Top companies to blame for red tape
THE nation’s top companies have themselves to blame as much as government for being wrapped up in red tape.
Two-thirds of the 50 chief executives and chairmen from Australia’s top 200 listed companies surveyed said regulation was on the rise and a major burden.
But Deloitte, the company behind the survey, said the costs of complying with regulations imposed by the private sector were just as high as meeting government requirements. Deloitte managing partner assurance and advisory Richard Deutsch said: “There is a tendency in corporate Australia to focus on government red tape as a drag on productivity and our discussions with chairs and CEOs have substantiated this.
“But, with the evidence that internal bureaucracy is as much, if not more of an issue, they also acknowledge that external regulation isn’t necessarily a burning platform for them. The real issue for many is corporate red tape.”
An emerging issue for company boards appears to be cyber security, though many survey respondents indicated their organisations were not entirely equipped to deal with a data breach.