News Update
Month: Aug
-
NZ corporate governance a work in progress
Read moreThe NZ Financial Markets Authority (FMA) has released the results of its review of corporate governance disclosures by listed and unlisted companies, noting that 'there is work to be done to ensure that investors can find information to help them assess the companies they are considering investing with, and make informed investment decisions'. The review addresses the extent to which the companies disclose against the nine NZ corporate governance principles.
-
ASIC concerned about poor due diligence in IPOs
Read moreASIC has released a report setting out concerns with poor due diligence practices in initial public offerings (IPOs). ASIC notes its concerns covers prospectuses containing misleading and deceptive statements with no reasonable basis and material information having been omitted that would have been included had the issuer conducted all reasonable investigations; significant inconsistency in the diligence practices as well as a worrying tendency to take a ‘tick-the box’ approach; and a lack of involvement by directors in signing off prospectuses. Another key concern was the poor oversight by Australian legal advisers of the due diligence processes conducted by foreign legal advisers.
-
UK regulator report on corporate culture
Read moreThe UK Financial Reporting Council (FRC) has released Corporate Culture and the Role of Boards, which addresses how boards and executive management can steer corporate behaviour to create a culture that will deliver sustainable performance. Adding to the increasing regulator focus globally on the importance of corporate culture, it specifically addresses the role of culture in long-term value and the role of the board in shaping, monitoring and overseeing culture.
-
British PM sets path for corporate governance reforms
Read moreIn a speech on 11 July, launching her national campaign to become Leader of the Conservative Party and Prime Minister of the United Kingdom, Theresa May — now the current PM — set out a number of key corporate governance reforms she intends to introduce, including a binding, rather than advisory, vote on remuneration and consumer and employee representation on company boards.
-
Boards and C-suite must lift their game — Ethics Index findings
Read moreThe Australian public sees big business, banks and politicians as ‘unethical’, according to the findings of the inaugural Governance Institute Ethics Index. The majority of people surveyed also consider chairs, CEOs and senior executives to be more unethical than not, despite being considered the most important ‘gatekeepers’ influencing ethics in companies. These roles are perceived to wield considerable influence over ethics in corporate culture — government laws, regulations and financial penalties are seen to influence ethical behaviour, but are not considered as important a factor as the ‘tone from the top’ set by directors and the C-suite.
- 1