Panel Releases Final Guidance On Conflicts Of Interest [30/08/2002] The Takeovers Panel

30 August 2002

PANEL RELEASES FINAL GUIDANCE ON CONFLICTS OF INTEREST

The Takeovers Panel advises that it has today released a Guidance Note on conflicts of interest as they relate to Panel members sitting on individual matters. The final version follows public consultation on a draft that the Panel released in June 2002.

The final Guidance Note is based on the Panel's underlying policy that:

  • in the interests of maintaining transparency of process, all material relevant interests of a member of which the President of the Panel becomes aware will be disclosed to the parties to proceedings, even if the interests are not sufficiently direct to give rise to a conflict;
  • members are asked to consider any material personal and professional interests that may give rise to a conflict. In respect of professional interests, members are asked to conduct all inquiries which are reasonable in the circumstances to determine whether they have any material interest which gives rise to a conflict, or which should be disclosed to the parties; and
  • in order to facilitate the speedy appointment of a sitting Panel, the Panel regards it as important that applicants provide, at the time of their application, information which will assist members to conduct conflict inquiries. For the same reasons, the Panel regards it as important that parties discuss with the Panel Executive, as early as possible, any potential conflicts of which they are aware, of in respect of which they have concerns.

The Panel has also published on the Panel's website a paper that provides details of the Conflicts Sub-Committee's response to external comments on the consultation draft. That paper is under the "Consultation" tab on the Panel's website.

The Panel appreciates the time that its members give to it on a number of guidance notes and other projects. The Panel and the Panel Executive wish to thank the Conflicts Sub-Committee for their work on this Guidance Note. The Conflicts Sub-Committee comprised Ms Alison Lansley, Ms Alice McCleary and Professor Ian Ramsay.

The Conflicts Guidance Note and the Public Consultation Response are available at:

http://www.takeovers.gov.au/Content/guidance/conflicts_draft.asp

http://www.takeovers.gov.au/Content/consultation/conflicts.asp

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
Email: nigel.morris@takeovers.gov.au