[LINK] ICT Predictions 2009 - little OT (gov't reports example)
Marghanita da Cruz
marghanita at ramin.com.au
Mon Jan 19 10:48:24 AEDT 2009
Jan Whitaker wrote:
> At 08:24 AM 19/01/2009, Stilgherrian wrote:
>> will be distributed
>> to all MPs. For many of them it'll be the only document about the
>> agency which they ever see -- except those awful, awful news stories.
>> As a result, it must be impressive to justify and maintain the
>> agency's funding, if not increase it.
> Does anyone have data on if these are actually ever read or just
> added to a pile that is recycled each year? I have a stack of annual
> reports from a couple commissions. I think I opened the cover of one
> or two once or twice. But I'm not a minister or MP either.
In July 2007, online/electronic company annual reports became the default. This
means that unless an investor specifically asks for a physical copy, they can
access the version on the website or the ASX site.
There is also a continuous disclosure regime in place - with a stream of
announcements being published on the stock exchange site. This system
relies on investors showing enough interest to monitor their own investments
and for ASIC/ASX to monitor whether the disclosures are timely and accurate.
Many announcements to the market are or are accompanies by Media Releases and
some information is ofcourse commercially sensitive.
I monitor my investments on the ASX site and scan the Annual Reports. Annual
reports tend to consist of extensive financial statements, an auditors
disclaimer, lots of stuff about corporate governance (when they really mean
legal compliance), stuff about their CSR and scant discussion of where the
company is going - which is of course the most important thing.
2009 will see reporting on Carbon Footprints added to Annual Reports.
State and Federal Cabinets are the boards of the largest organisations in the
country. It would be good to see a Web Based continuous disclosure system
operating in lieu of a pretty useless annual report. But we need better metrics
than this is the amount of money spent and this is the amount left.
Marghanita da Cruz
Phone: (+61)0414 869202
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