find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Takeovers Panel rejects ‘exaggeration’

Takeovers Panel rejects ‘exaggeration’

AUSTRALIA’S corporate Takeovers Panel has rejected claims by The Australian newspaper that the Government has ordered an independent review into its constitutionality because the decision in…

AUSTRALIA’S corporate Takeovers Panel has rejected claims by The Australian newspaper that the Government has ordered an independent review into its constitutionality because the decision in Glencore v Takeovers Panel, the first court challenge to the body, “led to a damning assessment of the use of its authority”.

In a letter to the newspaper entitled ‘Exaggeration regarding review of Takeovers Panel’, president Simon McKeon and director Nigel Morris said that Michael McKenna’s article of last Friday, ‘Takeovers Panel faces review’, “suggests that the Government has ordered an examination of the Panel’s constitutional and legal position, because the decision in Glencore v Takeovers Panel exposed defects in the Panel’s legal underpinnings”. But, the letter claims, “nothing could be further from the truth”.

The article states that the Takeovers Panel is now facing sweeping reforms following the landmark Federal Court ruling that it had exceeded its powers.

But the Panel states in the letter, obtained by Lawyers Weekly, that it initiated a review of its own procedures, while consulting the business and legal communities, “in order to see how we can work better within the existing legal framework”. McKeon and Morris write: “This was planned long before the Glencore decision and independently of it. Initially the Panel had planned to complete the review before the transactions to which the Glencore decision related.”

The Takeovers Panel neither requires nor intends “sweeping reforms” to the legislation under which it works, argues the letter. While it accepted that it is possible proposals to change its legal framework may emerge from the review, it said in the letter that this is not the primary purpose. “In particular, there will be no review of the Panel’s position under the constitution, which was specifically confirmed by [Justice] Emmett in the Glencore decision,” the letter states.

“Nor do we propose legislative amendments in order to prevent a repeat of that decision. While we have proposed some minor amendments to the Government, they have nothing to do with the Glencore matter or any of the issues it raised, and they were already proposed long before that matter came up,” it states.

The Australian article states that the review, to be finalised by March this year, will look at “toughening the selection process of the 47-strong panel in the face of ‘frequent’ conflict of interest issues with its members”.

But in their letter, the president and director of the Takeovers Panel state: “The issues in the review concerning conflicts of interest are not aimed at ‘toughening’ the selection of sitting Panels. Rather, they are intended to ask whether the Panel is currently too strict in deciding which members should not sit in particular proceedings.”

The director of the Panel, Morris, said in the article last week that he would not pre-empt the review’s findings, but “that it was possible the scope, role and procedures of the watchdog may have to be overhauled”.

“If Australia is going to have a takeovers panel, it may as well be a good one,” he told The Australian. “And this inquiry is one way of ensuring that.” In the article, he said that a wide-ranging assessment of the panel has been intended for some time, but that the Glencore decision made it an “appropriate time”.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

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

NSW proposes big justice reforms to target risk of reoffending

Takeovers Panel rejects ‘exaggeration’
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
Warning
Jan 18 2018
Lawyer highlights ‘unintended consequences’ on SSM estate planning
A succession lawyer has warned that the right for same-sex couples to legally marry could have a sub...
drug rehabilitation services available in rural and remote communities
Jan 18 2018
ALS survey shines spotlight on insufficient rehabilitation services
A new survey posted by the Aboriginal Legal Service (NSW/ACT) has revealed an alarming insight into ...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...