ASX last week released two consultation papers in relation to its corporate governance regime. The first outlines proposed updates to the ASX Corporate Governance Principles & Recommendations ("Principles & Recommendations") for the first time since the GFC, placing an increased focus on risk mitigation and diversity. The second outlines a number of corporate governance-related amendments to the Listing Rules (including a new Listing Rule 3.19B) and Guidance Note 9 (Disclosure of Corporate Governance Practices) which will increase the disclosure obligations of listed companies' corporate governance practices. ASX expects the changes will take effect in mid-2014.
KEY CHANGES TO THE PRINCIPLES AND RECOMMENDATIONS -
The proposed changes to the Principles & Recommendations reflect an increased focus on managing risk in the post-GFC era, and taking into consideration social factors such as gender diversity and environmental sustainability. The changes are proposed to take effect from 1 July 2014 and to apply to the first full financial year starting on or after that date.
Please see full update below for more information.
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