Statement attributable to ASFA CEO Mary Delahunty
News that the long-awaited update to the ASX Corporate Governance Principles would not proceed is disappointing. Institutional investors value continuous improvement and were supportive of many of the elements the proposed update contained.
The Corporate Governance Council has consulted widely and was in a position to progress to broad consensus when the process was halted.
ASFA maintains the view that the business community, and therefore shareholders, are best served by a genuine commitment to contemporary governance.
The proposed update addressed matters of format to improve the accessibility of the document, the relationship between shareholders and security holders and diversity.
Investors understand the relationship between diversity and building long-term value. ASFA member organisations have indicated they strongly support reporting frameworks that allow investors to better understand how companies are pursuing the value that can come from diversity.
Members had encouraged including in the 5th Edition clear language with respect to boards’ consideration of a range of relevant diversity characteristics, which members believe will provide an insight into the breadth of perspectives and the extent to which that will support sound decision-making.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
