We asked and you replied

In our last issue, we asked members to respond to a survey relating to the Productivity Commission’s proposal that company directors be allocated a director identity number (DIN).

We’d like to thank the 225 members who responded to the survey. Approximately 67 per cent of those members supported the Productivity Commission’s proposal.

In contrast, the main reasons given by the respondents who objected to the Productivity Commission’s proposal were that:

  • It would increase the administrative burden on directors.
  • There was insufficient information about the potential costs and benefits.
  • Rogue directors would inevitably find ways to work around the system.

Some members who objected to the proposal stated that they would support it if directors’ personal information (such as residential addresses and dates of birth) were no longer made publicly available on the ASIC register.

The Australian Institute of Company Directors has since provided its submission to the Productivity Commission in response its draft report on business set up, transfer and closure. The submission addresses the proposed allocation of DINs (including the results of the survey) and also the amendments proposed by the Productivity Commission to Australia’s corporate insolvency regime. A copy of the submission is available here.

The Productivity Commission’s final report is expected to be handed to the Australian Government in August 2015.