gets its say over ‘annual reports’ law

The proposed legislation will change the requirements for printed annual reports in favour of electronic delivery, with printed reports only provided to investors who specifically request them. Following its open call to the industry to take action over the issue, Philip Andersen, CEO Printing Industries and national president, Peter Lane, held a meeting with Nick Minchin, minister for finance and administration and MP Chris Pearce, parliamentary secretary to the treasurer charged with drafting the legislation.

Andersen said the meetings were “positive” and “encouraging” with the government listening to industry concerns over the lack of consultation and receptive to alternative approaches that would lessen the negative impact on the printing industry while also minimizing costs to business.

“We have suggested that a more concise, marketing focused hardcopy annual report would serve the interests of business by minimizing costs and presenting a positive, marketing oriented image,” says Andersen. “Comprehensive reports including all the statutory reporting requirements could then be made available online.

“Our case also stressed some security issues which the government need to take into consideration and the need for a phase in period which would benefit our industry. This was well received. 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 he hopes to build on these outcomes during the next meeting on 19 July with Fran Bailey, federal minister for small business and tourism.

A coalition of affected industry companies has also been formed as part of a strategy to raise the profile of the issue. The coalition includes printers, designers and paper suppliers, and is planning to consistency lobby Canberra in support of ongoing consultation with Printing Industries.

“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.