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They were never really designed to give us an understanding of how well the community in aggregate is going, although they are clearly a very important ingredient to that.40 2.54 The ABS official productivity measure is derived from statistics ‘compiled on the basis of the standard growth accounting framework, which is widely adopted by leading statistical agencies and recommended by the OECD.’41 The Australian System of National Accounts ‘provides a record of Australia’s economic wealth and the changes to that wealth brought about by economic activity.’42 It is important to note this economic measure is only an estimate. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
For example, when experimental data is included, a different result is achieved.
The ABS methodology 2.55 The ABS adopts a productivity measurement methodology based on neoclassical economic theory.
The ABS calculates single factor productivity estimates (for labour and for capital)43 and also multifactor productivity estimates. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The calculation of MFP itself is a relatively straightforward exercise once separate indexes for output growth, labour growth and capital growth have been constructed; however, the calculation of the capital component is complex.
2.56 Once the separate indices are obtained the relative weights for the contribution of labour and capital are taken by the income shares of these factors of production.
39 Mr M Davies, ABS, Transcript, 23 October 2009, p. 23. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
40 Mr D Brunker, PC, Transcript, 23 October 2009, p. 16.
41 ABS, Submission no.
16, p. 1.
42 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p.12.
43 A measure of real output per unit of labour is conventionally referred to as labour productivity.
The measure of labour input used is hours worked.
Measures of real output per unit of capital are referred to as measures of capital productivity. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The capital input measure used is the flow of capital, which is calculated by weighting chain volume measures of the productive capital stock of different asset types together using their rental prices as weights. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
22 INQUIRY INTO RAISING THE PRODUCTIVITY GROWTH RATE IN THE AUSTRALIAN ECONOMY 2.57 2.58 The ABS calculates productivity estimates in 12 of 20 industry areas as recognised by the Australia and New Zealand Standard Industrial Classification 2006 (ANZSIC06) system.44 The majority of industries included in the ‘market sector’ are those which have satisfactory estimates of the growth in the volume of output. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
As such, industries where economic values cannot be readily assigned to outputs are excluded (for example, government services). | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The market sector comprises the following 16 industries (Categories A-N and R-S): (cid:132) Category A: Agriculture, forestry, and fishing; (cid:132) Category B: Mining; (cid:132) Category C: Manufacturing; (cid:132) Category D: Electricity, gas, water and waste services; (cid:132) Category E: Construction; (cid:132) Category F: Wholesale trade; (cid:132) Category G: Retail trade; (cid:132) Category H: Accommodation and food services; (cid:132) Category I: Transport, postal and warehousing; (cid:132) Category J: Information media and telecommunications; (cid:132) Category K: Financial and insurance services; (cid:132) Category L: Rental, hiring and real estate services; (cid:132) Category M: Professional, scientific and technical services; (cid:132) Category N: Administrative and support services; (cid:132) Category R: Arts and recreation services; and (cid:132) Category S: Other services. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.59 Industries excluded from the market sector are (Categories O-Q and T): (cid:132) Category O: Public administration and safety; (cid:132) Category P: Education and training; 44 Prior to December 2009 the ABS used ANZSIC93, which contained 16 industry categories, 12 of which were represented in the official productivity estimates. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The move to ANZSIC06 reflects the growing influence of services industries in the Australian economy; the market sector now including categories L, M, N and S. ABS, Supplementary submission no.
16.1, p. 1.
PRODUCTIVITY GROWTH AND ITS IMPORTANCE 23 (cid:132) Category Q: Health care and social assistance; and (cid:132) Category T (special industry category): Ownership of dwellings. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.60 The ABS does not present MFP measures for industries excluded from the market sector because the volume estimates of gross value added are derived using a method in which input data are used as measures of output.
As a result, meaningful productivity measures cannot be derived for these industries at present. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS noted the limitations in calculating output where there is no market value transaction: The basic set of output measures that we use in our economic statistics are based around actual monetary transactions—people putting their hand in their pocket and paying for things. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Our basic concept of a transaction is the amount someone has parted with in order to receive the good or service.45 2.61 Of the 16 industries included in the market sector four categories are excluded from the official productivity estimates. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
These include industry categories L, M, N and S. The official MFP market sector therefore includes categories A-K plus category R. 2.62 2.63 In 2008-09 the ABS released experimental estimates for an expanded market sector which included these four sectors with a time series dating back to 1994-95.46 These estimates will be incorporated into the Australian System of National Accounts in 2010.
The impact of this will be discussed in Chapter 4. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The impact of this will be discussed in Chapter 4.
The ABS derives its estimates of MFP for the market sector by forming a combined chain volume measure (using constant price estimates)47 of labour and capital inputs and dividing it into the chain volume measure of the gross value added of the market sector (the output of the market). | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Measuring the individual components of MFP 2.64 Capital is measured on the basis of the ‘flow’ of services from the capital stock, with the flows weighted by a rental value, somewhat analogous to the concept of depreciation in an accounting profit and loss statement.
