Posts Tagged 'ASX'

Women stall on reaching corporate Australia’s highest rungs

by Alana Schetzer for The Sydney Morning Herald

Harvey Norman’s Gerry Harvey is known for being outspoken – whether sharing his views on the evils of online retailing, restrictive workplace laws or corporate governance types who frown on his role as executive chairman of the retailer.

And he’s no less blunt when it comes to the issue of gender equality in corporate Australia – and the chances of it ever being realised.

“We’ve got a campaign here to get 50 per cent women and we’re not achieving it,” he says. “We’re well short.”

Women make up 42 per cent of the retailer’s workforce but just 26per cent of senior executives – although that figure does include a rare female chief executive, KatiePage. Read more here.

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)

New ASX Corporate Governance Council Recommendations on Diversity

by Mondo Visione, December 7, 2009.

The ASX Corporate Governance Council (Council) proposes to expand the Corporate Governance Principles and Recommendations to require each entity listed on the Australian Securities Exchange – on an “if not, why not?” basis – to adopt and disclose a diversity policy that includes measurable objectives relating to gender.

The proposal is contained in a communiqué about recent work activity released by the Council today.

Within their diversity policy, listed entities will be required, on an “if not, why not?” basis, to disclose in their annual report:

  • Their achievement against the gender objectives set by their board; and
  • The number of women employees in the whole organisation, in senior management and on the board.

Alongside the new recommendations, changes will be made to the guidance commentary to:

  • Encourage nomination committees of listed entities to include in their charters a requirement to continuously review the proportion of women at all levels in the company. Commentary will highlight that it is the responsibility of the nomination committee to address strategies on board gender diversity and diversity in general.
  • Require that the performance review of the board include consideration of diversity criteria in addition to skills. Also, boards will be required to disclose what skills and diversity criteria they look for in any new board appointment…(continue reading)

ASIC in legal swoop on former Centro Property Group leaders

by John Durie, for The Australian Business, Ocotber 21, 2009.

The Australian Securities and Investment Commission has finally taken action against some of the chief architects of the Australian market collapse, with unprecedented legal action against former senior executives and former board members as well as incumbent board members of the struggling Centro Properties Group.

The action by ASIC is one of the most comprehensive crack downs on a major Australian company in history and its target is one of the worst managed with the worst corporate governance standards in history. Some investors will also wonder what action will be taken against the company’s auditors, PricewaterhouseCoopers (PWC).

While ASIC has yet to win its case in court, the legal action puts corporate Australia on notice that the law may take its sweet time to get into gear but ASIC boss Tony D’Aloisio is doggedly keen to hold wrongdoers to task.

Such was Centro’s contempt for shareholders that in 2007 it paid bonuses to executives for the year before it had even finished, misstated its accounts and its structure was so complex that it took the banks months to work out who was owed what.

Each of its assets was geared separately with links back to other assets…(continue reading)

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