Industry News

Prime Minister Julia Gillard and the Minister for Ageing, Mark Butler, announced a 10-year plan to reshape aged care, beginning 1 July 2012.

The Gillard Labor Government will deliver the $3.7 billion Living Longer Living Better plan to deliver more choice, easier access and better care for older Australians and their families.

To make it easier for older Australians to stay in their home while they receive care, the Government will:

• Increase the number of Home Care Packages- from 59,876 to 99,669.
• Provide tailored care packages to people receiving home care, and new funding for dementia care.
• Cap costs, so that full pensioners pay no more than the basic fee.

To make sure more people get to keep their family home, and to prevent anyone being forced to sell their home in an emergency fire sale, the Gillard Government will:

• Provide more choice about how to pay for care. Instead of a bond which can cost up to $2.6 million and bears no resemblance to the actual cost of accommodation, you will be able to pay through a lump sum or a periodic payment, or a combination of both.
• Give families time to make a decision about how to pay, by introducing a cooling-off period.
• Cap care costs, with nobody paying more than $25,000 a year and no more than $60,000 over a lifetime.

The amount older Australians pay for aged care services will be capped and underpinned by tightened means testing, meaning older Australians will not be forced into a fire sale of the family home in order to get access to aged care.

This will not affect the million people already in the system.

To ensure there are immediate improvements as well, the government will also:

• Increase residential aged care places from 191,522 to 221,103
• Fund $1.2 billion to improve the aged care workforce through a Workforce Compact.
• Provide more funding for dementia care in aged care, and more support for services.
• Establish a single gateway to all aged care services, to make them easier to access and navigate.
• Set stricter standards, with greater oversight of aged care.

New Australian research has found eating fish may have the edge over fish oil capsules when it comes to lowering blood pressure, a known risk factor for heart disease.

The study, published in the Dietitians Association of Australia’s journal Nutrition & Dietetics, compared the effect of 1g/day of healthy omega-3 fats from fresh salmon and fish oil capsules on an ‘omega-3 index’ and heart disease risk factors.

Both fish and fish oil capsules increased the ‘omega-3 index’ to the level thought to be linked with a lower risk of dying from heart disease. And eating fish, but not fish oil capsules, was also linked with a marked reduction in blood pressure.

Eleven patients with heart disease, recruited from St Vincent’s Hospital in Melbourne, took part in the study. Participants were mostly working-age males with no smoking history and a moderate alcohol intake.

They either took two fish oil capsules six days a week, or ate two 150g serves of fresh Atlantic salmon per week, over twelve weeks. They then had a ‘wash-out’ period where they went back to their usual diet and didn’t take supplements, before swapping across to the other treatment for a further 12 weeks.

Researcher Catherine Itsiopoulos said the study showed that fish intake may have additional heart health benefits over fish oil for people with heart disease.

“Fish is a whole food, so as well as omega-3 fats it has other beneficial nutrients such as taurine and selenium. And it may be that eating fish replaces other less healthy foods, meaning a better diet overall,” said Associate Professor Itsiopoulos, an Accredited Practising Dietitian.

Catherine Itsiopoulos’ tips for increasing omega-3 intake through diet:

• Eat two to three meals per week of oily fish (such as salmon, sardines, mackerel or tuna).
• Choose omega-3 enriched eggs
• Use canola oil for cooking, flaxseed oil for making dressings and mayonnaise, and extra virgin olive oil for dipping, sprinkling and tossing onto vegetables and salads
• Use canola margarine as a spread or in baking
• Switch to omega-3 enriched wholemeal bread
• Try ground flaxseed (flaxseed meal) as a topping on breakfast cereal
• Use lean cuts of meat (beef or lamb).

The Private Health Insurance Ombudsman (PHIO) has launched its new consumer bulletin, Health Insurance Insider, as part of its ongoing consumer awareness campaign.

Private Health Insurance Ombudsman, Samantha Gavel said Health Insurance Insider was another one of the consumer information tools provided by her office to demystify the complexity of private health insurance.

“Consumers can only make the best decisions about private health insurance through access to the best quality information.