45 Mr M Davies, ABS, Transcript, 23 October 2009, p. 24.
46 ABS, Supplementary submission 16.1, p. 2. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
46 ABS, Supplementary submission 16.1, p. 2.
47 The ABS computes chain volume measures by linking together movements in volumes, calculated using the average prices of the previous financial year, and applying the compounded movements to the current price estimates of the reference year. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
24 INQUIRY INTO RAISING THE PRODUCTIVITY GROWTH RATE IN THE AUSTRALIAN ECONOMY 2.65 The single index of capital services derived to calculate MFP is itself a combination of 13 separate indexes covering major asset types including machinery, computer software and inventories over the market sector industries.
An aggregate chain volume measure of capital services for the whole market sector is then weighted with a measure of hours worked using estimates of capital and labour income as weights. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.66 The ABS note that estimates of capital services productivity is the most unreliable productivity estimate: Of all the constituents of the MFP measures, capital input poses the most problems.
A major weakness of the estimates of capital services stems from the uncertain quality of the data used in their construction, such as mean asset lives and asset life distributions.48 2.67 Constructing capital input indices is very complicated and relies on assumptions which are not universally agreed. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS states: The construction of capital stock series, based on some cumulated function of past investment expenditures (the so called perpetual inventory model (PIM)), critically depends on the availability of constant quality price indexes and assumptions regarding the capital decay process.49 2.68 Just one example of the detailed calculations in capital stock indices is the required finessing of rental values for tax and tax incentive/allowance impacts applicable to different capital equipment, in different industries. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.69 Due to the inherent issues in calculating the capital service index, the ABS is currently reviewing its methodology and is also developing ways to capitalise research and development expenditure into the index.50 2.70 In contrast, calculating the labour index is relatively uncomplicated.
Estimates for hours worked are derived as the product of employment and average hours worked. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Using an index of hours worked provides a better measure of labour input than using employment, because hours worked captures changes in overtime worked, standard weekly hours, leave taken, and changes in the proportion of part-time employees.
51 48 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p. 365.
49 ABS, Submission no.
16, p. 4.
50 ABS, Submission no.
16, p. 5. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
16, p. 4.
50 ABS, Submission no.
16, p. 5.
51 However, changes in the skill level of the labour force are not captured in hours worked, and so are reflected in the productivity estimates.
To obtain a measure of productivity that excluded the effect of changing skill levels, it would be necessary to adjust hours worked for changes in the quality of the labour force. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
PRODUCTIVITY GROWTH AND ITS IMPORTANCE 25 Productivity growth measurement—statistical limitations 2.71 As noted earlier, estimating productivity, particularly MFP, is complex and subject to a number of measurement issues.
Estimates are also based on a number of underlying theoretical assumptions that may not necessarily reflect the nature of production processes. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.72 2.73 2.74 2.75 The ABS note that caution needs to be exercised in interpreting productivity measures which are derived as a residual and are therefore subject to any errors in the output and input measures. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Furthermore, because productivity growth is comparatively low, such errors assume relatively greater importance with respect to productivity estimates.52 The ABS also advise of the need to take a longer term view of MFP estimates, which are subject to the vagaries of the growth in the business cycle (as capacity utilisation varies so does MFP growth). | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS note that: Taking into account all of these factors, MFP estimates are probably most useful when computed as average growth rates between growth-cycle peaks, which are determined as peak deviations of the market sector MFP index from its long-term trend.
In this way, most of the effects of variations in capacity utilisation and much of the random error are removed. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
However, average growth rates still reflect any systematic bias resulting from the methodology and data used.53 The volatility in short-term MFP can be seen in the recent incomplete productivity cycle with annual averages ranging from -0.6 to 0.3 per cent growth.54 The PC also stressed the business-cycle nature of productivity trends. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
In reference to a chart in their submission which depicted productivity growth cycles back to the mid-sixties Mr Terry O’Brien stated: It is just a powerful reminder that productivity growth is intrinsically cyclical for reasons interactive with cycles in the broader economy.55 52 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p. 375.
53 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p. 376. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
no.
5216.0, 2000, p. 376.
54 ABS, Australian System of National Accounts, Cat.
no.
5204.0, 2007-8, p. 42.
55 Mr T O’Brien, PC, Transcript, 23 October 2009, p. 5—referring to PC, Submission no.
20, p. 14.
26 INQUIRY INTO RAISING THE PRODUCTIVITY GROWTH RATE IN THE AUSTRALIAN ECONOMY 2.76 Measurement issues also arise from the accuracy of the statistical data and some of the assumptions made in their compilation. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The main sources of data for productivity are output and capital stock measures from the National Accounts (ABS cat no 5206.0), with estimates of hours worked drawn from the ABS’s labour force survey (ABS cat no 6203.0).
