Review of Not for Profit Governance Arrangements
Thursday, 8th December 2011 at 12:02 pm
The Federal Government has released a consultation paper to help determine what the core organisational governance principles applying to registered NFPs should be.
The Government announced in the 2011-12 Budget a number of further reviews of aspects of the regulation of the NFP sector, including a review of the governance obligations appropriate for not-for-profit entities.
The Paper includes a factsheet which outlines some key facts and frequently asked questions.
Submissions on the consultation paper close on 6 January 2012.
Treasury recognises that this is a very tight time-frame, however, it says the outcomes of the governance review will be included in the governance requirements for registered entities in the ACNC legislation, starting from 1 July 2012.
In order to have the ACNC to be in place and up and running by 1 July 2012, legislation for the ACNC needs to be ready to be introduced into Parliament in the first quarter of 2012.
The Government says this consultation builds on previous consultation undertaken by the Government on a NFP regulator, as part of the Scoping Study for a National Not-for-profit Regulator.
The Consultation Paper is available from Treasury’s NFP reform website at http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2252
For further information contact Fiona McLaren on (02) 6263 3010 or Chris Leggett on (02) 6263 3357.