Opening remarks: ASIC–ASX Conference
A speech by Belinda Gibson to the ASIC-ASX Conference, July 2008, Brisbane
Good morning ladies and gentlemen.
I want to welcome you to this seminar today. It is a joint production of the Australian Securities and Investments Commission (ASIC) and the Australian Stock Exchange. We both are very pleased to have as our partners on the podium today representatives from the Institute of Company Directors, Chartered Secretaries Australia, the Australian Investor Relations Association and also a number of minerals industry bodies – JORC itself, the 2 Australian Institutes of Mining and Metallurgy and of Geoscientists and the Queensland Resources Council.
Our seminar today covers the 3 topics of:
- continuous disclosure to the ASX
- good corporate governance for a listed entity
- and the more arcane but very important issue of disclosure in accordance with JORC.
All 3 topics are important for promoting confidence in the integrity of Australia's capital markets. I will return to the concept of market integrity a little later in these opening remarks, to set the scene as it were.
First though, I would like to say how pleased we are with the turn out today. 208 registrants has exceeded our expectations – so I am sorry if things are a little crowded. Queensland is very much an economic growth state. 164 Queensland companies call Brisbane their home exchange, with a market capitalisation of about $70 billion. They have consistently outperformed the ASX All ordinaries index. Congratulations.
I am speaking to you today as one of the 3 ASIC Commissioners and the head of our Capital Markets Taskforce. The Taskforce was established when I joined ASIC in November in 2007. Its task was to review what ASIC can do better to build confidence in the integrity of Australia's capital markets.