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.
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