The capital stock measures are mostly derived from surveys of businesses on the ABS ‘business register’ so the quality of responses to the surveys is important. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The fact that the official MFP calculation excludes six service sector industries is a statistical limitation which may prove increasingly troublesome as this part of the economy grows.
The rise of the services sector is a phenomenon which occurs as economies advance.
The fact that most of this sector is excluded from the ABS productivity growth measure makes it increasingly more difficult to determine the relative contributions of different sectors to aggregate productivity. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Currently, statistical agencies have not formulated a robust and comparable statistical method to account for the complexity of inputs and outputs in the service sector of their economies; so by and large they are omitted from the MFP measurement. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The main problems that are encountered in trying to account for service sector inputs and outputs are summarised by Professors Cooper and Sheen in their submission: 2.77 2.78 ...the distinction between inputs and outputs is difficult to resolve, where outputs may not be physical products and hence may be difficult to measure, and where complex interrelationships in the production of goods and services mean that the contribution of individuals is increasingly an unobservable task and not a specifically measurable component.56 2.79 Their submission stresses the need to invest in finding better ways of measuring the outputs of a ‘modern service oriented economy—where trading in tasks is increasingly dominant’.57 They propose that with relatively poor information of what a modern economy actually does, coupled with the lack of an adequate measure of service outputs may mean countries fail to record the ‘flow-on effects of technological advances, a failure which could lead to poor policy prescriptions’.58 2.80 The ABS recognises this problem, stating that: 56 Professors & Professor J Sheen, Submission no. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
5, p. 1.
57 Professors & Professor J Sheen, Submission no.
5, p. 3.
58 Professors & Professor J Sheen, Submission no.
5, p. 3. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
5, p. 3.
PRODUCTIVITY GROWTH AND ITS IMPORTANCE 27 ...recent decades have witnessed the gradual shift in the composition of aggregate output towards service-producing industries and there is strong support to expand productivity measurement to these sectors, despite the significant measurement challenges that may be involved.59 2.81 Measuring the productivity of public sector services is particularly difficult.60 This issue is discussed in Chapter 8. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.82 In their submission, Professors Cooper and Sheen proposed extending the ‘attributes’ methodology to measure outputs in an increasingly service- based economy: Approaches to indirect measurement of changes in the quality of attributes also need to be developed and these would require sophisticated economic modelling. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
For example, it may be possible to examine changes in individuals’ economic behaviour to infer improvement in quality of attributes where switches in purchasing occur that are incompatible with the implications of price movements….In summary, there is an increased need for integration of data measurement and economic modelling tasks in the future economy.61 2.83 Despite its statistical drawbacks, the ABS outlines the unique advantages and features of the MFP estimate: MFP takes account of several factor inputs at the same time, and is largely a measure of the effects of technical progress, improvements in the work force, improvements in management practices, economies of scale, and so on.62 2.84 Yet they also recognise the measure’s non-statistical limitations: ‘MFP can also be affected in the short to medium term by other factors such as the weather, and by variations in capacity utilisation associated with the business cycle.’63 These non-statistical limitations will be discussed in greater detail in Chapter 3, in terms of recent productivity trends and in Chapter 8 about issues that are taking on greater importance as the composition of the economy changes. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
59 ABS, Submission no.
16, p. 3.
60 ABS, Submission no.
16, p. 3.
61 Professors & Professor J Sheen, Submission no.
5, p. 4.
62 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p. 362.
63 ABS, Australian National Accounts: Concepts, Sources and Methods, Cat.
no.
5216.0, 2000, p. 362. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
no.
5216.0, 2000, p. 362.
28 INQUIRY INTO RAISING THE PRODUCTIVITY GROWTH RATE IN THE AUSTRALIAN ECONOMY International comparability of Australian productivity measures 2.85 Unlike macroeconomic measures such as GDP, which are mature measures incorporated into international standards which have been adopted by most countries around the world, there is less consensus about productivity measures worldwide. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS commented that productivity measures: ..are in some kind of intermediate state of maturity…it is recognised as a field where there is still a lot of merit in letting people experiment, stretch and try different things.
So there is far less commitment and drive towards international standardisation.64 2.86 However, the ABS has adopted all the main productivity measurement methodologies used by other countries; its methods align with those used in most OECD countries. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
This includes the standard growth accounting framework recommended by the OECD which has been adopted by leading statistical agencies.65 2.87 2.88 The ABS is advancing its studies into increasing the coverage of industries included in the market sector of the productivity estimates. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Experimental estimates have already been released for the ANZSIC categories of Rental, Hiring and Real Estate Services; Professional, Scientific and Technical Services; Administration and Support Services and “Other” Services.66 The ABS is also leading other statistical agencies in the development of experimental MFP estimates.
The ABS has already developed productivity estimates for individual industries and also quality adjusted labour input measures, both of which have been released. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
That said, the ABS recognises many challenges remain, including the international standardisation of new measures: ...it will be some while before there is enough consensus and similar thinking to establish an international standard, which is where the issues of international comparability come up.67 2.89 The impact of the inclusion of experimental estimates is discussed further in Chapter 5.