“The whole purpose of Health Insurance Insider is to provide consumers with regular updates on private health insurance issues so they can make the best choices for themselves and their families. This first edition focuses on the importance of consumers regularly reviewing their policy and keeping it up-to-date.”

Ms Gavel said there were four things every Australian with private health insurance could do straight away to ensure they had right cover to meet their needs:

• keep their personal details up-to-date;
• review their policy;
• keep premium payments up-to-date; and
• be aware of fund rule changes and notifications.

“As with all things in life, circumstances may change from time to time, so it’s important that consumers are diligent on their own behalf and review their health insurance policy regularly to make sure it still meets their health needs.

“If consumers have any questions about changes to their policy or want to upgrade their policy, they should contact their fund as soon as possible.

Further information is available at  www.phio.org.au

Researchers from the University of Melbourne and Austin Health have come one step closer to understanding how our bodies regulate fat and weight gain.

Dr Barbara Fam from the University’s Molecular Obesity Laboratory group at Austin Health with Associate Professor Sof Andrikopoulos have discovered that the liver can directly talk to the brain to control the amount of food we eat. 

The results have demonstrated that the liver, which has never been classed as an important organ in controlling body weight before, is in fact a major player and should be considered a target for treatment of weight gain.

Test on mice showed that over-expression of a specific enzyme in the liver resulted in 50% less fat and the subjects ate less food than mice without the extra enzyme. Needed in the production of glucose, the enzyme called FBPase previously led to speculation that too much FBPase was bad for you. 

‘We actually thought that the mouse with the over-expressed enzyme would show signs of becoming diabetic since the enzyme is important in producing more glucose from the liver. However when we studied our mice in more depth, we were very surprised to see that this enzyme triggered a number of hormones that influence the control of appetite,” said Dr Fam.

“The really striking result was that the genes in the brain, important in making us increase our food intake were actually reduced.  

”The results suggest that consumption of a diet high in fat, causes an increase in liver FBPase that was likely put in place as a negative feedback mechanism to limit further weight gain. Importantly, FBPase does not function to control body weight under normal physiological circumstances but acts only when the system is exposed to excess nutrients such as fat. 

”When people eat diets loaded with fat and sugars particularly over the long term, it can have a number of different effects on the body but it appears that we actually have in place an innate system that protects us from any further weight gain that could happen while eating these type of diets.” 

More needs to be investigated to verify this in further trials, however this study has demonstrated that liver FBPase should be viewed not only as a mediator of glucose metabolism but also as an important regulator of appetite and fat. It also gives us great insight into why the liver is a very important organ.

Despite the fact that most of us give regularly to charity throughout our lives, when it comes to our wills, we give it all to family, according to a study conducted by researchers at Swinburne University of Technology.

The study provides the most detailed data available to date on how Australians bequeath their estates, with particular attention to charitable giving. It examined a random sample of Victorian probate records in 2006 and found about one in twenty people who leave a will, leave a charitable bequest.

"Most people tend to think that as Australians we are generous and respond well to people in times of flood, fire and other disasters, but only a small minority do so in their wills. When it comes to our estates, we make provision first for our families and then for charities," said researcher Dr Christopher Baker.

Dr Baker said an estimated 87 per cent of the adult population in Australia make gifts to charity each year, but only 5.4 per cent of Victorian estates made a post mortem charitable bequest in 2006.

"The records show that Australians overwhelmingly leave their estates to immediate family members - first spouses, then children. They also show that there is a significant discrepancy between what people do with their estates and intestacy laws that determine how estates are distributed in the absence of a will."

The study also found that two thirds of charitable bequests are left by people who do not have surviving children.

The study was conducted by Research Fellow in Swinburne's Faculty of Business and Enterprise Dr Christopher Baker and Swinburne Pro Vice-Chancellor Research Quality Professor Michael Gilding. The results have been published in the Australian Journal of Social Issues.

Swinburne University of Technology has been awarded the Open Universities Australia (OUA) Rising Star Nova Award 2012.

The bi-annual Nova Awards celebrate outstanding achievement by providers in using online technology in their nominated OUA unit to support and enhance learning.

Senior Lecturer in Psychology at Swinburne's Lilydale campus, Dr Lorraine Fleckhammer, received the Rising Star award for the OUA unit Introduction to Theories of Counselling (PSS270).

