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GRC Professional : GRC Spring 2011
55 ACi news ACi receives funding for creation of international compliance standard ACi makes submission to British standards institute CAll for volunteeRs for woRking PARties ACI is looking for members to volunteer for working parties in the healthcare, retail and utilities sectors. If you are interested, please contact ACI’s National Manager Naomi Burley on +61 2 9290 1788 or email naomi. firstname.lastname@example.org ACI has supported the draft standard for creating an Anti- Bribery Management System, in a submission to the British Standards Institute. Whilst the draft standard has been designed to support UK based organisations, with particular reference to the UK Bribery Act, ACI still felt it important to comment upon the proposed draft given the international reach of the new legislation and the potential impact it may have upon our members. Generally speaking, ACI is very supportive of the creation of the standard. However, ACI is of the view that the standard as a whole pays little attention to the overall compliance culture within the organisation. There is a real risk that an ABMS developed without reference to organisational commitment from the leadership may become a tick-a -box compliance program and thereby have its value to the organisation reduced. to read the submission, visit www.acigrc.com and click on ‘submissions’. ACI has received funding from the Federal Government to develop an international compliance standard. ACI has been in discussions with Standards Australia about taking the current Australian New Zealand compliance standard AS/NZS 3806 to the International Standards Organisation (ISO) for international adoption. ACI’s CEO Martin Tolar said: “AS/NZS 3806 has been long recognised as world’s best practice when it comes to the establishment of compliance systems and frameworks. Many international organisations already benchmark their compliance program against AS/NZS 3806.” Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP, said the allocation of funding to ACI would “assist in the promotion of a compliance culture among Australian business and ensure that they are at the forefront in international best practice,” he said. ACI along with Standards Australia and a number of other industry partners will be driving this process, which is anticipated to take the next three years to complete. AS/ NZS 3806 high court test case By dAvId lAwrEnCE ACI prEsIdEnT The recent legal action launched in the Australian High Court by Fortescue Metals Limited chairman Andrew Forrest is one which could be of significant importance to the compliance and governance profession if media reporting of the action is an accurate reflection of the claim. The Sydney Morning Herald reported on 26 September 2011 that “Mr Forrest seeks a ruling on whether the business judgment rule applies to decisions about compliance with the law”. The business judgment rule provides a defence to a breach of the Corporations Act if a director made a judgment in good faith and believed that the decision was in the company’s best interests. Those in the profession who advise Boards on compliance issues will be watching with interest as this case unfolds. If the High Court expresses views on the interpretation of the business judgment rule with more general application to Corporations Act compliance, it could change the nature of compliance advice provided to Boards. It may also provide further impetus for the increasing converging of compliance, risk and governance in both theory and practice. ACI and the legal fraternity in the compliance profession should be watching this case with interest. ••• those in the profession who advise Boards on compliance issues will be watching with interest as this case unfolds.
GRC Summer 2012