ASX Proposes Updates To Their: Corporate Governance Principles & Recommendations; And Listing Rules

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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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Topics:  ASX Listing Rules, Australia, Corporate Governance, Disclosure Requirements, Transparency

Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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