Swinburne has achieved significant growth in OUA, increasing enrolments by more than 30 per cent year-on-year.

Last year, Swinburne's OUA enrolments totalled about 22,500 students, with 200 enrolled in full programs.

The Nova Awards were presented at the Melbourne Convention Centre as part of the OUA conference in April.

An international research project led by Professor Sheryl Hemphill of Australian Catholic University (ACU) has found that the factors leading to incidents of cyber-bullying are different to those which result in traditional bullying.

Of the 927 students surveyed in Victoria, approximately 15 per cent had been engaged in cyber-bulling and 21 per cent in traditional bullying. Seven per cent had been involved in both.

Professor Hemphill found that academic failure, family conflict and past bullying behaviour were the main factors leading to episodes of traditional bullying.

Of these, only past behaviour, in the form of relational aggression, was a factor leading to incidents of cyber-bullying.

Relational aggression refers to covert forms of bullying such as exclusion and spreading rumours.

“Advances in technology can provide young people with positive ways to communicate but can also bring about new risks,” Professor Hemphill said.

Drawing on data from the International Youth Development Study – a longitudinal study of students in Australia and the United States which began in 2002 – the research examined individual, peer, family and school risk factors for both cyber and traditional bullying in adolescents.

“At this stage, the best advice we can give to schools is for them to use evidence-based bullying prevention programs and ensure that they target cyber-bullying within these. Further research on influential factors may suggest other approaches in the future.”

“For traditional bullying, addressing difficulties at home and providing academic support also helps improve the behaviour of perpetrators.

Cyber-bullying is still a relatively new concept, with very few longitudinal studies to fall back on. Professor Hemphill said much further research is needed before we can fully understand the influential factors as well as its impacts.

“Cyber-space is a relatively new environment. We need to take a similar approach to anywhere young people go – teach them the skills they need to keep themselves safe in that environment and know how to find assistance if they need it. We need to develop clear strategies young people can use in cyber-space so that they experience the benefits but avoid the risks of the cyber environment.”

“Further research into and knowledge of the factors which lead to cyber-bulling will help inform anti-bullying strategies and educational policies which will, in turn, reduce bullying incidents in schools.”

Professor Patrick Heaven, prominent psychology academic and expert, has been appointed Dean of Research at Australian Catholic University (ACU).

Professor Heaven comes to ACU from the University of Wollongong (UOW), where he was Associate Dean of Research for the Faculty of Health and Behavioural Sciences. Prior to that, he was Head of the School of Psychology at UOW from 2001 to 2010.

Patrick holds several qualifications including a Bachelor of Arts (Honours) from the University of Orange Free State; a Bachelor of Arts from the University of Stellenbosch; a Master of Arts (Research) from the University of the Orange Free State; and a Doctorate of Literature and Philosophy from the University of South Africa. His publication record includes more than 150 research articles, six books, and major research funding of approximately $1 million.

Patrick was instrumental in establishing the Wollongong Youth Study, a significant longitudinal study of the social and emotional development of youth. He is similarly involved in the Australian Character Study, another longitudinal study which documents changes over time.  Both projects have received funding from the Australian Research Council.

Professor Heaven is a former Editor of the Australian Journal of Psychology and serves on the Editorial Board of the Journal of Adolescence.

Vulnerable people would be left without a safety net and the longstanding Australian tradition of egalitarianism and a fair go would be ditched under a Coalition plan to help the wealthy at the expense of the poor.

ACTU President Ged Kearney said Shadow Treasurer Joe Hockey’s proposal to cut support programs for Australia’s most vulnerable people shows the Liberal Party is completely out of touch and clueless when it comes to social and economic justice.

“The Liberal Party’s Dickensian 19th century approach to social justice is in complete contrast to community sentiment,” Ms Kearney said.

“Unlike Tony Abbott’s Liberal Party, most Australians recognise that many in our community need greater support in order to overcome unemployment and be able to contribute to the nation’s economy. Many welfare payments in Australia, including the Newstart allowance, are barely enough to survive on.”

