Perpetual calls for higher standards
David Deverall
Fundamental flaws within Australia’s non-profit sector are impacting on the outcomes achieved by some organisations, according to Perpetual Foundation chair David Deverall.
Speaking on the findings outlined in a recent research report title ‘Contrary and congruent views of leadership and management in the Australian social economy’, Deverall said governance was the major undeveloped component of the industry.
“The potential for the Australian economy to have a lasting impact on society would improve with strong leadership from boards of directors and greater harmonisation of governance practices and standards between public companies and social economy organisations,” he said.
Other challenges identified in the report, which was commissioned by the Perpetual Foundation, included resource wastage due to competition, lack of co-operation and industry structure, undeveloped accountability, transparency, solvency and governance, lack of advocacy and a misalignment of interests, and misunderstandings arising from ambiguous language use.
The Perpetual Foundation is a charitable trust, established by Perpetual in 1998 that aims to promote thought leadership and best practice in philanthropy.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
