October 2012 (#155)

In this update:

  • RBA: hearings into NPA and Securency
  • EITI Pilot: Strengthening Transparency in Australia’s Resource Sector
  • Arms suppliers fail anti-corruption test
  • Coming Events

RBA: hearings into NPA and Securency

In the last fortnight Committees of the Federal Parliament examined witnesses as to the facts and the issues surrounding the offshore activities of companies involved with the RBA. One Committee asked for advice from Prof. AJ Brown and Brian Hood on the subject of whistleblowers, and raised questions with Austrade and DFAT representatives. The Economics Committee examined the Governor and his Reserve Bank colleagues at some length as to details of the history of the situation.

EITI Pilot: Strengthening Transparency in Australia’s Resource Sector

The EITI (Extractive Industries Transparency Initiative) is a voluntary mechanism which promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining. The Australian EITI Pilot was announced on 27 October 2011 and will test the governance and transparency of Australia’s financial reporting arrangements for the resources sector against the principles and criteria of the EITI.

Arms suppliers fail anti-corruption test

Two-thirds of the world’s biggest defence companies do not provide enough public evidence about how they fight corruption, according to a new study from Transparency International UK. This includes companies from all of the ten largest arms exporting nations like USA, Russia, Germany, France, the UK and China – who between them are responsible for over 90 per cent of the arms sales around the world, the Defence Companies Anti-Corruption Index (CI) shows. Read the full press release from TI UK here.

Coming Events

Mon 29 October 2012: Climate Finance: Sustainability with Integrity in Melbourne – the seminar brings together key players from government, business and civil society to discuss the challenges and opportunities associated with climate finance. TI Australia Director, Graham Tupper, is one of the guest speakers.

6-7 December 2012: 18th Annual Public Sector Fraud and Corruption Conference in Melbourne – Michael Ahrens, Executive Director, TI Australia, will give a keynote presentation. The conference brochures notes that, ‘It is imperative that public agencies continue to implement fraud and corruption measures and stay abreast of the emerging risks of new technologies and strategies to eliminate fraud risks in an organisation.’