New ASX corporate governance reporting rules

Key Points:

There are new corporate governance disclosure requirements for appointing directors, committees and risk management, among other matters.

The Corporate Governance Council's new corporate governance disclosure requirements apply for the first full financial year starting on or after 1 July 2014. Here are the main points.

Directors

Entities will have to disclose whether they have undertaken "appropriate checks" before appointing a new director or nominating a new candidate for election.

Those should cover the person's character, experience, education, criminal record and bankruptcy history. If any "material adverse information" is uncovered, the commentary suggests that that information should also be disclosed.