The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) came into effect on 1 July 2007 to provide Indigenous corporations with a fit-for-purpose regulatory framework to make it easier for Aboriginal and Torres Strait Islander persons to form and manage corporations.
In December 2019, the Minister for Indigenous Australians announced a comprehensive review of the CATSI Act to build on previous reviews and consider a wide range of issues, including:
This review included two phases of consultation in which a broad range of stakeholders were involved, such as directors, members and CEOs of CATSI corporations including Registered Native Title Bodies Corporate (RNTBCs), academics, peak Indigenous and professional bodies, lawyers, accountants, industry and business.
The review has made 72 recommendations for consideration by the Australian Government, suggesting further consideration of some aspects of the CATSI Act and identifying additional support that could be provided to corporations incorporated under the CATSI Act.
AFS work with a number of Indigenous corporations and organisations. The recommendations will impact every organisation in this industry. We are committed to providing insights related to the changes and will continue to communicate those that may impact your organisation.
If you have any questions regarding the review of the CATSI Act, or would like further information on how we can help your organisation, please contact Adrian Downing on 03 5443 0344 or email firstname.lastname@example.org