64 Mr M Davies, ABS, Transcript, 23 October 2009, p. 27.
65 PC, Submission no.
20, p. 1. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
65 PC, Submission no.
20, p. 1.
66 ABS, Experimental estimates of industry multifactor productivity, Cat.
no.
5260.0.55.002, 2008-09, February 2010.
67 Mr M Davies, ABS, Transcript, 23 October 2009, p. 27.
PRODUCTIVITY GROWTH AND ITS IMPORTANCE 29 Committee conclusion 2.90 2.91 2.92 2.93 The statistical measurement of capital services productivity, and thus multi-factor productivity, is complex. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS cautions the interpretation of MFP productivity measures due to the complexity of the capital index construction, and as the available margin of error is very low caution should be used in interpreting short-term productivity.
Therefore, annual productivity averages, which vary greatly from year to year, contain a lot of ‘noise’ and so the interpretation of growth is best performed on a cyclical basis. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
That said the growth rates in the present unfinished productivity cycle, which now spans five years, provide enough trend information to expect the cycle to finish with negative growth.
The calculation of MFP is a partial estimate as it excludes six industry sectors which currently have outputs which are difficult to quantify. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
These sectors are predominantly service sectors and government sectors which do not produce tangible outputs and the outputs/outcomes from these industries are hard to disaggregate and value.
They are, however, very important contributors to GDP and the measurement of productivity in these sectors is becoming increasingly important. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
The ABS is progressing work into the viability of including a number of service sectors into the market sector but there is still a long way to go before a suitable services sector measurement is found.
This will require ongoing commitment from the ABS and from international statistical agencies in adopting a standardised approach. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
2.94 Despite the statistical limitations of multi-factor productivity as a methodology of measuring the aggregate productivity growth in an economy, it has some clear advantages over partial measures, like labour productivity.
MFP accounts fully for capital and labour costs and can reflect changes in the operational environment of businesses, like management effectiveness and the capabilities of the primary inputs of capital and labour. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
Boosting this ‘value-add’ productivity stemming from the interactions between the primary inputs will be important for Australian businesses going forward. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Australia | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571769438.pdf | https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=economics/productivity/report/chapter%202.pdf |
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 1 CHAPTER 222 'I'HE INTERNATIONAL BUSINESS CORPORATIONS ACT Arrangement of Sections Section 1.
Short title.
2.
Interpretation.
3 .
Proscribed enterprises.
4. International trade or business.
Part I - Constitution of Corporations Division A: Incorporation Incorporation.
Formalities.
Required votes.
Certificate of incorporation.
Effective date.
Corporate name.
Reserved name.
Name change.
Continued name.
Name revocation. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Name change.
Continued name.
Name revocation.
Assigned name.
re-incorporation contracts.
Division B: Corporate Capabilities 18.
Capacity and powers.
19.
Powers reduced.
20.
Validity of acts.
21.
Notice not presumed.
22.
No disclaimer allowed.
2 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 23.
Contracts of corporation.
24.
Bills, notes.
25.
Power of attorney.
26.
Coporate seal.
Division C: Share Capital 27.
Nature of shares.
28. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Nature of shares.
28.
If only one class.
29.
Share classes.
30.
Share issue.
3 1.
Consideration.
32.
Stated capital accounts.
33.
Series shares.
34, Pre-emptive rights.
3 5.
Conversion privileges.
36.
Reserve shares.
37.
Own shares.
38.
Exceptions.
39.
Acquisition of own shares.
40.
Other acquisition.
41, Redeemable shares.
42.
Donated shares.
43.
Voting thereon.
44.
Stated capital reduction.
45.
Stated capital adjustment.
46.
Cancellation of shares.
47. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
46.
Cancellation of shares.
47.
Presumption re own shares.
48.
Changing share class.
49.
Debt obligations.
50.
Share purchase contract.
5 1.
Prohibited dividend.
52.
Payment of dividend.
53.
Illicit loans by corporation.
54.
Permitted gifts.
55.
Prejudicial circumstances.
56.
Permitted loans.
57.
Enforcement of illicit loans.
58.
Immunity of shareholders.
59.
Lien on shares.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 3 Division D: Management of Corporations Section 60.
Duty to manage corporation.
61.
Number of directors and residence 62.
Restricted powers.
63.
By-law powers.
64.
Organisational meeting.
65.
Disqualified directors.
66.
No qualification required.
67.
Election of directors.
68.
Termination of office.
69.
Resignation of director.
70.
Removal of director.
7 1.
Right to notice.
72.
Filling vacancy.
73.
Numbers changed.
74.
Notice of change.
75.
Directors' meetings.
76. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Notice of change.
75.
Directors' meetings.
76.
Notice and waiver.
77.
Adjourned meeting.
