News Update
Month: Sep
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Japan aligns with international perspectives on corporate governance
Read moreDespite its prominence economically, Japan’s system of corporate governance has differed from agreed international perspectives, primarily those operating in other developed markets. The Financial Services Agency (FSA) Japanese Corporate Governance Code came into effect as of June 2015 and addresses many — but not all — of the concerns that have been expressed by investors outside Japan about the need to raise governance standards.
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CSIA introduces shareholder engagement guidelines
Read moreCorporate Secretaries International Association (CSIA) has launched its Shareholder Engagement: Practical Steps for Corporate Secretaries guidelines. While the guidelines take into account global differences in practices, they focus on the significant role the corporate secretary plays in communications between investors and corporations and are expected to lift practice in the US in particular, where shareholder engagement has traditionally lagged.
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Superannuation governance — changes to the definition of independence
Read moreThe federal government has announced that, following consultation, the government has agreed to make 'several amendments' to the exposure draft of the legislation requiring that all APRA-regulated superannuation funds have a minimum of one-third independent directors on their trustee board and an independent chair.
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APRA responds to concerns about board requirements
Read moreLast year, APRA wrote to all authorised deposit-taking institutions, general insurers and life companies noting it would review the clarity of its requirements of boards in the prudential standards and supporting guidance materials. Concern had been expressed by regulated entities that APRA was blurring the line between board and management responsibilities. Following consultation, APRA has now provided a summary and response to key issues raised by submissions.
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Industry-funding model for ASIC
Read moreAt Governance Institute’s recent event ‘ASIC: What sort of corporate regulator does Australia need?’, David Murray AO, Chair, Financial System Inquiry noted that government budgets go through a cycle to do with the state of the economy and the cycle swings can be wilder in Australia than for economies that are not dependent on commodities. ASIC needs more money when it is busiest in a downturn, which is exactly when Canberra dips into deficit and tightens the screws on expenditure.
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