Latest news & updates

  • CAMAC report released on executive remuneration reporting


    The government has issued Executive Remuneration, a report prepared by the Corporations and Markets Advisory Committee (CAMAC) in response to the government’s request for advice on the scope to reduce the complexity of reporting on executive remuneration.

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  • UK — Charity Commission examines future of reporting


    In Great Britain, the Charity Commission has published the first in a series of discussions about the future of UK charity reporting. It focused on the charities’ reporting obligations under the Charities Statement of Recommended Practice 2005 and how those obligations are likely to change in the future.

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  • James Hardie penalties — honesty is not a defence against liability


    In Morley v ASIC (No 2); Shafron v ASIC (No 2) [2011] NSWCA 110, the New South Wales Court of Appeal issued a joint judgment that dismissed an application by the former general counsel and company secretary of James Hardie Industries Limited (JHIL) and JHIL’s former chief financial officer (CFO).

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  • Executive remuneration — progress of legislation


    The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 was not passed in the autumn sittings of Parliament. However, the government has indicated its intention that the legislation be in place by 1 July, so it should be passed in the winter sittings which begin on 10 May.

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  • UK — ICSA issues updated guidance on due diligence for new directors


    The Institute of Chartered Secretaries and Administrators (ICSA) has released a new guidance note to prospective directors to perform due diligence on a company before they join its board. This is to ensure that they understand the company and are aware of the time required to allow them to contribute.

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  • UK — Financial Reporting Council consultation on diversity


    The UK Financial Reporting Council (FRC) has asked interested parties for suggestions about how diversity should be represented in the Corporate Governance Code. The consultation is examining whether the Code should be revised to require listed companies to publish their gender diversity policies for boards, and report against it each year, as recommended by the Davies Review and was introduced in Australia in 2010 by the ASX Corporate Governance Council.

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