When it comes to guidance on corporate governance, boards and executives of Australian corporations are well supplied. The Corporations Act 2001 sets out clear requirements as to how Australian corporations are to be governed, the ASX issues detailed guidance for publicly listed corporations and Governance Institute provides regular updates dealing, in detail, with emerging issues and particular sectors.
Thousands of books and thought pieces have been written and countless interviews, blogs, websites and other materials have been produced since the concept of corporate governance gained prominence following the release of Financial Aspects of Corporate Governance by the Cadbury Committee in 1992. One source of guidance often overlooked by Australian companies is ‘standards’. This article looks at a selection of governance-related standards produced by International Organization for Standardization (ISO) and Standards Australia.