78.
One director board.
79.
Telephone participation.
80.
Delegation of powers.
81.
Validity of acts.
82.
Meeting by resolution.
83.
Liability for share issue.
84.
Liability for other acts.
85.
Contribution for judgment.
86.
Recovery by action.
87.
Defence to liability.
88.
Time limit on liability.
89.
Interests in contracts.
90.
Interest declaration.
9 1.
Avoidance of nullity.
92. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
9 1.
Avoidance of nullity.
92.
Setting aside contract.
93.
Designation of offices, etc.
94.
Borrowing powers.
95.
Duty of care.
96.
Dissenting to resolutions.
97.
Indemnifying director, etc.
98.
For derivative actions.
99.
Right to indemnity.
4 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 100.
Insurance of directors, etc.
101.
Court approval of indemnity.
Division E: T h e Shareholders 102.
Place of meetings.
103.
Attendance at meetings.
104. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
103.
Attendance at meetings.
104.
Calling meetings.
105.
Record date of shareholders.
106.
Statutory date.
107.
Notice of record date.
108.
Notice of meeting.
109.
Special business.
1 10.
Waiver of notice.
11 1.
List of shareholders.
1 12.
Examination of list.
1 13.
Quorum at meetings.
114.
Right to vote share.
1 15.
Representative of other body.
1 16.
Joint shareholders.
1 17.
Voting method at meetings.
118.
Ballot.
119.
Resolution in writing.
120. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
118.
Ballot.
119.
Resolution in writing.
120.
Requisitioned shareholders meeting.
12 1.
Court-called meeting.
122.
Court review of controversy.
123.
Pooling agreement.
124.
Unanimous shareholder agreement.
125.
Extra-ordinary transaction.
126.
Registrant's duty.
127.
Governing prohibition.
Division F: Corporate Records Registered office.
Notice of address.
Records of corporation.
Trust notices.
Other records.
Records form.
Duty of care for records Access to records. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Duty of care for records Access to records.
LAWS OF ANTIGUA AND BARBUDA International Business Co~porations (CAP.
222 5 Division G: Transfer of Securities Section 136.
Transferring securities.
137.
Restrictions on transfers.
138.
Duty to certify.
139.
Security certificate.
140.
Registration.
141.
Effect of certificate.
Division H: Financial Reports by Corporations 142.
Annual financial returns.
143.
Exemption for information.
144.
Consolidated financial returns.
145. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
144.
Consolidated financial returns.
145.
Approval of directors.
146.
Copies to shareholders.
147.
Auditor's qualifications.
148.
Disqualifying auditor.
149.
Appointment of auditor.
150.
Dispensing with auditor.
151.
Cessation of office.
152.
Removal of auditor.
153.
Filling auditor vacancy.
154.
Court appointed auditor.
155.
Auditor rights to notice.
156.
Required attendance.
157.
Right to comment.
158.
Examination by auditor.
159.
Detected error.
160.
Privilege of auditor. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
159.
Detected error.
160.
Privilege of auditor.
Division I: Fundamental Changes 16 1.
Fundamental amendment to articles.
162: Proposal to amend articles.
163.
Class vote on proposal.
164.
Delivery of articles.
165.
Certificate of amendment.
166.
Re-stated articles.
167.
Amalgamation.
168.
Agreement for amalgamation.
169.
Approval by shareholders.
170.
Vertical short-form amalgamation.
6 C A P .
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 17 1. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Horizontal short-form amalgamation.
172.
Articles of amalgamation.
173.
Certificate of amalgamation.
174.
Re-organisation.
175.
Arrangements.
176.
Continuation as corporation.
17 7.
Extended period.
178.
Amending instrument.
179.
Articles of continuance.
180.
Certificate of continuance.
18 1.
Non-continuance effect.
182.
Continuing imported corporations.
183.
Certificate of continuance.
184.
Application for continuance.
185.
Conditions precedent.
186.
Import option.
187. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Conditions precedent.
186.
Import option.
187.
Export option.
188.
Preservation of rights.
189.
Various shares.
190.
Effect of discontinuance.
191.
Dissent by shareholder.
192.
Demand for payment.
193.
Suspension of rights.
194.
Offer to pay for share.
195.
Application to court.
196.
Joined parties.
197.
Court powers.
198.
Interest.
199.
Recourse of dissenting shareholder.
Division J: Civil Remedies 200.
Definitions.
201.
Derivative actions.
202.
Preliminary requirements. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
202.
Preliminary requirements.
203.
Court powers.
204.
Oppression restrained.
205.
Staying action.
206.
Interim costs.
207.
Rectification of records.
208.
Directions for Director.
209.
Refusal by Director.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 7 Section 210.
Appeal from Director.
2 1 1.
Restraining order, etc.
2 12.
Summary application.
Part I1 - Creditor Protection 2 13.
Disqualified receivers.
2 14.
Functions of receivers.
2 15. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
2 14.
