

She also told Lawyers Weekly that general counsel “need to have a forum to view law reform through the lens of business practicality”.

The Governance Institute of Australia was more scathing of what it described as an “ill-conceived” proposal, and slammed the senate committee for ignoring “overwhelming opposition” to shutting down CAMAC.

The institute’s national director for policy, Judith Fox, claimed that 90 per cent of public submissions supported the retention of CAMAC.

“[The decision] not only makes a mockery of public consultation, but will also weaken Australia’s corporations regime over time,” she said.

“Without a body like CAMAC, Australia runs the risk of becoming hobbled by haphazard, politically motivated and poorly designed corporate law reforms which could impede our financial markets, at great cost to our economy.”

CAMAC currently operates in conjunction with Treasury in developing law reforms affecting companies. According to CAMAC’s most recent annual report, the small body is run by three full-time staff, including two lawyers, and costs about $1 million a year.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Backlash over plans to scrap CAMAC
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...