Thu, 07/01/2010

Under the proposals, publicly listed companies that don't comply must give reasons in their annual report for not doing so (via an if not, why not?” statement).

Although there are no proposed penalties for failing to comply, the chief executive of the Council’s ASX Corporate Governance Council, which has made the recommendations, has stated that the issue might be elevated to a listing rule status if enough companies fail to co-operate.  This could mean potential suspension for a company if they do not comply with listing rules. 

The Australian Institute of Company Directors (AICD) has also released its own range of measures to encourage board diversity which are consistent with those put forward by the ASX. 

» Read the ASX media release. 

Australian Sex Discrimination Commissioner's reaction

Sex Discrimination Commissioner, Elizabeth Broderick said that the announcement made by the ASX Corporate Governance Council requiring companies to set measurable objectives for the achievement of gender diversity, was an historic development.

» Read the Sex Discrimination Commissioner's media release.