ASX Governance, Risk & Compliance Update For Directors & Executives On The Go!

Whilst we published a number of blogs throughout 2010 dealing with the changes to the ASX Listing Rules and ASX Corporate Governance Principles and Recommendations we have been asked by a number of clients if we could provide an executive summary of the recent key changes and when they come into effect. So here it is.

In this blog we cover:

* New Guidance on Trading Halts & Suspensions
* ASX Launches Corporate Profile
* New Diversity Policy Requirements
* New Securities Trading Policy Requirements
* New Remuneration Committee Requirements
* New Guidance on Analyst Briefings

James Hardie – Lessons for Directors and Officers

On 17 December 2010, the New South Wales Court of Appeal handed down its decision in the James Hardie appeal. Here are some key lessons for Directors and Executives which came out of this decision…

ASX Listed Entities – Is Your Public Website Disclosure Making You Nervous?

An ASX listed entity’s public website, together with its annual report are two key information sources that provide investors with critical information on which to rely in making their decision to invest in that company.

So why is it that so many ASX listed entities (especially small to mid caps) get their public website disclosure so horribly wrong?

Tips on Drafting a Diversity Policy That Complies with the ASX Governance Principles

The amendments to the ASX Corporate Governance Principles & Recommendations (ASX CGPRs), published in June 2010, require all ASX listed entities to either establish a policy concerning diversity or, if no such policy is adopted, explain in their annual report why they have not adopted such a policy.

ASX Listing Rule 12.12 (Securities Trading) Commences 1 January 2011

From 1 January 2011 all ASX listed entities will need to comply with new Listing Rules http://ht.ly/3gBqK which require these entities to have a trading policy that complies with the requirements of ASX Listing Rules 12.9 – 12.12. The ASX has also released Guidance Note 27 http://ht.ly/3gBtJ to assist listed entities to comply with their new obligations….More>>

New ASX Listing Rule Set To Restrict Directors’ Trading in Blackout Periods

In our May 2010 Governance Blog http://bit.ly/amPO0G under the heading “ASX: Lies, Damned Lies and Statistics” we highlighted the fact that 315 or 44.1% of the 713 directors’ on-market trades, during the period Q1 2010, actually occurred during blackout periods specified in their organisation’s share trading policy.

Interestingly, at the time the report http://ht.ly/1SjmG was released, the ASX choose to highlight the fact that only 3 (or 0.4%) of all trades were “confirmed” contraventions of their entity’s trading policies. What this means is that in 312 out of 713 trades (or 44 % of the time) directors were given authorisation (often by the company’s Chairman) to trade during blackout periods which, to a casual observer, would seem to defeat the very purpose of having blackout periods.

Well, things might be about to change.

ASX Releases Final Changes to Corporate Governance Principles and Recommendations

On 30 June 2010 the ASX Corporate Governance Council released marked-up amendments to the Second Edition August 2007 of the Corporate Governance Principles and Recommendations (ASX CGPR’s). The key changes (in summary ) are: Gender diversity – ASX listed entities will be required to disclose their achievement against gender objectives set by their board and [...]

ASX Second Announcement – Amendments to the Listing Rules

Hot on the heels of yesterday’s release of proposed changes to the Corporate Governance Principles, the ASX has released a second paper detailing amendments to be made to the Listing Rules. This second announcement relates to company trading policies and remuneration committees.

Alert: ASX Releases Proposed Amendments to Corporate Governance Guidelines

In what will be a relief for some ASX listed entities, the ASX Corporate Governance Council (ASX Council) has released details of changes proposed for the Corporate Governance Principles and Recommendations and pushed back the proposed start date by 6 months.