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AUSTRALIA (DECISION MAKING (Investigating reports of unethical practices,…
AUSTRALIA
INTRODUCTION
Corporate Governance issues
Risk management
Financial reporting and auditing
Directors’ remuneration
Conflicts of interest
Appointment of non-executive directors
Board structure and composition
The role of the company secretary
Australian Securities and Investments Commission (ASIC)
Regulated financial markets, securities, futures, and corporations
Anglo-Saxon model
Common law system
BOARD
Should establish a nomination committee
Various information relating to the directors
Chairperson should be an independent director
Majority of the board should be independent directors
FINANCIAL REPORT
Should consist of at least three members
Be chaired by an independent chairperson
Have a structure to independently verify
RIGHTS OF SHAREHOLDERS
The company should design and disclose a communications strategy
Request the external auditor to attend the AGM
Enabling their access to balanced and comprehensible information
RECOGNIZE AND MANAGE RISK
Explanations should be provided of any departures
Establish policies on risk oversight and management
DECISION MAKING
Investigating reports of unethical practices
Disclosure of the policy concerning trading
The responsibility and accountability of individuals for reporting
Provision of information in relation
Maintain confidence in the company’s integrity
BALANCED DISCLOSURE
Certain information should be disclosed
Written policies and procedures designed
MANAGEMENT
Effective oversight
No single individual should have too much power
Provide strategic guidance
Formalize and disclose the functions reserved
ENCOURAGE ENHANCE PERFORMANCE
Have the knowledge and information to discharge their responsibilities effectively
REMUNERATE FAIRLY AND RESPONSIBLY
Payment of equity-based executive remuneration
Disclosure of various aspects
The board should establish a remuneration committee
Clear distinction between the structure of non-executive directors’ remuneration and that of executives
Disclosure should be provided of the company’s remuneration policies