In August 2013, the ASX released a consultation paper seeking comments on a number of proposed governance-related amendments to its Listing Rules and proposed changes to Guidance Note 9 Disclosure of Corporate Governance Practices. Ownership Matters prepared detailed submissions in response.

Submissions on proposed governance changes to the ASX listing rules

By Simon Connal •

In August 2013, the ASX released a consultation paper seeking comments on a number of proposed governance-related amendments to its Listing Rules and proposed changes to Guidance Note 9 Disclosure of Corporate Governance Practices. 

One of the proposed changes is a new Listing Rule 3.19B, which requires the disclosure of on-market purchases of securities on behalf of employees or directors or their related parties under an employee incentive scheme. These changes are proposed to come into effect on 1 January 2014.

Ownership Matters’ report on on-market purchases of securities, While You Were Sleeping, was widely considered to have demonstrated the need for this new listing rule.

Ownership Matters responded to the consultation paper and proposed further changes to the Listing Rules, including a suggestion that the ASX update its voting exclusions in relation to votes on related party and remuneration matters including approvals for termination benefits, remuneration reports and approvals under Listing Rules 10.1, 10.11 and 10.14.

This submission can be downloaded by clicking on the following link:

OM Submission ASXLR Governance 15Nov13