Australian Stock Exchange Puts Diversity High on Corporate Governance Agenda.

by Bidiversity, March 31, 2010.

It is anticipated that from July 1, the Australian Stock Exchange’s (ASX) revised Corporate Governance Principles and Recommendations  will come into force. The principals will require every listed company to disclose their diversity policy. In addition, listed companies will have to report on the number of women employees in the whole organisation, in senior management and on the board, whilst Boards will be required to disclose what skills and diversity criteria are sought in any new board appointment.

The recommendations come from a March 2009 report that was one of several looking into corporate governance. CAMAC’s ‘Diversity on Boards of Directors’ (March 2009). addressed the issue of women on boards in the context of diversity, outlining the role and structure of boards, the current state of diversity, ways to promote an environment conducive to diversity, and ways to assist in developing a broader pool of skilled and experienced candidates.

The Corporate Governance Principles and Recommendations will be expanded to include a new recommendation requiring each listed entity (on an “if not, why not?” basis) to establish a diversity policy that includes measurable objectives relating to gender as set by the board of the entity. The policy must be disclosed to the market in full or in summary…(continue reading)

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