The purpose of the IRG is to oversee the implementation of the recommendations on corporate governance, and to propose any further guidance or adjustments to the recommendations felt necessary. This will be one important way in which the Council is aiming to ensure that the recommendations are practical and workable and meet the best practice governance needs of investors and listed entities.
It was considered particularly important that the IRG be in place at the outset, just as companies are beginning to implement many of the Council's recommendations by way of inclusion in this year's Annual Reports.
Applications from interested senior industry figures had been sought following the Council's June meeting and a nominations committee of the Council determined a short list for Council approval, based upon criteria agreed by the Council. All participants in the IRG are independent of Council members and represent the views of the following key sectors:
- Executive and Non-Executive Directors (including Chairpersons) from a number of industry sectors, including perspectives from entities of different sizes in different geographic locations;
- Institutional shareholders;
- Fund managers, with a focus on governance issues;
- Company Secretaries and Chief Financial Officers.
The Council is grateful to all those industry participants who volunteered their time and commitment to this important role and is pleased to announce the appointment of nine participants to the IRG. It is intended that the IRG will meet for the first time in September and, following the major reporting season in November, will be able to provide early feedback to the Council.
The IRG members are: Peter Abraham, Geoffrey Ashton, Graham Bradley, Rick Crabb, Patricia Cross, Erik Mather, Tom Pockett, Ian Pollard and Jerome Vitale.
The Council also noted the implementation assistance available to companies provided by the FAQs now appearing on the Corporate Governance section of the ASX website, at http://www.asx.com.au/about/CorporateGovernance_AA2.shtm
The Council will meet again in November.
