The Australian Centre for Corporate Governance aims to promote dialogue in the critical area of corporate gover­nance among industry bodies, companies and their boards of directors, investors, professional services firms, academia, and government. The site is tailored for the governance concerns of Australia and includes a diverse collection of governance tools, resources and thought leadership from Deloitte and third party sources.

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Risk management and internal control

The second edition of the Corporate Governance Principles and Recommendations made significant changes to the scope of Principle 7: Recognise and Manage Risk. These changes reflect the increasing expectations of stakeholders and supervisors/regulators as to how companies should manage risk and require companies to ensure management and oversight of material business risks.

Audit quality

  • ASIC has released its 2009 audit firm inspection report, which covers the inspection of audit firms substantially completed in the period 1 January 2008 to 30 June 2009 as part of ASIC's audit inspection program. 

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Board effectiveness: The director's cut

Since early 2007 Deloitte Australia has held forums for non-executive director's and chairs on key topics.

Board Audit Committee Conversation Series

Since early 2006 Deloitte Australia has held forums for Board Audit Committee members and chairs on key topics.

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Gender diversity

Please visit our new dedicated gender diversity page here

Underlying profit - The road ahead

Deloitte's research based on interviews with over 100 ASX 200 Audit Committee Chairs indicated that underlying profit was one of of the most important items on the audit committee agenda. Deloitte analysed the published annual reports of ASX 100 companies (excluding listed trusts) in 2009 to get a better understanding of the reporting of underlying profit.  Download a copy of the research.

Productivity Commission's inquiry into executive pay

On 16 April 2010, the Australian Government responded to the Productivity Commission's inquiry report into Executive Remuneration in Australia, which sought to ensure that executive pay practices were aligned with community standards and sustainable business practices. The Government's response supports nearly all of the Productivity Commission's recommendations, including the "two strikes" proposal, and aims to further strengthen several of the recommendations by expanding their scope and enforceability.

Employee share scheme bills passed

The bills on the reform of employee share schemes (ESS) were passed by both houses of the Australian Federal Parliament, without amendment, on 2 December 2009. The new law applies to shares and rights to shares acquired on or after 1 July 2009. Companies should now review their existing and proposed ESS arrangements in light of the new ESS tax laws. 

Governance

The current economic volatility is increasing pressure on companies to improve their governance practices.

  • The Walker Review outlines ‘defined principles’ for corporate governance in the UK banking industry.   The Review’s recommendations indicate the potential direction that a regulatory response may take post the global financial crisis and are therefore noteworthy for Australian companies. A snapshot of the background and themes of the Walker Review is provided by Deloitte for directors of Australian companies.
  • Governing in Volatile Times: Even More Pressure on Audit Committees: The current credit crisis has prompted virtually every audit committe to place the financial health of their organisation under the microscope.