CHANGES TO DISCLOSURE BILL

THE Banking Council and the trade and industry department have agreed to make changes to the Companies Amendment Bill that will make the new legislation less stringent. The bill is set to force disclose on nominee shareholding accounts. The original bill required nominee shareholders to compare the number of shares which they hold on behalf of others against the company’s issued share capital, and to report to the company when the ratio between the two exceeds defined thresholds. Banking Council general manager Kevin Daly on Wednesday said the department has suggested that nominee companies instead disclose those benefiting from the shares on a quarterly basis.