… and then there’s the regulation that shouldn’t be cut. After our plea yesterday for a fair dinkum red tape assault, the details of Wednesday’s “Appeal Day” are emerging. Take this little cut, via The Australian Financial Review:
“Small groups of shareholders will no longer be able to force listed companies to hold extraordinary general meetings under an assault on regulation by the Abbott government … One impost to be removed is the 100-member rule, which enables 100 shareholders to call an extraordinary general meeting …”
Genuine power for shareholders to scrutinise boards? Scrap it.
And this, from today’s Sydney Morning Herald:
“The government plans to introduce legislation aimed at neutering parts of Labor’s finance advice reforms on Wednesday under the cover of the Prime Minister’s statement on red-tape reduction.”
Find any independent commentator who thinks that’s a good idea. But sneakily scrap it anyway.
Not to mention watering down media regulations, further consolidating the few independent voices left …
Not all red tape is bad. But everything, apparently, must go.