ASX Corporate Governance Review

ASX has released a report of listed public company compliance for 2005 with its corporate governance principles and recommendations.

The overall reporting level for all Recommendations (being the aggregate of actual adoption of the Recommendations and the ‘if not, why not’ exception reporting) increased to 88% from 84% in 2004.

An interesting aspect is the areas where companies did not comply and explained "why not":
• Recommendation 2.1 (A majority of the board should be independent directors) – 47% ‘if not, why not’ exception reporting
• Recommendation 2.4 (The board should establish a nomination committee) – 57% ‘if not, why not’ exception reporting
• Recommendation 9.2 (The board should establish a remuneration committee) – 38% ‘if not, why not’ exception reporting.

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