About CAMAC |
The Corporations and Markets Advisory Committee (CAMAC) was set up in 1989, as part of the legislative package that established a national scheme for corporations and financial markets, to provide a source of independent advice to the responsible minister on the administration of the relevant laws or changes to them. The members of the Committee are appointed in a personal not a representative capacity and must have relevant commercial or professional experience. The ASIC nominee provides a regulatory perspective.
CAMAC is a body corporate, comprising part-time members appointed by a Treasury Minister under s 147 of the ASIC Act. The Chairman of the Australian Securities and Investments Commission is a member of the Committee by virtue of the same section. CAMAC has a Legal Committee, who part-time members are also appointed by a Treasury Minister, as well as an Audit Committee appointed by CAMAC Convenor. It also has sub-committee that include CAMAC and Legal Committee members for each of the current terms of reference.
The Committee's functions, pursuant to s 148(1) of the ASIC Act, are, on its own initiative or when requested by the Minister, to advise the Minister, and to make such recommendations as the Committee thinks fit, about any matter connected with:
(a) a proposal to make corporations legislation or to amend that legislation;
(b) the operation or administration of that legislation;
(c) law reform in relation to that legislation;
(d) companies or a segment of the financial products and financial services industry; or
(e) a proposal for improving the efficiency of the financial markets.
Pursuant to s 154 of the ASIC Act, under which the Advisory Committee may inform itself in such manner as it sees fit, the Legal Committee was formally established in September 1991. Its functions are to provide expert legal analysis, assessment and advice to the Advisory Committee in relation to such matters or class of matters as are referred to it by the Advisory Committee.
Statements of Expectation and Intent
These Statements form part of the implementation of the Government's response to the Review of Corporate Governance of Statutory Authorities and Office Holders, which was conducted by Mr John Uhrig AC (the Uhrig Report).
Click here for the Statement of Expectations
Click here for the Statement of Intent
The Advisory Committee has established the Audit Committee in compliance with the Financial Management and Accountability Act 1997.
Click here to view the Audit Committee Charter
Senate Order reporting on contracts valued at $100K or more for the period 1 July 2013 to 30 June 2014
Click here to view the Senate order reporting on contracts.