Ms Kearney said Mr Hockey was either wilfully misleading or ignorant about the true state of Australian public social spending.

“At 16% of GDP, Australian public social spending is lower than the vast majority of OECD countries, including the United States,” Ms Kearney said.

“The biggest component of our social spending is on health, so if Joe Hockey wants to significantly reduce Australian social spending, this would have to involve large cuts to Medicare and pensions.

“We know the Liberal Party is champing at the bit to take away workers’ rights and now we have evidence it is also gearing up to take away the rights of those who are not fortunate enough to even be in the workforce.

“Smart leaders know that there are real and complex reasons why people are on welfare and that cutting the support and telling them to ‘go it alone’ is no solution.

“All that will do is further grow the divide and entrench generational poverty among those who are capable of turning their lives around, as long as they have support to do so.”

The CEO Institute, a national organisation whose members are the CEOs and leaders of large private and public companies and professional firms, has released a list of the top 5 issues currently keeping CEOs awake at night.

The CEO Institute spokesman, Mr Evan Davies, said these issues included some specific post-GFC issues as well as some perennial leadership issues:

Top 5 CEO concerns

Sourcing and retaining skilled staff (keeping “millennial gen” employees interested)
This perennial issue was top of mind 12 months ago and still is now, Mr Davies said. Despite a reasonably high unemployment rate, CEOs are having a hard time getting young talent on board – and keeping them.

“Our members are indicating the millennial generation just don’t stay at companies too long. This is really problematic in developing leadership and talent pipelines.”

Achieving top-line growth
Top-line growth is all about customers and sales - the concern is about activities to acquire new customers, increase customer loyalty and increase retention, Mr Davies said.

“It’s tough right now for CEOs dealing with changing customer needs and expectations. They are trying to develop strong sales and marketing strategies to grow sales and to sustain and develop steady top line growth. Many of our members are talking about developing new processes and products to stay ahead of the competition – to build and maintain their competitive advantage,” he said. And if you can’t get top-line growth and can’t increase new lines, you really have to maintain costs.

Reducing costs
Mr Davies says this is very big on members’ radar. While the Australian dollar is at levels good for importing, it’s not great if you are trying to export. He said the cost aspect – in particular wage and salary increases and the potential impact of the Carbon Tax - are a big concern to members.

Improving operational efficiency
If you can’t increase sales, to reduce costs you need to run a very efficient business.

“Our CEO members are concerned about making sure their strategies are appropriate for the business and managing risks effectively. This is an important one given businesses in tough industries (retail, manufacturing) may consider a move out of their normal area to take advantage of boom industries (mining, resources) – there are risks involved with diversification or taking on big projects,” he said.

Managing increasing competition
Competition is fierce – CEOs are constantly asking “how are we managing our customer service?” as their competition puts them under the pump. Business leaders need to know they are positioned to seize opportunities in the right place at the right time.

“CEOs’ focus is on getting their business models right and many are recognizing that the sources of growth may well be very much local. Changing customer demand is the biggest driver of change to corporate strategy. Success involves truly understanding customer segmentation and the dynamics driving it,” he said.

“At our monthly syndicate meetings, and across each of the Australian states, CEOs are raising these 5 issues continuously,” Mr Davies said.

“A constant dilemma for CEOs is who they can talk to, candidly, about their problems and challenges - because there can be a real sense of being lonely at the top. The CEO Institute provides leadership guidance and peer support for our members on these and other issues.”

The CEO Institute organises syndicates of about 16 CEOs, who meet monthly to work through issues and share knowledge. The membership of each syndicate is matched to members’ business profiles and size, ensuring a dynamic and active environment in a confidential setting.

South Australian Opposition Leader Isobel Redmond will unveil the first of the reforms a Redmond Government will undertake to restore South Australia’s flagging education system.

“The education of our children is paramount,” Ms Redmond said.

“We need to ensure our education system can function in a way that maximises the learning potential of its students, and in doing so gives our children the best chance at life.

“Run by a cumbersome bureaucracy and a "one size fits all" mentality, our system, schools, and students have suffered at the hands of the Weatherill Labor Government.”

