Submission to the Financial Reporting Council.
15 February 2002
Financial Reporting Council
ALTERNATES FOR THE URGENT ISSUES GROUP (UIG)
It appears that during its review of the operations of the UIG the FRC has decided that there should be no alternates permitted to attend the UIG.
The Accounting Committee is of the opinion that this severely disadvantages bodies like the AICD which is represented by people who have demanding full-time jobs and cannot always be available and sometimes need to use an alternate. Whilst the Committee is aware that the concern has been raised that there can be discontinuity where an alternate expresses a different view to the UIG member, this can be overcome by the organisation convening a sub-committee to ensure a consistent view is presented at UIG meetings. AICD has recently used such a sub-committee very effectively.
The Accounting Committee has asked that you take this matter up as a matter of urgency with the FRC prior to its becoming set in stone.
The Australian Institute of Company Directors