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
ASIC urged to back privacy reform

ASIC urged to back privacy reform

LAWS GOVERNING access to personal information on company member registers do not go far enough, a peak body representing governance professionals said this week. Chartered Secretaries Australia…

LAWS GOVERNING access to personal information on company member registers do not go far enough, a peak body representing governance professionals said this week.

Chartered Secretaries Australia (CSA) has asked that the Australian Securities and Investment Commission (ASIC) back reforms to allow companies to restrict the way member information can be used. Access should be denied when companies believe a “proper purpose” does not exist, CSA said.

Legitimate purposes for accessing mutual entity registers are limited to those promoting good governance, said CSA chief executive Tim Sheehy. This could include sending information to members about merger proposals or to convene a general meeting, he said.

“For consistency, this approach should also apply to companies and registered schemes — after all, the interests and privacy of their members deserve equal protection,” he said.

Companies are now obliged to give anyone access to their share registers, the only control being that it is used for matters related to shareholders. But unlike with mutual entities, companies and registered schemes cannot refuse access nor inquire into the proposed use of the information.

“This is a fundamental flaw and effectively denies shareholders the privacy rights they would have as a consumer,” he said.

While CSA applauded ASIC’s recent round of consultation aimed at clarifying when access would be granted to a mutual entity’s member register, “we firmly believe that broader reforms are needed so that members of companies and registered schemes have the same fundamental protections presently only enjoyed by mutual entities”.

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

ASIC urged to back privacy reform
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
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....
protest
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...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
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 & ...