AUSTRALIA: Governance related ASX Listing Rules changes deferred

Tuesday December 17 2013

In response to an ASX consultation paper released on 16 August 2013 on the proposed governance related amendments to the ASX Listing Rules and Guidance Note 9, ASX received 24 written submissions. ASX is considering the public submissions received on the proposed governance-related changes to its Listing Rules and, consequently, will defer the originally planned start date of 1 January 2014 for some of those rules.

The proposed changes being deferred include the introduction of a new Listing Rule 3.19B, requiring the disclosure of on-market purchases of securities on behalf of employees or directors or their related parties under an employee incentive scheme. They also include amendments to a number of Listing Rules that currently apply to “associates”, extending their reach to “related parties”.
ASX intends to release modified Listing Rule changes addressing these issues in the first quarter of 2014 for public consultation. If adopted, the modified rule changes will not come into effect any earlier than 1 July 2014.

The deferment of these rules will align with the start date for a larger package of rule and guidance note changes intended to complement the reforms proposed in a new (third) edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations.

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