The ‘Quality Teaching, Local School Management’ policy gives principals greater autonomy in five key areas:

• Managing their budget
• Supporting staff excellence
• Employing staff
• Managing staff
• Allocating resources

Ms Redmond said a Liberal Government would pilot these new local management measures in thirty schools in the first year.

Are your remuneration levels on the money?

McArthur has recently released the 2011/2012 edition of their National Remuneration Survey for Local Government.

Over recent years, salary and remuneration surveys have become increasingly important benchmarking and workforce planning tools for the local government sector.  Colin Britten, Marketing & Communications Manager at McArthur, points out, “With local government now competing aggressively for commercial and private sector talent, the need to ensure competitive remuneration and benefits strategies are in place is more critical than ever.” 

The new McArthur survey again represents their most comprehensive overview to date.  With 160 participating councils from around Australia providing feedback, the survey represents a wide cross section and gives a truly national overview. Reported data covers nearly 6000 specific positions across 4 key levels and 4 comprehensive job family groupings, including an in-depth CEO salary category.

Britten goes on to point out, “The aim of the survey is to provide the key insights and business critical information that CEO’s, Directors, Management, Councillors and HR departments need to make informed decisions. We have always viewed the survey as a continuous work in progress, and we are confident of reaching 200+ participating councils next year, bringing even more depth and accuracy of insight.”

A copy of the survey is free to participating councils and $500.00 per copy for non-participants.

For Further Details on the National Remuneration Survey for Local Government Contact:
Mark O’Brien, National Manager – Client Relations
(03) 9828 6502; 0411 748 023
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Further Media Information Contact :

Colin Britten, Marketing & Communications Manager
(03) 9828 6565; 0437 255 103
This email address is being protected from spambots. You need JavaScript enabled to view it.

With over 40 years' experience, McArthur are one of Australia's largest and most respected privately-owned recruitment specialists.  Employing over 110 highly experienced professionals across a national network of offices located in 4 capital cities, McArthur delivers Best People Fit solutions across a wide range of vertical markets including 35+ years' focus on government.

The Federal Government has released an exposure draft of amendments that will implement changes to income tax law affecting consolidated groups.

The amendments were announced by the then Assistant Treasurer on 25 November 2011. They relate to the operation of the consolidation tax cost setting rules and the operation of the taxation of financial arrangements (TOFA) rules for consolidated groups.

"These amendments will help protect a significant amount of revenue that would otherwise be at risk by limiting the scope of amendments to the consolidation regime made in 2010," Assistant Secretary David Bradbury said.

The proposed amendments will ensure that, for consolidated groups, the TOFA stages 3 & 4 provisions operate as intended and that the tax treatment of financial arrangements that are liabilities is appropriate.

These changes also address the technical issues raised by the industry as part of the post-enactment consultation on the TOFA stages 3 & 4 regime and ease the transition of consolidated groups into the regime. As previously announced, the changes will apply from the start of the TOFA 3 & 4 regime.

The draft Tax Laws Amendment (2012 Measures No. 2) Bill: Consolidation and explanatory material can be found on the Treasury website.

Submissions on the exposure draft legislation close on 2 May 2012.

The Federal Government has released the final report of the Council of Financial Regulators (CFR), outlining the proposed next steps towards fully implementing Australia's G20 commitment to improve risk management and reduce systemic risk in the 'over-the-counter' (OTC) markets for financial derivative products.

The Government has also published a consultation paper seeking  stakeholder input over the coming months on legislative amendments of the Corporations Act to build a framework for complying with G20 obligations in the area.

"The global financial crisis highlighted the massive build-up of systemic risk in some advanced countries through the rapid growth of highly complex, leveraged derivative products which were traded outside appropriately regulated and transparent markets. In September 2009 the G20 endorsed a global transition of derivatives products," Parliamentary Secretary to the Treasurer Bernie Ripoll said in a statement.

"The Council has engaged extensively with domestic market participants since 2009 to identify the most appropriate policy settings for Australia in meeting our G20 commitments, including the release of a discussion paper in June 2011."

A copy of the Council's recommendations, the consultation paper and details on consultation are available on the Treasury website.

The Federal Government has announced the release of the final Caring for our Country report into natural resource management.

