Corporate Governance Taskforce

Good corporate governance in the financial services sector is essential for a fair, strong, and efficient financial system for all Australians.

In August 2018 ASIC received funding to conduct targeted reviews into corporate governance practices of large listed entities to gain an insight on actual governance practices.

In its first year, ASIC’s Corporate Governance Taskforce considered how directors and officers have overseen and managed:

  • non-financial risk; and
  • executive renumeration.

Director and officer oversight of non-financial risk report

Our report sets out our observations on director and officer oversight of non-financial risk. The report considers how directors and officers of large and complex financial services companies are discharging their duties in relation to oversight and monitoring of non-financial risk, and highlights ways that governance practices could be improved.

What's new

ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs

13 May 2020

ASIC will extend the deadline for both listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act by one month for certain balance dates up to and including 7 July 2020 balance dates.

Reminders on director trading during COVID-19

7 May 2020

Considerations for directors (including directors of the responsible entity of a listed managed investment scheme) regarding the acquisition and disposal of securities and other financial products issued by their listed entity.

ASIC guidelines for investor meetings using virtual technology

6 May 2020

On 6 May 2020, temporary modifications to the Corporations Act under the Corporations (Coronavirus Economic Response) Determination (No. 1) 2020 (Determination) took effect. Read more.

Directors duties in the context of COVID-19

20 April 2020

The current evolving circumstances surrounding COVID-19 present many challenges to companies, boards, management and their stakeholders. Read this article by Commissioner John Price.

Details of changes to ASIC regulatory work and priorities in light of COVID-19

14 April 2020

ASIC’s Close and Continuous Monitoring program has been suspended. However, ASIC will continue to monitor firms remotely, including through close working and information sharing arrangements with APRA.

Last updated: 10/10/2019 10:06