The ASX Corporate Governance Council published the 3rd Edition of its Principles and Recommendations on 27 March 2014. This has prompted select changes to the ISS 2014 Australian Benchmark Policy.
Remuneration remains in focus for the Australian 2014 Proxy Season, although wider governance considerations are beginning to gain prominence.
Although the focus will remain on remuneration, there will be particular emphasis in 2014 on mandatory shareholding requirements, the disclosure of strategy and material business risks in the Operating and Financial Review section of the Annual Report and their link to remuneration, diversity reporting, and directors with overboarding concerns.
For New Zealand companies, there will be a continued focus on both the timely lodgement of the Notice of Meeting, as well as sufficient disclosure supporting the election of directors and any proposed increases to the non-executive director fee cap.