ASX proposes updates to their corporate governance principles and recommendations, and listing rules

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.

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…

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