An analysis of risk management disclosures: Australian evidence

- Purpose Communication of risk management practices are a critical component of good corporate governance. Research to date has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies in a setting where disclosures are explicitly required by the ASX corporate governance framework, disclose risk management (RM) information in the corporate governance statements within annual reports. - Design/methodology/approach To address our study’s research questions and related hypotheses, we examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, we identify, code and categorise RM disclosures made in the annual reports according to the disclosure categories specified in Australian Stock Exchange Corporate Governance Principles and Recommendations (ASX CGPR). The derived data is then examined using a comprehensive approach comprising thematic content analysis and regression analysis. - Findings The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all ‘material business risks’ possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. Notably, the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with improved levels of disclosure. we do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence, and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. - Research limitation/implications The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the finding may not be generalisable to smaller firms, or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. - Practical implications The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. - Originality/value Despite the importance of risk management communication, it is unclear whether disclosures in annual financial reports achieve this communication. The Australian setting provides an ideal environment to examine the nature and extent of risk management communication as the Australian Securities Exchange (ASX) has recommended risk management disclosures follow Principle 7 of its principle-based governance rules since 2007.

Highlight: Yale University Art Gallery

Modern architecture, with its exposed concrete, glass, and steel expanses, does not age gracefully. The Yale University Art Gallery, designed by architecture great Louis Kahn, is no exception. As Yale's first modernist building, completed in 1953, and Kahn's first major commission and collaboration with pioneering lighting designer, Richard Kelly, the gallery is an important part of American architecture. Yet, despite its iconic status, the building suffered numerous architectural indignities in the years following its completion, including the insertion of permanent gallery partitions, which divided Kahn's open plan, and the enclosure of an exterior court, which blocked daylight to the lower galleries.

Particle number and mass emission factors from combustion of wood samples collected from Queensland forest

Knowledge of particle emission characteristics associated with forest fires and in general, biomass burning, is becoming increasingly important due to the impact of these emissions on human health. Of particular importance is developing a better understanding of the size distribution of particles generated from forest combustion under different environmental conditions, as well as provision of emission factors for different particle size ranges. This study was aimed at quantifying particle emission factors from four types of wood found in South East Queensland forests: Spotted Gum (Corymbia citriodora), Red Gum (Eucalypt tereticornis), Blood Gum (Eucalypt intermedia), and Iron bark (Eucalypt decorticans); under controlled laboratory conditions. The experimental set up included a modified commercial stove connected to a dilution system designed for the conditions of the study. Measurements of particle number size distribution and concentration resulting from the burning of woods with a relatively homogenous moisture content (in the range of 15 to 26 %) and for different rates of burning were performed using a TSI Scanning Mobility Particle Sizer (SMPS) in the size range from 10 to 600 nm and a TSI Dust Trak for PM2.5. The results of the study in terms of the relationship between particle number size distribution and different condition of burning for different species show that particle number emission factors and PM2.5 mass emission factors depend on the type of wood and the burning rate; fast burning or slow burning. The average particle number emission factors for fast burning conditions are in the range of 3.3 x 1015 to 5.7 x 1015 particles/kg, and for PM2.5 are in the range of 139 to 217 mg/kg.

Neo-Dandy

Neo-Dandy was a practice-led research project that explored histories of a quintessential men’s and womenswear garment from across the ages — the formal white dress shirt. The aim was to generate a body of radically new mens’ shirts that, whilst incorporating characteristics normally associated with womenswear, would remain acceptable to male wearers. A detailed study identified a broad spectrum of historical design approaches, ranging from the orthodox man’s shirt to the many variations of the women’s blouse. Within this spectrum a threshold was discovered where the men’s shirt morphed into the woman’s blouse — a ‘design moment’ that appeared to typify the dandy figure (a fashion character who subversively confronts dress norms of their day). The research analysed thousands of archive catwalk images from leading contemporary menswear designers, and of these, only a small number tampered appreciably with the men’s white dress shirt — suggesting a new realm of possibility for fashion design innovation. This led to the creation of a new body of work labelled ‘Neo-Dandy’. Sixty ‘concept shirts’ were produced, with differing styles and varying degrees of detailing, that fitted the brief of being acceptable to male wearers, eminently ‘wearable’ and on a threshold position between menswear and womenswear. These designs were each tested, documented, and assessed in their capacity to evolve the Neo-Dandy aesthetic. Based on these outcomes, a list of key design principles for achieving this aesthetic was identified to assist designers in further evolving this style. The creative work achieved substantial public acclaim with the ‘Neo Dandy Collection’ winning a prestigious Design Institute of Australia Award (Lifestyle category) and being one of four finalists in the prestigious overall field for design excellence. It was subsequently curated into three major Brisbane exhibitions — the ARC Biennial, at Artisan Gallery and the industry leader, the Mercedes Benz Fashion Festival. The collection was also exhibited at the Queensland Art Gallery.

