International Law

Proposed amendments to the ASX Corporate Governance Principles

By David Jacobson

The ASX Corporate Governance Council has published an exposure draft of Proposed Amendments to the ASX Corporate Governance Council Corporate Governance Principles and Recommendations.

The proposed amendments take into account recommendations made in the last 12 months by:
i. The Corporations and Markets Advisory Committee (CAMAC) Report ?Diversity on Boards of Directors? dated August 2009
ii. The CAMAC Report ?Aspects of Market Integrity? dated June 2009
iii. The Productivity Commission Inquiry Report ?Executive Remuneration in Australia? dated January 2010.

It is intended that the change in the reporting requirement will apply to an entity?s first financial year commencing on or after 1 January 2011. While the formal commencement date of operation of the proposed amendments to the Corporate Governance Principles and Recommendations is 1 January 2011, Council considers that, especially in the case of the recommendations on diversity, listed entities with a balance date of 30 June 2010 should be able to establish a diversity policy and report against the new Recommendations in respect of the year commencing 1 July 2010.

Full post as published by Australian Regulatory Compliance Review on April 25, 2010 (boomark / email).