The controversial new legislation proposes that annual reports for investors be available in electronic form rather than printed format. Printed reports would only need to be provided for investors specifically requesting them.
But following alarm at the proposal by sectors of the printing industry, Printing Industries national president, Peter Lane and CEO, Philip Andersen sought urgent meetings with the ministers responsible for drafting the new legislation.
Last month they met with the parliamentary secretary to the Federal Treasurer charged with drafting the legislation, Chris Pearce, MP and Federal minister for finance and administration, Nick Minchin.
Discussed at the meeting, were alternative approaches to the annual report legislation in order to reduce the negative impact of the proposals to printing companies across the nation.
“We have suggested that a more concise, marketing focused hardcopy annual report would serve the interests of business by minimising costs and presenting a positive, marketing oriented image. Comprehensive reports including all the statutory reporting requirements could then be made available online,” says Anderson.
“Our case also stressed some security issues which the Government needs to take into consideration and a phase in period which would benefit our industry,” he says.
Andersen says the meetings were ’positive’ and ’encouraging’ with the government listening to industry concerns about the lack of consultation with the printing industry, and receptive to possible alternative approaches to minimising the negative impact of the legislation on the printing industry.
“This was well received,” he says. “We were able to get assurances that there would be no rush to introduce the legislation and that consultation would now continue with Printing Industries during the legislative drafting process.”
Andersen says, Printing Industries hoped to build on these outcomes when it meets with the Federal Minister for small business and tourism, Fran Bailey, on July 19.
He says a coalition of affected industry companies had also been formed as part of a strategy to raise the profile of the issue with the Government. The coalition, includes printing companies, designers, paper companies and these groups will be involved in a lobbying exercise in Canberra in support of Printing Industries ongoing negotiations.
“In addition we will be working with representatives of other stakeholders at a forum to be held later this year, to develop a compromise position,” says Andersen.
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