Second edition August 2007 – Revised Corporate Governance Principles and Recommendations Corporate Governance The ASX Corporate Governance Council
The ASX Corporate Governance Council (Council) undertook an extensive review of the first edition of the Principles of Good Corporate Governance and Best Practice Recommendations and carried out a public consultation process between November 2006 and February 2007.
On 2 August 2007 the Council released:
The revised Corporate Governance Principles and Recommendations (Second Edition Corporate Governance Guidelines)
Council’s response to submissions (PDF 930KB)
A document setting out the differences between the 2003 and 2007 editions of the Principles and Recommendations (PDF 433KB)
Updated and revised Guidelines for Notices of meeting (PDF 50KB)
Media Release (PDF 64KB)
Speech by Eric Mayne, Chair of the ASX Corporate Governance Council, at the launch of the revised Corporate Governance Principles and Recommendations (PDF 44KB)
Speech by the Hon. Chris Pearce, Parliamentary Secretary to the Treasurer, to launch the revised Corporate Governance Principles and Recommendations (PDF 40KB)
The Council released Revised Supplementary Guidance (PDF 76KB) in June 2008 (see also comparison (PDF 101KB) August 2007 and June 2008).
The documents can be dowloaded from:
http://www.asx.com.au/supervision/governance/revised_corporate_governance_principles_recommendations.htm (please copy & paste link to your browser)
Note: Effective date The effective date for the Second Edition Corporate Governance Guidelines is a listed entity’s first financial year commencing on or after 1 January 2008.
Where an entity’s financial year begins on 1 January, disclosure will be required in relation to the financial year 1 January 2008 ““ 31 December 2008 and will be made in the annual report published in 2009.
Where a listed entity’s financial year begins on 1 July, disclosure will be required in reltion to the financial year 1 July 2008 – 30 June 2009 and will be made in the annual report published in 2009.
Listed entities are encouraged to make an early transition to the Second Edition Corporate Governance Guidelines.
ASX Corporate Governance Council Principles of Good Corporate Governance and Best Practice Recommendations March 2003
Principle 7 – “Recognise and manage risk”
“Management should establish and implement a system for identifying, assessing, monitoring material risk throughout the organisation.”
“In order to enhance the objectivity and performance of the internal audit function, companies should consider a second reporting line from the internal audit function to the board or relevant committee .”
Principle 10 – “Recognise the legitimate interests of stakeholders”
“A code of conduct should enable employees to alert management and the board in good faith to potential misconduct without fear of retribution, and should require recording and investigation of such alerts”
Whistleblower – From Wikipedia, the free encyclopedia
Whistleblower protection laws need national revision: new issues paper 2 November 2006
A new issues paper released by the Commonwealth Ombudsman, NSW Ombudsman and Queensland Ombudsman suggests:
“A coherent, national approach to the revision of whistleblower protection laws needs to be considered by Australian governments”