“In terms of governance and reporting obligations, Indigenous corporations are among the best in the world. It is reported that their overall rate of compliance with reporting obligations has remained above 95% in the last 7 years”.
Joe Mastrolembo, Deputy Registrar of ORIC says “In terms of governance and reporting obligations, Indigenous corporations are among the best in the world. It is reported that their overall rate of compliance with reporting obligations has remained above 95% in the last 7 years”.
Arnhem Land and Groote Eylandt corporations achieved a 100 per cent compliance rate in this period. The ORIC report also found evidence that in 2016–17 Aboriginal and Torres Strait Islander corporations were less likely to fail than mainstream corporations. In 2016–17, for example, not a single liquidator, receiver or voluntary administrator was appointed to an Aboriginal or Torres Strait Islander corporation.
According to Joe Mastrolembo, these outstanding results can be attributed to the support provided by ORIC. He also highlighted that this support is provided entirely free of charge right across the country. It is also notes than more than 50% of ORIC and CATSI staff hail from Aboriginal or Torres Strait Islander ancestry.
“I think some of these results also reflect the important work the Office of the Registrar for Indigenous Corporations does. We have offices all around the country; we offer a range of support services including pro-bono legal services. We also assist corporations with recruitment of senior positions, we assist them appoint independent directors, and we support a range of training programs as well as a range of services to corporations from the moment they register with ORIC under the CATSI act,” Joe Mastrolembo said.
It was also noted that many Aboriginal and Torres Strait Islander directors, many of whom come from the private sector, contribute their time and efforts on a voluntary basis to these corporations helping them maintain high governance standards.