Neo-Dandy

Neo-Dandy was a practice-led research project that explored histories of a quintessential men’s and womenswear garment from across the ages — the formal white dress shirt. The aim was to generate a body of radically new mens’ shirts that incorporated characteristics normally associated with womenswear, whist remaining acceptable to male wearers. A detailed study identified a broad spectrum of historical design approaches, ranging from the orthodox man’s shirt to the many variations of the women’s blouse. Within this spectrum a threshold was discovered where the men’s shirt morphed into the woman’s blouse — a ‘design moment’ that appeared to typify the dandy figure (a fashion character who subversively confronts dress norms of their day). The research analysed thousands of archive catwalk images from leading contemporary menswear designers, and of these, only a small number tampered appreciably with the men’s white dress shirt — suggesting a new realm of possibility for fashion design innovation. This led to the creation of a new body of work labelled ‘Neo-Dandy’. Sixty ‘concept shirts’ were produced, with differing styles and varying degrees of detailing, that fitted the brief of being acceptable to male wearers, eminently ‘wearable’ and on a threshold position between menswear and womenswear. These designs were each tested, documented, and assessed in their capacity to evolve the Neo-Dandy aesthetic. Based on these outcomes, a list of key design principles for achieving this aesthetic was identified to assist designers in further evolving this style. The creative work achieved substantial public acclaim with the ‘Neo Dandy Collection’ winning a prestigious Design Institute of Australia Award (Lifestyle category) and being one of four finalists in the prestigious overall field for design excellence. It was subsequently curated into three major Brisbane exhibitions — the ARC Biennial, at Artisan Gallery and the industry leader, the Mercedes Benz Fashion Festival. The collection was also exhibited at the Queensland Art Gallery.

Crop

Solo exhibition of sculptural works that use the portrait bust as a vehicle for problematising notions of subjectivity, authority and representation. The exhibition comprised three life-sized figurative busts, each portraits of the artist, sparsely positioned throughout the gallery space to convey a sense of isolation and abandonment. By emphasising the fragmented nature of the bust format by removal of all supports (ie. Socle, plinth or alcove) the works sought to address the vulnerability that frmes this apparently authoritative Enlightenment portrait format. In so doing the exhibition aimed to offer, by example, a new way of seeing and interpreting the portrait bust in history. The exhibition was exhibited at the Institute of Modern Art (Brisbane) and the Perth Institute of Contemporary Arts. Works fro the exhibition were included in group shows at Linden Centre for Contemporary Arts, Ballarat Fine Art Gallery. Work from the exhibition was purchased for the collection of MONA, Hobart.The exhibition received favourable reviews in Eyeline, Art and Australia and Machine magazines.

Fabricating reconciliation : Howard's forgettable speech

In this chapter, John Howard’s policy speech to The Sydney Institute, a conservative think tank, on October 11, 2007 as the Australian Prime Minister of the day, is analysed within the frame of discourse analysis to make visible how the speech works in old ways to dress up neoliberal policy as new and reformist. Taking centre stage, Howard pointed to concrete steps undertaken to achieve what he called a “new reconciliation.” This cynical manoeuvre, which put reconciliation back onto the election agenda (after it was earlier derided for its divisive and muddle headed symbolism), constituted a “neoliberal quickstep” (Reiger, 2006) or quickfix of sorts. The speech was also used as a place to reintroduce the Northern Territory Intervention, which at the time was purported to be a response to child abuse and Indigenous community dysfunction.

SCOOT CBN

SCOOT is a hybrid event combining the web, mobile devices, public displays and cultural artifacts across multiple public parks and museums in an effort to increase the perceived and actual access to cultural participation by everyday people. The research field is locative game design and the context was the re-invigoration of public sites as a means for exposing the underlying histories of sites and events. The key question was how to use game play technologies and processes within everyday places in ways that best promote playful and culturally meaningful experiences whilst shifting the loci of control away from commercial and governmental powers. The research methodology was primarily practice led underpinned by ethnographic and action research methods. In 2004 SCOOT established itself as a national leader in the field by demonstrating innovative methods for stimulating rich interactions across diverse urban places using technically-augmented game play. Despite creating a sophisticated range of software and communication tools SCOOT most dramatically highlighted the role of the ubiquitous mobile phone in facilitating socially beneficial experiences. Through working closely with the SCOOT team, collaborating organisations developed important new knowledge around the potential of new technologies and processes for motivating, sustaining and reinvigorating public engagement. Since 2004, SCOOT has been awarded $600,00 in competitive and community funding as well as countless in kind support from partner organisations such as Arts Victoria, National Gallery of Victoria, Melbourne Museum, Australian Centre for the Moving Image, Federation Square, Art Centre of Victoria, The State Library of Victoria, Brisbane River Festival, State Library of Queensland, Brisbane Maritime Museum, Queensland University of Technology, and Victoria University.

The Euro-American psyche and the imaging of Samoa in the early 20th century

Drawing on English language sources and material from Western Samoa (now Samoa), this examination of photographically illustrated serial encyclopaedia and magazines proposes an alternative historical analysis of the colonial photographs of Samoa, the most extensively covered field in Oceanic photographic studies. Photographs published between the 1890s and World War II were not necessarily from that era, and despite claims in the text of illustrated publications of an unchanged, enduring, archaic tradition in Samoa, the amazing variety of content and subject matter often offered contradictory evidence, depicting a modern, adaptive and progressive Samoa. Contrary to orthodox historical analysis, the images of Samoa in illustrated magazines and encyclopaedia were not limited to a small, repetitive gallery of partially clothed women and costumed chiefs.