The report found that Caring for our Country is on track to meet all of its major goals in supporting the broader community, including increasing the uptake of sustainable land management practices and environmental conservation.

Caring for our Country commenced on 1 July 2008 and is investing more than $2 billion over its first five years to achieve an environment that is healthier, better protected and supports sustainable production in a changing climate.

The Australian Government initiated the review in late 2010 to consult widely with the community on what was working well under Caring for our Country and what could be improved in the future.

The full report can be found here

Focus Minerals Ltd., a leading Australian gold producer and explorer, has announced the appointment of Paul Fromson as the Company’s new Chief Financial Officer and Company Secretary following the resignation of current CFO Jon Grygorcewicz.

Mr Fromson has more than 30 years industry experience, including 18 years with ASX listed resource companies. His most recent role was CFO and Company Secretary for Bauxite Resources Limited where he played a key role in two large joint ventures with Chinese partners.

“Paul brings a very strong skillset to the Focus Minerals team at an important time in our growth,” said Focus Minerals Chief Executive Officer Campbell Baird.

“In addition to his direct mining industry experience, Paul has also accumulated a wide range of finance, accounting, taxation and commercial experience which he will bring to bear as we consolidate the Laverton and Coolgardie operations,” said Mr Baird.

Mr Fromson has worked for a number of resource companies and was first involved in the gold industry in 1987 through Kobe Alumina, one of the then part owners of the Boddington Gold Mine. Since this time he has held senior finance positions in exploration and mining companies.

He has also been a director of the Makit Hardware Cooperative and ran his own successful tax practice for six years. Mr Fromson is a member of the Australian Institute of Company Directors, a Certified Practising Accountant and a Chartered Company Secretary.

Verve Energy have announced the appointment of Jason Waters as CEO of Verve Energy, WA’s leading electricity generator.

Mr Waters, currently Verve Energy’s General Manager of Trading & Fuel, succeeds Ms Shirley In’t Veld who leaves Verve Energy after five years as Managing Director.

Energy Minister Peter Collier said State Cabinet had endorsed the Verve Energy Board decision to appoint Mr Waters.

“Mr Waters has extensive experience in the electricity industry and is an excellent choice,” the Minister said.

Verve Energy Chairman David Eiszele said the Verve Energy Board was comfortable making an internal appointment to the position because of the quality of the candidates available from within the organisation.

“Jason is very well credentialed to continue the revitalisation of Verve Energy after the organisations difficult early years following the separation of the old Western Power,” he said.

“He will focus on ensuring Verve Energy has the right and reliable plant, secure fuel supplies and the right people to manage the challenges ahead.”

Mr Waters has been appointed for a two-year term.

Mr Eiszele complimented Ms In’t Veld on her achievements during her term as Managing Director, when Verve Energy overcame the initial challenges of disaggregation to consolidate its position as the leading supplier of reliable electricity in Western Australia.

The Stockland Board announced the key outcomes of a comprehensive review of the group’s executive remuneration policies.

The Board commenced a review last year to more closely align executive remuneration with the interests of securityholders and to ensure Stockland’s policies reflect best practice.

The key outcomes of the review, which are applicable to all Key Management Personnel (KMP), are:

• Maximum potential Short Term Incentive (STI) reduced from 200% to 125% of Target STI
• At least one-third of any STI awarded will be in Stockland securities with deferred vesting

– 100% of any STI awarded above Target performance will be deferred

– 50% of any deferred STI awarded will vest at the end of year two and 50% will vest at the end of year three

– to facilitate the introduction of STI deferral, the total reward mix for KMP (not the Managing Director) will be realigned by increasing Target STI by 10% of Fixed Pay and decreasing the Long Term Incentive (LTI) by 10% of Fixed Pay

• For new LTI awards, vesting of 50% of LTI awarded will be extended from three to four years (with hurdles based on a three year performance period)
• Three year EPS growth hurdle applicable for all employee LTIs will be set by the Board and communicated in advance in the Remuneration Report
• New and broadly-framed clawback provisions will apply to all future unvested deferred STI and LTI awards

The total STI pool available for all employees will not exceed 5% of Underlying Profit and will be set by the Board based on its assessment of Company performance against a corporate balanced scorecard which will be set out in the company’s Remuneration Report.

