Standards & Guidance
Australian best practice changes delayed
Australia’s revised principles of good corporate
governance recommendations will take effect from 1 January 2008, the
Australian Securities Exchange’s (ASX’s)
corporate governance council has announced.
The principles had been due to come into force in July but
a consultation on the changes, which ran from November to February, received
over 100 submissions. The council has formed three working groups to review the
comments and they will publish the finalised principles at the end of June.
Eric Mayne, chairman of the council and chief supervision
officer of ASX markets supervision, said that delaying the implementation of the
revised principles would give companies time to adjust to the new
recommendations.
The principles were first published in March 2003.
Australian listed companies are required to
disclose in their annual reports the extent to which they do or do not follow
the guidelines.
Links
Australian Securities Exchange
ASX Corporate Governance Council
May 2007
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