Using Agents for Mining Maintenance Data while interacting in 3D Objectoriented Virtual Environments

This report demonstrates the development of: (a) object-oriented representation to provide 3D interactive environment using data provided by Woods Bagot; (b) establishing basis of agent technology for mining building maintenance data, and (C) 3D interaction in virtual environments using object-oriented representation. Applying data mining over industry maintenance database has been demonstrated in the previous report.

Studying collaborative design in high bandwidth virtual environments

In today’s global design world, architectural and other related design firms design across time zones and geographically distant locations. High bandwidth virtual environments have the potential to make a major impact on these global design teams. However, there is insufficient evidence about the way designers collaborate in their normal working environments using traditional and/or digital media. This paper presents a method to study the impact of communication and information technologies on collaborative design practice by comparing design tasks done in a normal working environment with design tasks done in a virtual environment. Before introducing high bandwidth collaboration technology to the work environment, a baseline study is conducted to observe and analyze the existing collaborative process. Designers currently rely on phone, fax, email, and image files for communication and collaboration. Describing the current context is important for comparison with the following phases. We developed the coding scheme that will be used in analyzing three stages of the collaborative design activity. The results will establish the basis for measures of collaborative design activity when a new technology is introduced later to the same work environment – for example, designers using electronic whiteboards, 3D virtual worlds, webcams, and internet phone. The results of this work will form the basis of guidelines for the introduction of technology into global design offices

Critical Literacies in Schools : A Primer

Readers and writers use a variety of modes of inscription – print, oral and multimedia – to understand, analyze, critique and transform their social, cultural and political worlds. Beginning from Freire (1970), ‘critical literacy’ has become a theoretically diverse educational project, drawing from reader response theory, linguistic and grammatical analysis from critical linguistics, feminist, poststructuralist, postcolonial and critical race theory, and cultural and media studies. In the UK, Australia, Canada, South Africa, New Zealand and the US different approaches to critical literacy have been developed in curriculum and schools. These focus on social and cultural analysis and on how print and digital texts and discourses work, with a necessary and delicate tension between classroom emphasis on student and community cultural ‘voice’ and social analysis – and on explicit engagement with the technical features and social uses of written and multimodal texts.

Measuring episodic memory: A novel approach with an indefinite number of alternative forms

Both clinical practice and clinical research settings can require successive administrations of a memory test, particularly when following the trajectory of suspected memory decline in older adults. However, relatively few verbal episodic memory tests have alternative forms. We set out to create a broad based memory test to allow for the use of an essentially unlimited number of alternative forms. Four tasks for inclusion in such a test were developed. These tasks varied the requirement for recall as opposed to recognition, the need to form an association between unrelated words, and the need to discriminate the most recent list from earlier lists, all of which proved useful. A total of 115 participants completed the battery of tests and were used to show that the test could differentiate between older and younger adults; a sub-sample of 73 participants completed alternative forms of the tests to determine test-retest reliability and the amount of learning to learn.

Members abroad - Australia : Lindy Osborne

When I arrived in Queensland's capital in 1996, Brisbane was commonly referred to as an 'overgrown country town'. This might have been an acceptable description in the 1990s, but it cannot be applied any longer. Brisbane, affectionaly referred to by the locals as Bris-Vegas, has now come of age. Following Sydney and Melbourne, Brisbane is the third most populous city in Australia with a population of approximately two million. Interestingly, the 2006 Census showed that 22 per cent of Brisbane's population was born overseas, the three main countries of birth being the UK, New Zealand and South Africa. Brisbane City is centred on its most dominant environmental element, the Brisbane River, which effectively carves Brisbane into two areas - the Northside and the Southside. The 2001 addition of Cox Rayner's Goodwill Pedestrian and Cycle Bridge signified Brisbane's acceptance and affectionate embrace of its River resulting in a long overdue linage between Brisbane's North and South. It connects the City's key precincts - the Northside CBD through Queensland University of Technology (QUT), across Brisbane River, to the recreational precinct of the Southside Southbank Parklands. The Southside cultural precinct of Southbank is the home to Queensland's Art Gallery, Performing Arts Complex, State Library and Museum -each of which were designed by Brisbane Stalwart Architect Robin Gibson, in the 1970s and '80s. The CBD component of the Brisbane River is flanked by a number of Institutional Facilities, including the campuses of QUT, Griffith University and the Southbank Education and Training Precinct (SETP), which combine to form a cross-river educational precinct. The past decade has born witness to a city which has keenly supported emerging architects in addition to the more entrenched stalwarts of the profession, resulting in a youthful, relaxed and unpretentious sub-tropical city. Viva Bris-Vegas!

Disco Puppy

Disco Puppy is an energetic interactive installation for children (and parents) which stars three larger than life dancing puppies. The work was initially produced for the Ipswich Art Gallery and has since toured nationally.