When the next financial year begins, entities registered with the new Australian Charities and Not-For-Profit Commission (ACNC) will be subject to six proposed governance standards and new reporting obligations in three categories depending on their annual revenue. If your organisation is going to be affected by the new regime, you can let Treasury know your thoughts by way of a written submission, applications for which close on the 15th of February.

A good general manager is an asset to any organisation.  They will keep the Board apprised of any changes, will be proactive and will implement the directions provided by the Board in an efficient and timely manner.  Boards can sometimes, however, place too much reliance upon that person and detailed systems of checks and balances, specific authority limits and close monitoring are essential at all times.

A recent matter before the Federal Court has highlighted the difficulties that shareholders may have in accessing the accounts and books of a company in which they hold a material interest.

The lesson to be learnt from the following case is that the terms of access to the books and accounts of a company should be made clear in a shareholders agreement.

If it is the intention of the parties to allow shareholders access to the relevant material, then that right should be established as an unfettered right rather than one conditional upon further action, conduct or approval by the Board.

The Paid Parental Leave Scheme ('PPL') commenced on 1 January 2011 in accordance with the provisions of the Paid Parental Leave Act 2010.

New parents who are primary carers of children born or adopted after this date are eligible to apply for the PPL payments. Such entitlements are available to all categories of employees, including casuals and may apply to contractors in certain circumstances.

The PPL operates in conjunction with any current entitlement that an employer provides to its employees under its employment contracts or policies.

The James Hardie case stems from proceedings brought by ASIC against former James Hardie Industries Limited Directors in relation to approval of a draft ASX Announcement at a Board meeting. The announcement was found to be misleading in relation to the ability to meet the claims of asbestos victims. Trial judge, Gazell J held that the Directors breached their statutory duty in approving the Announcement. The Directors were ordered to pay $30,000 in pecuniary penalties and were prohibited from managing corporations for five years.