New approach to reduce large compensation payments to WA’s most senior bureaucrats.
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= '22082',2,1 ),0 ) ) <> 1 ORDER BY wp_posts.post_date DESC LIMIT 0, 14 [posts] => Array (  => WP_Post Object ( [ID] => 28087 [post_author] => 670 [post_date] => 2017-09-22 09:40:49 [post_date_gmt] => 2017-09-21 23:40:49 [post_content] => The Western Australian Government has moved to reduce large compensation payouts for senior bureaucrats when a contract is brought to an early end. The Public Sector Commissioner has decided to apply a new approach when determining compensation payments. Currently, senior members of the public service may seek a compensation payment of up to 12 months' remuneration, which includes salary, motor vehicle allowances and superannuation. Under the new policy, in operation from 1 September 2017, compensation payments will be applied on the basis of four months' remuneration for each full year of the contract remaining, up to a maximum of 12 months. Further legislative changes will also limit the maximum compensation payment when officers' contracts are brought to an early end, to 12 months' salary rather than remuneration. If this approach had been applied to Senior Executive Service officers since March 2017, the total compensation costs would have been reduced by about 41 per cent. As part of the government's workforce reform, legislation will be introduced to also remove the existing 'right of return' provision available to Senior Executive Service officers appointed under the Public Sector Management Act 1994 and health executives appointed under the Health Services Act 2016. Following the enactment of the legislation, a six-month transition period will be in place, enabling officers to exercise their right to return to a permanent tenure if they wish to do so. WA Premier Mark McGowan said: “A number of people leave the public service for various reasons. While there is an initial cost that the state government is trying to reduce, there is also long-term savings.” [post_title] => WA to cut back SES payouts, benefits [post_excerpt] => New approach to reduce large compensation payments to WA's most senior bureaucrats. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => wa-cut-back-payouts-benefits-senior-bureaucrats [to_ping] => [pinged] => [post_modified] => 2017-09-22 09:42:26 [post_modified_gmt] => 2017-09-21 23:42:26 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28087 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )  => WP_Post Object ( [ID] => 28094 [post_author] => 670 [post_date] => 2017-09-22 09:00:40 [post_date_gmt] => 2017-09-21 23:00:40 [post_content] => The Australian Securities and Investments Commission (ASIC) has released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding (CSF) regime, which commences on 29 September 2017. ASIC Commissioner John Price said: “Crowd-sourced funding provides an opportunity for small to medium-sized businesses to access an alternate source of capital, without the regulatory burden of traditional fundraising. ASIC's new guidance will help public companies and crowd-funding platform operators comply with their obligations under the CSF regime, while supporting investor confidence.” Regulatory Guide 261 Crowd-sourced funding: Guide for public companies (RG 261) will assist companies seeking to raise funds through CSF to understand and comply with their obligations in the new regime, particularly as many of these companies will not have experience in making public offers of their shares. ASIC has also published a template CSF offer document to help companies prepare their CSF offers. Regulatory Guide 262 Crowd-sourced funding: Guide for intermediaries (RG 262) will assist crowd funding platform operators ('intermediaries') seeking to provide a crowd-funding service, particularly as this is a new type of financial service and there are unique gatekeeper obligations for operating platforms for CSF offers. ASIC has also:
- Updated ASIC Corporations (Consents to Statements) Instrument 2016/72 to reduce the compliance burden associated with obtaining consent for statements in CSF offer documents.
- Issued ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339, which outlines specific minimum requirements for CSF intermediaries.
- Amended ASIC class orders [CO 13/762], [CO 13/763] and ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156.
- By intermediaries for an AFS licence with an authorisation to provide CSF services (refer: 17-312MR).
- To register new public companies or convert existing proprietary companies to public companies, to be eligible to raise funds using CSF and to access the corporate governance concessions.
- Regulatory Guide 261 Crowd-sourced funding: Guide for public companies (including template CSF offer document).
- Regulatory Guide 262 Crowd-sourced funding: Guide for intermediaries.
- Report 544 Response to submissions on CP 288 and CP 289 on crowd-sourced funding.
- ASIC Corporations (Amendment) Instrument 2017/817 – which amends ASIC Corporations (Consents to Statements) Instrument 2016/72.
- ASIC Corporations (Amendment) Instrument 2017/821 – which amends [CO 13/762], [CO 13/763] and ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156.
- ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339.
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ASIC has released guidance to support the new crowd-sourced funding (CSF) regime.
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