"It’s quite the cosy little arrangement that some of Australia’s “old
money” billionaires enjoy, courtesy of the federal government. It’s a
cosy arrangement afforded to no other Australians, and a number of the
country’s wealthiest individuals have fought tooth and nail to protect
their privilege despite repeated attempts by parliament, the corporate
regulator and Treasury to end it.
Billionaires such as Gina Rinehart, Anthony Pratt, Harry Triguboff,
Frank Lowy, Kerry Stokes and dozens of other “old wealth” Australian
families are exempted from having to produce audited financial accounts
to the Australian Securities and Investments Commission (ASIC).
A total of 1,119 large proprietary companies are on this secret rich
list; a result of “grandfathering” provisions of the corporations laws
that were introduced by the government of Paul Keating 25 years ago.
Our investigation has found at least 37 directors on the grandfathered
list who also appear on the Australian Financial Review’s ‘Rich List’
of the top 200 wealthiest Australians for 2020."
Via Muse, who wrote "Australia’s own dirty secrets."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics