Submission on the Proposed Amendments to the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (Second Edition)
The ASX Corporate Governance Council is considering a number of amendments to the second edition of its Corporate Governance Principles and Recommendations.
The Corporate Governance Principles represent an important tool for encouraging companies to achieve excellence in their standards of corporate governance.
In general, the proposed refinements to the Corporate Governance Principles strike the right balance between promoting better corporate governance practices and maintaining the flexibility for companies to operate competitively.
The BCA particularly supports proposed amendments that seek to encourage greater gender diversity in the workplace, including:
- requiring companies to develop a diversity policy, and
- annual reporting on the proportion of women employees at all levels of the organisation.
The submission also discusses the BCA’s establishment of a mentoring scheme called the “C Suite” Project, in which leading CEOs who are BCA members will personally mentor high-achieving women employed by other BCA member companies. The “C Suite” Project aims to help address the unacceptably low level of women at board and executive level positions within Australia.