New ASX Principles demand better corporate culture, ethics, diversity and environmental risk reporting
Wednesday, 27 February, 2019 - Following extensive consultation, the Fourth Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations was released today, providing updated guidance for ASX-listed companies reporting on corporate governance, such as culture and ethics, workplace diversity and environmental risk.
Reinforcing a good culture based around ethical conduct and accountability as part of governance frameworks will be vital to acting on the Commission’s report. The Governance Institute of Australia welcomes the release of the Banking Royal Commission’s final report, and especially its focus on fixing the sector’s failings of culture and governance.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will no doubt provide a sobering insight into the sector’s governance failings, driven by a culture of profits over service.