The Registrar of Aboriginal and Torres Strait Islander Corporations, Ms Tricia Stroud has today announced the end of the special administration of the Bunurong Land Council (Aboriginal Corporation).
The corporation was placed under special administration on 11 September 2023 to address serious concerns about standards of corporate governance. These issues were identified in an examination during March 2023, leading to the Registrar asking the corporation to show cause why a special administrator should not be appointed. The corporation’s response to the show cause notice was unable to change the Registrar’s view on their ability to address the concerns without a suitably qualified person to assist.
The corporation is back in the hands of members, with a newly appointed board of directors assuming their duties from 11:59pm on 15 March 2024.
The special administration achieved a range of positive outcomes for the corporation:
A mediator has been engaged to help various members work through a healing process which is to commence soon. The announcement of this engagement at the recent AGM was well received by members.
A new permanent CEO has been appointed, providing stability to the corporation’s day-to-day business.
Stronger internal financial reporting practices are in place, with strengthened financial management framework, policies and procedures.
The corporation’s investment strategy was revised and increased income forecasts.
The Registrar met with the incoming board supporting the handover from the special administrator. For a period of time after the special administration ends, the corporation is required to provide additional reporting to ORIC to assist with monitoring their progress.
15 March 2024