Directors' duties to stakeholders : a reform proposal based on three false assumptions

The Corporations and Markets Advisory Committee has been asked to consider whether the duties of directors under the Corporations Act 2001 (Cth) should be broadened to require directors to take into account the interests of stakeholder groups other than shareholders when making corporate decisions. In this article, the author argues that the existing statutory duties of directors in Australia should remain unchanged. The existing duties of directors, in particular the overriding duty of directors to act in the best interests of the company, already accommodates consideration of stakeholder interests by directors if the decision is justifiable as being in the company's best interests. Furthermore, corporate culture and norms are moving towards embracing stakeholder engagement, again with the implicit recognition that integrating stakeholder considerations within the decision-making processes of companies is integral to achieving long-term sustainable growth.

The challenge of reconciling working time demands and life transitions : a policy proposal

Labour markets, like all market institutions, exhibit structural and dynamic characteristics. Both the structural and dynamic characteristics of labour markets inevitably change and evolve over time in response to a host of exogenous and endogenous factors. In the case of the Australian labour market, structural changes are reflected in significant shifts in the industry and occupational composition of employment, the decline of full-time work and the concomitant rise in part-time and atypical forms of employment, demographic changes in the labour force, as well as changes in social and individual preferences. Dynamic shifts can be found in cyclical pattern of employment and wages growth, the growth in labour mobility, and transitions between various labour market states.
The starting point for this paper is that these structural and dynamic changes have given rise to an increase in the likelihood that individuals will experience a transition between various labour market states, and a greater diversity in the range of transitions they may experience over their working life. This acceleration in the rate of transition generates ‘transition costs’ for both employers and employees, as well the likelihood of mismatch between employer and employee working time preferences. As a consequence, existing labour market policy regimes, based on the traditional model of labour market participation over the life course may not provide adequate protection for most workers today.
Gunther Schmid (1998) and others have proposed institutional reforms which promote ‘transitional labour markets’. Transitional labour market institutions are those that allow individuals (and firms) to successfully adjust to critical events. While transitional labour market institutions may consist of traditional ‘active labour market policy’ mechanisms, Schmid and others have proposed a range of innovative policy responses which allow individuals (and firms) to adjust the intensity of their abour market participation over the life cycle. In this paper we use the general approach of advocated by the transitional labour market concept to do three things. First, we investigate the processes by which the nature of labour market transitions has changed over time. Second, we review the range of policy options available to government to smooth labour market dysfunctions associated with labour market transitions, with the objective of ensuring labour markets operate more efficiently and more equitably. Third, we focus on one possible way in which an existing labour market institution, Long Service Leave (LSL), could be reformed to make way for a more comprehensive transitional labour market institution in the form of a ‘working time bank’.

A proposal for change to teacher education in and for rural and regional Australia

In recent years, much attention has been given to the preparation of teachers for rural and regional schools (for example, Marks et al, 2000, Marks et al, 2001, Jones, 2002). Rural and regional teacher education brings with it exciting opportunities for individuals and communities. However, it is also coupled with specific demands on governments, teaching staff and tertiary institutions. However, as yet little attention has been given to how to reform teacher education to address the identified issues (Green & Reid, 2004). At present, the teacher education course offered on the Warrnambool campus of Deakin University is identical to that offered on the metropolitan (Burwood) and regional (Geelong) campuses. The course is a traditional four-year course.

At the Warrnambool campus we are embarking on a project which aims to reconceptualise teacher education for rural and regional contexts. It seeks to: better understand the issues and challenges rural and regional stake holders face within the profession, including both pre-service and service dimensions; identify the context specific knowledge, skills and strategies rural and regional schools are looking for in graduate teachers; and develop and implement a revised Bachelor of Education program that reflects the needs of rural and regional education.

In this paper, we outline how we intend determining the demand for a community-based teacher education program in western Victoria and determining/negotiating community support for such an initiative.

The role of a prospective public health intervention study register in building public health evidence: proposal for content and use

Evidence-informed practice is a key component of public health and the focus of much discussion, of which the nature of evidence and how it is best gathered and appraised has formed a large part. Prospective registration of trials is now a key component of rigour and quality in clinical research and has been supported at an international level through the WHO International Clinical Trials Registry Program. This paper discusses the scope and benefits of trial registration in clinical research, including greater transparency and reduced publication bias. It then considers the potential for a Prospective Public Health Intervention Studies Register specific to the needs of public health and aspects to be included in such a register. It is argued that this initiative has the potential to facilitate increased global cooperation and efficiency in the production of high quality evidence and ultimately in improved health outcomes for populations.

Women, minorities, and proportional representation in Parliament : a proposal for voting reform

The right to vote permits the voices of the electorate to be heard in democracies. However, voting is often insufficient for minorities to obtain representation by their preferred candidates. For traditional political ‘minorities’ including women, self-representation is essential to political equality and social equity. Despite holding roughly 50% of the electoral vote in Australia for 100 years, women comprise only 22% of the Commonwealth Members and 29% of Senators. This paper proposes a new vote counting system, STV with Borda elimination or STV-B. STV-B retains proportional representation but much greater voter control over selection of candidates. STV-B would provide women with a mechanism that yields proportional representation for women without undermining party representation.

Proposal of a tiered conceptual framework for sustainable design and planning of large-scale development projects in the metropolitan context

The overwhelming threat posed by climate change means that increasingly, emphasis is being placed on the need to integrate sustainability considerations into all areas of policy making, planning and development. Actors in the built environment are progressively considering environmental and social issues alongside functional and economic aspects of development projects. However, to date in Australia and internationally, there have been few practical examples of integrated applications of sustainability principles in the built environment across design, planning, construction, operation and de-construction phases. Notable initiatives have tended to be narrow in scope, focusing on either mitigation or adaptation strategies. Integrated considerations of impacts from component and building scales to city and regional scales and across physical and socio-economic dimensions are urgently needed, particularly for long-life major infrastructure projects. This paper proposes a conceptual framework based on the principal that early intervention is the most cost-effective and efficient means of implementing effective strategies for mitigation and adaptation. A Strategic Environmental Assessment (SEA) approach is forwarded as an umbrella analytical framework, assembled from analytical methods which are strategically ‘tiered’ to inform different stages of the planning and decision-making process. Techniques such as Ecological footprint, Life cycle costing and Risk analysis may be applied to integrate sustainable design, construction and planning considerations which address both mitigation and adaptation dimensions, results of each analysis ultimately being collated into the overall SEA. This integrated conceptual framework for sustainable, resilient and cost-effective infrastructure development will in practice be applied to assess selected case-studies of major development projects in Australia, focusing on the area of stadium development. Practically applied and timed accordingly, the framework would allow assessments to be targeted towards appropriate decision making levels and enable better decision-making and more efficient resource allocation for major infrastructure development projects.