Functions of receivers.
2 15.
Functions of receiver-managers.
2 16.
Directors' powers stopped.
217.
Duty under court direction.
2 18.
Duty under instrument.
219.
Duty of care.
220.
Directions by court.
221.
Duties of receivers etc.
222.
Liability of receivers.
223.
Notice of receivership.
224.
Statement of affairs.
225.
Contents of statement.
Part I11 - Regulation of International Businesses Division A: Licensing Requirements 226.
Definitions.
227.
Pre-licensing required. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Definitions.
227.
Pre-licensing required.
228.
Tentative proposal.
229.
Incorporation upon licence.
230.
Entitlement to licence.
23 1 .
Formalities.
232.
Examination of applicant.
233.
Duty to issue or refuse.
234.
Refusal of licence.
235.
Conditions of licence.
236.
Revocation of licence.
237.
Appeal from revocation.
Division B: International Banking Business 238.
Stated capital requirements.
239.
Nature of its business.
240.
Banking activities.
8 CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
240.
Banking activities.
8 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 241.
Identifying accounts.
242.
Reporting.
243.
Additional information.
244.
Confidential matters protected.
245.
Published statements.
Division C: International Trust Business 246.
Stated capital requirements.
247.
Powers, etc.
248.
Foreign trust law.
249.
Perpetuities, accumulations.
250.
Funds awaiting disposition.
251.
Common trust funds.
252.
Separation of trust assets. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
252.
Separation of trust assets.
253.
Dealing with trust assets.
254.
Information confidential.
Division D: Abandoned Property 255.
Abandoned property.
256.
Disposal of abandoned property.
257.
Sale of abandoned property.
258.
Claims against property.
Division E: Examination of Banks, Trust And Insurance Corporations 259.
Examination of affairs by official.
260.
Powers of examiners.
261.
Remedial actions.
Division I?
: International Insurance Business 262.
Stated capital requirements. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Stated capital requirements.
263.
Nature of business.
264.
Exemption from laws.
265.
Domestic insurance business.
266.
Annual account statement.
267.
Investigating corporation.
268.
Revocation of licence.
269.
Superintendent's duty.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 9 Division G: Special Taxation Provisions Section 270.
Residents.
27 1.
Exempt corporations.
272.
Exemption from tax.
273.
No assets transfer tax.
274.
Witholding tax and report. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
274.
Witholding tax and report.
275.
Exempt trusts.
276.
Duration of tax exemption.
277.
Service charges.
278.
Customs relief.
279.
Specialist incentives.
280.
Exchange controls.
281.
Stamp duty exemption.
Division H: Annual Fees 282.
Initial fees.
283.
Annual fees.
Part IV - Winding up Corporations 284.
Conditions on winding up.
285.
Starting the winding up.
286.
Protection of depositors, etc.
287.
Appointment of receiver-manager.
288.
Duties after seizure.
289. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
288.
Duties after seizure.
289.
Priorities of claims.
290.
Left over assets.
29 1.
Dissolution by resolution.
292.
No property.
293.
Effect of articles of dissolution.
294.
Proposing liquidation.
295.
Intent to dissolve.
296.
Supervised liquidation.
297.
Revocation of intent.
298.
Right to dissolve.
299.
Director's dissolution.
300.
Court dissolution.
301.
Further grounds.
302.
Supervision of court.
303.
Dissolution reasons.
304.
Court powers.
10 CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Dissolution reasons.
304.
Court powers.
10 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 305.
Cesssation of business.
306.
Appointment of liquidator.
307.
Duties of liquidator.
308.
Powers of liquidator.
309.
Final accounts.
3 10.
Money distribution.
3 1 1.
Record custody.
3 12.
Continuation of actions.
3 13.
Unknown claimants.
314.
State vested with property 3 15.
Revival of corporation. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Revival of corporation.
Part V - Administration and General Division A: Director's Duties & Powers 3 16.
Responsibility.
31 7.
Service upon the Director.
318.
Register of IBC's.
3 19.
Inspection of register.
320.
Notices and service, etc.
32 1.
Presumption of receipt.
322.
Undelivered documents.
323.
Notice waiver.
324.
Certificate by corporation.
325.
Evidentiary value.
326.
Copies.
327.
Filed articles.
328.
Alteration of documents.
329.
Correction of documents.
330. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
329.
Correction of documents.
330.
Proof of documents.
331.
Retention of documents.
332.
Director's certificate.
333.
Refusal power.
334.
Form of filing.
335.
Striking off register.
336.
Liability continues.
337.
Service on corporation.
338.
Reservation of name.
339.
Prohibited name.
340.
Refusal of articles.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 11 Section 341.
Amalgamated corporation.
342.
Revival name.
Division B: Investigations 343. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Revival name.
Division B: Investigations 343.
Investigation order.
344.
Court powers.
345.
Inspector's powers.
346.
In camera hearing.
347.
