New Corporations Act Penalties
Last year, amendments to the Corporations Act were passed, requiring ALL of Australia’s 2.7 million company directors to obtain personal Digital IDs, by no later than 30 November 2022.
Penalties for non-compliance include fines of between $1.1 and $26.6 million, and even imprisonment in some cases.
The Minister for the Digital Economy, Jane Hume, said at the time, that the new system would help business owners by “saving them time and reducing red tape”.
To obtain a Digital Identity, every director MUST provide all their ‘ID verification documents’ through a myGovID account.
They will then be issued with a 15 digit Identification Number that belongs to them forever, wherever they work and wherever they go in the world.
The Director Identity Numbers are not issued domestically, but through the International Office of Standardisation, headquartered in Geneva, Switzerland.
The ISO, along with its partners in the UN and WEF, promote Director IDs “as essential for global trade reasons, to ensure a global ‘level playing field’ of standards and metrics for all the worlds products, services and human capital”.
According to the World Bank:
“Digital ID will .. provide empirical evidence about the role of the board of directors as a strategic decisionmaker in the company’s contributions to the achievement of the SDG targets.”
“This includes board parameters, such as board size; diversity; independence; and the presence or absence of ESG committees that measure the relationship of directors with SDG and ESG metrics”.
So basically, not really about “saving time and reducing red tape” then!
The Director’s identity system, we are told by WEF, UN, the World Bank and countless other global bodies, falls under SDG Target 16.9, which requires ALL “human capital products”, to be tagged, measured and monitored.
The Director ID will be used for all sorts of ‘predictive profiling’ by world regulators, with every director in the world assigned a ‘risk rating’ based on the metrics assigned to their individual characteristics, habits and behaviour.
Information stored on the Digital ID will initially contain just the basics, but over time, ALL sorts of meta-data will be added, using the magic of blockchain technology.
Listen to Charles Hoskinson speaking on Cardano’s global partnerships:
“Blockchain” he says, “is about the state being able to identify if you are a “good actor” and worthy of having a job, whether in the public or private sector”.
This is truly Black Mirror stuff, and yet it’s all really happening folks.