Fed: Business says scrutinise public sector governance too
CANBERRA, Aug 12 AAP - The public sector should undergo the same scrutiny of governancepractices as the business community, Australia's corporate sector said today.
Corporate governance became a major issue for the United States and Australia governmentsafter the accounting scandals inside companies such as Enron, WorldCom, HIH and One.Tel.
The Australian Chamber of Commerce and Industry (ACCI) said while it was crucial toensure business focused on good corporate governance, it was not only an issue for theprivate sector.
"In exactly the same way, it is crucial that there is proper governance in statutoryauthorities," ACCI chief executive Peter Hendy said.
"It is important that statutory authorities are focused on achieving the ends theywere designed to achieve and that they do so without going beyond their brief."
Mr Hendy said Prime Minister John Howard indicated the government would improve thestructures and the governance practices of all statutory authorities and office holders,especially those that impacted on the business community.
Mr Howard gave the commitment at an Adelaide business lunch during the last election campaign.
"We urge the government to commence that review early in its third term in office ratherthan later," Mr Hendy said.
The government had begun well with the establishment of the Inspector General of Taxation,he said.
AAP jph/jmd/de
KEYWORD: CORPORATE ACCI
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