AICD submission on the Draft 5th Edition ASX Corporate Governance Principles & Recommendations

The AICD is a long-standing and active member of the ASX Corporate Governance Council (Council). In light of significant domestic and global developments in governance, as well as evolving stakeholder expectations, the AICD supported the Council’s decision to refresh and update the Principles.

The Principles are an important component of Australia’s corporate governance framework, providing flexible, industry-led guidance on what constitutes good governance for listed entities. More broadly, the principles serve as a high-watermark for governance practice for all Australian organisations.

The AICD’s response was informed by extensive consultation with experienced ASX listed company directors, listed entities, experts and stakeholders, noting a range of perspectives on the Consultation Draft.

Our submission focused on the need to ensure the Principles remain focused on core and contemporary governance issues while avoiding prescription and retaining appropriate flexibility.