BCCM welcomes Australian Treasury consultation on new legislation for mutuals

05 October 2018

International Cooperative and Mutual Insurance Federation (ICMIF)

Australian ICMIF member, the Business Council of Co-operatives and Mutuals (BCCM) yesterday (Thursday 4 October) warmly welcomed the publication of draft legislation that will begin the process of modernising the Federal law for mutual businesses in Australia.

The legislation forms the first part of a two-phased approach to improve the business environment for mutually owned firms and improve their ability to compete on level terms with investor-owned corporations.

The draft legislation provides a definition of a mutual entity to recognise the sector in the Corporations Act and to determine which companies will be able to raise capital through the issuance of mutual capital instruments.

Read the full article on the ICMIF website.