Incriminating evidence.
348.
Privilege absolute.
349.
Client privilege.
350.
Inquiries.
Division C: Regulations 351.
Regulations.
Division D: Offences and Penalties 352.
Name offence.
353.
Reports.
3 54.
Specific offences.
355.
Corporate Offences.
356.
General offence.
357.
Order to comply.
358.
Limitation.
359. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
357.
Order to comply.
358.
Limitation.
359.
Civil remedies unaffected.
Division E: Appropriate Officials 360.
Supervisor and Superintendent.
361.
Advisory committees.
Division F: Construction and Interpretation 362.
Affiliated corporations.
363.
"Control" of corporation.
364.
"Holding" and "subsidiary".
365.
"Distribution" to public.
366.
"Offer" to public.
12 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Section 367.
"Shall," use of.
368.
"May," use of. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
"Shall," use of.
368.
"May," use of.
369.
"Must," use of.
370.
Definition of technical words.
37 1.
Construing Act.
372.
Application of other Acts.
SCHEDULE I SCHEDULE I1 LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 13 -- INTERNATIONAL BUSINESS CORPORATIONS (1st March, 1983 .)
An Act to provide a regime of corporate law for inter- national business corporations operating from within Antigua and Barbuda.
1. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
1.
This Act may be cited as the International Business Corporations Act.
(1) In this Act- 2.
(a) " articles" means, unless qualified, Interpretation. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(i) the original or restated articles of incorpora- tion, of amendment, of amalgamation, of con- tinuance, of re-organisation, of dissolution, and of revival, and (ii) any statute, letters patent, memorandum of association, certificate of incorporation, or other corporate instrument evidencing the existence of a body corporate continued as a corporation under this Act; ( 6 ) "continued corporation" refers to a corporation that has come under this Act pursuant to a certificate of continuance and that has not ceased to be a cor- poration under this Act; (c) "corporation" means a body corporate that is incorporated or continued under this Act and that has not ceased to be a corporation under this Act; (4 "court" means the High Court; (e) "debt obligation" means a bond, debenture, note or other evidence of indebtedness or guarantee of a corporation whether secured or unsecured; 14 CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Cf) "Director7' refers to the Director of International Business Corporations; e) "existing off-shore company7' means a body cor- porate described in section 176; (h) "existing Act" means the Companies Act; (2') "international trade or business" refers to any activity described as an international trade or business in section 4; @ "officer" in relation to a body corporate means (i) the chairman, deputy chairman, president, or vice-president; (ii) the managing director, the general manager, comptroller, the secretary or the treasurer; or (iii) any other individual who performs for the body corporate functions similar to those normally performed by the holder of any office specified in subparagraph (i) or (ii); (k) "prescribed" means prescribed by the regulations; (I) "resident" refers to a resident of Antigua and Barbuda as defined in section 270; ( m ) "security" means a share of any class or series of shares of a corporation or a debt obligation of a corporation and includes a certificate evidencing any such share or debt obligation; (n) "unanimous shareholder agreement" means an agreement described in section 124. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) The Caricom region is the region comprised within the jurisdictional areas of the Member States of the Com- munity of States established by the Treaty signed on the 4th day of July, 1973, at Chaguaramas.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations ( C A P .
222 15 ( 3 ) T h e expressions " appropriate official", "Superintendent", "Supervisor" and "licensee" are defined in Part 111. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(4) Other words and phrases of a technical nature that are to be read or construed in this Act in a particular sense or in a particular manner are defined or construed for that purpose in Part V; and, in particular, the expressions "shall", "may" and "must" are used in this Act in the manner described in sections 367 to 369, in order to reduce the ambiguity inherent in those expressions.
INTERNATIONAL BUSINESS ENTERPRISES 3.
( 1 ) No association, partnership, society, body or Proscribed enterprises. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
other group may be formed for the purpose of carrying on any international trade or business from within or outside Antigua and Barbuda unless it is a corporation under this Act. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) No natural person may carry on any international banking, trust or insurance business from within Antigua and Barbuda; but this provision does not apply to the provi- sion of services to an international banking, trust or insurance corporation as a director, officer, agent or employee, or as a barrister, solicitor, accountant, investment adviser or by the provision to a corporation of any other prescribed ser- vice or activity carried on in Antigua and Barbuda. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 3 ) A body corporate incorporated outside Antigua and Barbuda and registered under the existing Act on the com- mencement of this Act whose objects include the carrying on of an international banking, trust or insurance business shall, one year after the commencement of this Act, cease to carry on that business from within Antigua and Barbuda; and section 177 applies mutatis mutandis in respect of that period of one year.
4. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
4.
