The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today welcomed the new guidelines on corporate governance issued by the Investment and Financial Services Association.
He said the guidelines reflected the latest principles of corporate governance best practice in the Government's CLERP 9 paper and would help boost public confidence in the funds management industry.
"This initiative by IFSA is evidence that business is responding to calls from the Government to set higher standards of corporate behavior," Senator Campbell said.
"That is a very welcome trend, but the real test for business is to meet those standards."
Senator Campbell said IFSA had a heavy responsibility to the public because its members managed approximately $640 billion in superannuation and retail investment funds.
CANBERRA
11 December 02
Contact: Wayne Grant 02 6277 3955 or 0407 845280