Australian Securities and Investments Commission Class Order [Co 06/50] (Cth)

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Order

Enabling provision

1. The Australian Securities and Investments Commission makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).

Title

2.         This order is ASIC Class Order [CO 06/50].

Commencement

3.         This order commences on the date it is registered under the Legislative Instruments Act 2003.

Note:      An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at for transfer of information

4. A listed company does not have to comply with subsection 292(1) of the Act to the extent that subsection 296(1) of the Act requires a financial report that it must prepare for a financial year ending between 31 December 2005 and 31 March 2006 (both inclusive) to include the disclosures (the transferable information) required by paragraphs Aus25.4 to Aus25.7.2 of accounting standard AASB 124 Related Party Disclosures (AASB 124) as made in December 2005.

Where relief is available

5.         This relief is available only where all of the following apply:

(a)        the transferable information is contained in the remuneration report (the relevant remuneration report) in the directors’ report for the financial year;

(b)        the relevant remuneration report includes the transferable information (other than as to location of the information) for each person who, at any time during the financial year held:

(i)         a position as one of the key management personnel as defined in AASB 124; or

(ii) a position mentioned in paragraph 300A(1)(c) of the Act in the company or the consolidated entity of which the company is a member, as if they were such personnel;

(c) the auditor who conducts an audit of the financial report under section 307 of the Act forms an opinion whether the transferable information that is contained in the relevant remuneration report complies with AASB 124 (other than as to the location of the information) and includes a specific statement of that opinion in the report on that audit under section 308 of the Act;

(d)        the relevant remuneration report includes, in relation to each person mentioned in paragraph (b):

(i)         the person’s name; and

(ii)        each position covered by paragraph (b) that was held by the person during the financial year; and

(iii)       for any position the person held for less than the whole financial year:

(A)       where the person started to hold the position during the financial year—the date on which they started to hold the position; and

(B)       where the person ceased to hold the position during the financial year—the date on which they ceased to hold the position; and

(iv)       for each bonus or grant mentioned in paragraph Aus25.5 of AASB 124:

(A)       the percentage of the bonus or grant that was paid to the person, or that vested in the person, in the financial year; and

(B)       the percentage of the bonus or grant that was forfeited by the person in the financial year because the person did not meet the service and performance criteria for the bonus or grant; and

(C)       the financial years, after the financial year to which the information relates, for which the bonus or grant will be payable if the person meets the service and performance criteria for the bonus or grant; and

(D)       estimates of the maximum and minimum possible total value of the bonus or grant for financial years after the financial year to which the information relates, measured in accordance with section 6 of AASB 1046 Director and Executive Disclosures by Disclosing Entities as in force at the commencement of regulation 2M.3.03 of the Corporations Regulations 2001; and

(v)        for any position the person started to hold during the financial year—details of payments (if any) made to the person before the person started to hold the position, as part of the consideration for the person agreeing to hold the position, including the monetary value of the payment and the date of payment.

Dated this 24th day of January 2006

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission