The Australian Government will work over the next 12 months to build on the corporate governance successes highlighted by the Registrar of Indigenous Corporations in his 2012-13 yearbook.
The Registrar’s yearbook highlighted improvements in corporate governance and the accountability of Aboriginal and Torres Strait Islander corporations.
Compliance, reporting and training results all exceeded expectations and the Registrar took strong action to enforce the law.
Federal Indigenous Affairs Minister, Senator Nigel Scullion, said over the coming year the Registrar will work to further strengthen corporate governance in organisations that receive significant funding from the Australian Government to deliver services or programmes to Indigenous Australians.
“The Registrar’s office provides a range of services to strengthen corporate and financial governance in Indigenous corporations,” Minister Scullion said.
“There is an opportunity for more organisations delivering these important services to benefit from the Registrar’s support.
“By supporting robust and accountable Indigenous corporations, more benefits can be delivered to Aboriginal and Torres Strait Islander people.”
In 2012-13, a record 2122 corporations met their reporting requirements under the Corporations (Aboriginal and Torres Strait Islander) Act 2006. Thirty two corporations were prosecuted for not lodging reports, receiving a total of $77,490 in fines.
The 2012-13 yearbook can be viewed on www.oric.gov.au.