Amended Principles and Recommendations
Important information for ASX Listed Entities
1. Company Announcements Office (CAO): hours of operation during Daylight Saving
Daylight saving commences in NSW, the ACT, Victoria, Tasmania, and South Australia at 2 a.m. EST on Sunday 3 October 2010, and will end on Sunday 3 April 2011.
Queensland, the NT, and WA do not adopt daylight saving.
Because WA will be three hours behind the Eastern states (other than Queensland) during the period of daylight saving, CAO will stay open until 8.30 p.m. Sydney time (5.30 p.m. WST) starting on Monday 4 October 2010.
CAO will revert to its usual 7.30 p.m. Sydney time closing when daylight saving has ended. A Companies Update reminding listed entities of the change back will be released closer to that time.
2. Corporate Governance matters
2.1 Analysis of Corporate Governance reporting for year ended 31 December 2009
Each year ASX reviews annual reports lodged by listed entities for their compliance with the requirement under the Listing Rules to report on the extent to which they have complied with the ASX Corporate Governance Council Principles and Recommendations.
In August 2010, ASX released its Analysis of Corporate Governance disclosures by
listed entities with balance dates of 31 December 2009. The report can be
accessed on the ASX website at:
2.2 2010 Amendments to the 2nd Edition of ASX Corporate Governance Council Principles and Recommendations
On 30 June 2010, the ASX Corporate Governance Council released amendments to the 2nd edition of the Corporate Governance Principles and Recommendations in relation to diversity, remuneration, trading policies and briefings.
The change in the reporting requirements for each of the amendments to the Principles and Recommendations will apply to an entity's first financial year commencing on or after 1 January 2011. Accordingly, where an entity's financial year begins on 1 January, disclosure will be required in relation to the financial year ending 31 December 2011 and will be made in the annual report published by the end of April 2012.
Where an entity's financial year begins on 1 July, disclosure will be required in relation to the financial year ending 30 June 2012 and will be made in the annual report published by the end of October 2012.
The ASX Corporate Governance Council encourages entities to make an early transition to the amended Principles and Recommendations. While the formal commencement date of operation of the amendments to the Principles and Recommendations is 1 January 2011, Council considers that, especially in the case of diversity, listed entities with a balance date of 30 June 2010 should be able to establish a diversity policy and report against the new recommendations in respect of the year commencing 1 July 2010.
The main changes to the Principles and Recommendations effected by the 2010 Amendments are as follows.
Diversity policy and reporting
Recommendation 3.2 Diversity policy
Recommendation 3.3 Annual reporting on diversity policy
Recommendation 3.5 Guide to reporting on Principle 3
The remuneration committee should be structured so that it:
The full copy of the Principles and Recommendations incorporating the 2010
amendments can be accessed on the ASX website at:
2.3 National Corporate Governance roadshow, 26 October to 2 November 2010
ASX will be holding a national roadshow on the June 2010 changes to the
Principles and Recommendations, and related listing rule changes. The dates and
locations are as follows.
* May change slightly
Further details including venue and registration forms will be distributed to listed entities shortly.
To help keep our Listed Entities informed of information and events ASX will be sending emails to the Company Secretary's Office from time to time. You are receiving this email because you have been identified as a key contact within the Company Secretary's Office at your organisation. If you would like to update your email address please do so via the Directors/Senior Management page on ASX Online for Companies. Feel free to forward this email to any relevant parties within your organisation.