Background
The ASX Corporate Governance Council (Council) released the first edition of its Principles of Good Corporate Governance Practice and Best Practice Recommendations (Guidelines) on 31 March 2003. In November 2006, the Council released a public Explanatory Paper and Consultation Paper on proposed changes to the Principles and Recommendations. Following submissions and industry discussions, on 2 August 2007 the Council released the revised Corporate Governance Principles and Recommendations (Principles).
The original Guidelines were used as a benchmark by a variety of entities including APRA for the Prudential Standards on Governance and Fit and Proper Persons that apply to insurers (life and general) and regulated superannuation entities. The Guidelines also played a significant role in the development of the Australian Standard on Governance standards published in 2004 which includes Good Governance Principles (AS8000), Fraud and Corruption Control (AS8001),
