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When asked when directors should disclose market-sensitive information, Australian Securities and Investments Commission chairman Greg Medcraft is quoted as saying: ‘Well, it says immediately. It seems pretty clear to me.’ What is so clear to Mr Medcraft is very unclear to the rest of us.

The hoped-for simplification of the remuneration report is not on the cards, but clawback is. As remuneration is one of the few windows onto board decision making, companies need to engage with investors early to step them through their plans for remuneration and to seek feedback before structures are put in place and cannot take into account any input.

The start date for the ACNC has been postponed by three months. But there are still many questions surrounding the NFP reform process. When will charities have to start reporting to the ACNC? Which member of the government has carriage of the reform process? And will the legislation reflect a change of approach as recommended by stakeholders?

For many years the Not-For-Profit (NFP) sector has sought its own dedicated regulator and as of 1 July 2012 it will have one when the Australian Charities and Not-for-Profits Commission (ACNC) comes into effect. So far so good.  But here comes the tricky bit.