All STI changes for KMP, including STI deferral, will be effective in FY12 with other changes effective in FY13.

Furthermore, subject to securityholder approval at the AGM in October, the Board and Managing Director have agreed the following changes to the Managing Director’s employment arrangements

• No increase in Fixed Pay for FY13
• No change in total reward mix of 34.5% Fixed Pay and 65.5% variable pay (STI and LTI)
• Maximum possible STI reduced from 200% to 125% of Fixed Pay
• Payment in the event of company-initiated termination reduced to 12 months Fixed Pay plus STI for his six month notice period (currently 1.5 times fixed pay plus 1.5 times STI)
• Unvested deferred STI and LTI continue to original vesting dates post employment, subject to forfeiture in the event of clawback, compliance with new non-compete provisions and achieving applicable LTI performance hurdles

Stockland Chairman Graham Bradley said: “The changes we are announcing today represent a comprehensive restructure of our remuneration policies and practices. They demonstrate our commitment to ensuring Stockland’s executive pay is fair and competitive and properly reflects management’s achievements to create value for securityholders.”

The Federal Government has released draft legislation aimed at helping protect worker's superannuation entitlements.

Announced by Assistant Treasurer David Bradbury, the legislation will strengthen existing legal frameworks regarding director's obligations to ensure their companies meet  Pay As You Go (PAYG) withholding and superannuation obligations, the measure will also help counter phoenix behaviour.

"This legislation makes it clear that directors have an obligation to ensure that provision is made for the ongoing payment of workers' superannuation," Mr Bradbury said.

"It also ensures that fraudulent directors who use phoenix companies to try and avoid their debts will be held personally liable for their PAYG withholding and superannuation obligations."

The Government held further consultation with industry after withdrawing an earlier version of the legislation in November. Following this consultation, the Government has made amendments to the draft Bill, including to ensure that new directors have time to familiarise themselves with corporate accounts before being held personally liable for corporate debts and requiring the ATO to serve director penalty notices on directors in all cases before commencing action.

The draft legislation, explanatory memorandum, and a summary of the policy changes can be found on the Treasury website.

Public submissions close on 2 May 2012 to allow for the introduction and passage of the legislation in the Winter 2012 sittings of Parliament.

Professor S. Bruce Dowton has been appointed the next Vice-Chancellor and President of Macquarie University, the Chancellor, The Hon. Michael Egan, announced.

Professor Dowton is currently Clinical Professor in Pediatrics at Harvard Medical School and until recently was Vice President and Chief Operating Officer of Partners Harvard Medical International.

Professor Dowton is also an Emeritus Professor at the University of New South Wales where he was Dean of the School of Medicine between 1998 and 2005. During that time, he was a member of the Board of St. Vincent’s and Mater Health Sydney, Chair of the Deans of Australian Medical Schools, and Chair of the Medical Training and Education Council of New South Wales.

Mr Egan said Prof. Dowton had been chosen from an exceptionally strong field of applicants from Australia and overseas for his capacity to continue Macquarie’s rise. He will build upon a successful strategy of leveraging the University’s significant land holdings in order to invest heavily in research, learning and teaching, new facilities and in developing mutually beneficial relationships with industry.

“He will be taking over from Professor Steven Schwartz who, after more than six years at the helm, will be leaving Macquarie University in excellent shape, both academically and financially. It is now one of the world’s great universities.”

Mr Egan said Professor Dowton had a stellar international reputation.

“In the past few years he has led or overseen project teams in more than thirty countries advising on diverse aspects of healthcare and higher education.”

“His academic and professional appointments and work have spanned the globe, including Australia, USA, Norway, China, Scotland, Hong Kong, India, Malaysia, Singapore, UAE, Oman, Kazakhstan, Greece, Libya, Saudi Arabia, Dominican Republic, Brazil, Sweden, Switzerland, and United Kingdom.”

“He is a passionate and visionary leader, who is committed to ‘the pursuit of knowledge and learning as a key to improving the human condition’.”

Professor Dowton will take up his position later this year, becoming only the fifth Vice-Chancellor in Macquarie University’s 48-year history.