(1) For the purposes of this Act, international trade International trade or business.
or business comprises: ( a ) international banking; (6) international trust business; (c) international insurance; 16 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (d) international manufacturing; and ( e ) other international trading or commercial activities. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) International banking is the carrying on from within Antigua and Barbuda of banking in any currency that is foreign in every country of the Caricom Region; but the keeping of external accounts for residents in any foreign cur- rency under exchange control licence or regulation is not carrying on international banking by virtue of that activity alone. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) International trust business is (a) the acting as trustee of funds in a currency that is foreign in every country within the Caricom region, (6) the managing or administering of real property situated outside Antigua and Barbuda or the managing or administering of personal property of persons who are not resident within Antigua and Barbuda, or ( 6 ) the managing or administering of any property of a corporation other than its real property situated in Antigua and Barbuda. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(4) International insurance is the undertaking of con- tracts of insurance (a) related to insurable risks or hazards in respect of any person, thing or matter outside the Caricom region or in respect of any event occurring outside the Caricom region, or to all of them, and (b) under which (i) premiums are payable in a currency that is foreign in every country of the Caricom region, or (ii) the extent of liability is determinable in such a currency. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(5) International manufacturing is the manufacturing, preparation, processing, assembling, or packaging of any pro- ducts within Antigua and Barbuda for which the sole intended LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 17 dcstination is one or more countries outside the Caricom region. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(6) Other international trading or commercial activities are: (a) service as a director of another corporation; (b) the carrying on of the business of underwriter, broker, agent, dealer or seller in respect of international insurance; (c) the provision of any services in or outside Antigua and Barbuda for a corporation, other than any service or activity required for the purpose of enabling the corporation to carry on business from within Antigua and Barbuda; and (4 the provision of any service or activity of a com- mercial, industrial, trading or business nature from within or outside Antigua and Barbuda, (i) to persons outside the Caricom region or in respect of matters or things outside the Caricom region, or (ii) to other corporations or in respect of an international trade or business of another corporation; but exclusive of any professional or labour services rendered within Antigua and Barbuda and exclusive of the provision of supplies or the provision of maintenance services within Antigua and Barbuda by residents. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
PART I CONSTITUTION O F CORPORATIONS DIVISION A: INCORPORATION 5 .
(1) Any two citizens of Antigua and Barbuda resi- Incorporation.
dent in Antigua and Barbuda, one of whom must be entitled to practise as a Barrister-at-Law or Solicitor in Antigua and Barbuda or a body corporate authorized by a resolution of the Cabinet of Antigua and Barbuda to perform any func- tions under this section may incorporate a corporation under 18 CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA this Act by signing and sending articles of incorporation to the Director of International Business Corporations.
(2) Articles of incorporation must be substantially in the form set out in Schedule I. Formalities.
6. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) Articles of incorporation must set out, in respect of the proposed corporation, (a) the proposed name of the corporation; (b) the classes and any maximum number of shares that the corporation is authorised to issue; and (i) if there will be two or more classes of shares, the rights, privileges, restrictions and condi- tions attaching to each class of shares; and (ii) if a class of shares can be issued in series, the authority given to the directors to fix the number of shares in, or to determine the designation of, and the rights, privileges, restrictions and conditions attaching to, the shares of each series; (6) if the right to transfer shares of the corporation is to be restricted, a statement that the right to transfer shares is restricted and the nature of those restrictions; (6) the number of directors or the minimum and maximum number of directors of the corporation; (e) that no securities of the corporation will be distributed to the public, in contravention of section 365, in Antigua and Barbuda; and (f) that the corporation is restricted to carrying on international trades or businesses and any restriction on the kinds of international trades or businesses that the corporation can carry on. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) The articles may set out any provisions permitted by this Act, or by any other law, to be set out in the by-laws of the corporation.
Required votes.
7.
(1) Subject to subsection (2), if the articles or any unanimous shareholder agreement requires a greater number of votes of directors or shareholders than that required by LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 19 this Act to effect any action, the provisions of the articles or of the unanimous shareholder agreement prevail.
( 2 ) The articles may not require a greater number of votes of shareholders to remove a director than the number specified in section 7 0 .
8.
An incorporator must send to the Director with the articles of incorporation the documents required by subsection (7) of section 67, subsection (1) of section 129 and section 327.
CERTIFICATE O F INCORPORATION 9. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
CERTIFICATE O F INCORPORATION 9.
Upon receipt of articles of incorporation, the Direc- Certificate of Incorporation.
tor must issue a certificate of incorporation in accordance with section 327 and the certificate is conclusive proof of the incorporation of the corporation named in the certificate.
10.
A corporation comes into existence on the date Effective date. | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
shown in its certificate of incorporation, except that the date of commencement of corporate existence may be specified in the articles of incorporation to be: ( a ) the date of execution and acknowledgement of the articles of incorporation if the articles are filed with the Director within 10 days, exclusive of legal holidays, after such date, (6) a date subsequent to, but not later than 90 days, from the date of execution and acknowledgement of the articles of incorporation.
CORPORATE NAME 1 . | Maternal health care and reproductive rights | Maternity leave – paternity leave – paternal leave | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694571773809.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |