The ASX Corporate Governance Council has announced proposed changes to the Corporate Governance Principles and Recommendations which will include a new recommendation requiring each listed entity (on an “if not, why not?” basis) to establish a diversity policy that includes measurable objectives relating to gender as set by the board of the entity. The policy must be disclosed to the market in full or in summary.

Other recommendations will require

• each listed entity to disclose in its annual report (on an “if not, why not?” basis) its achievement against the gender objectives set by the board of the entity.
• each listed entity to disclose in its annual report (on an “if not, why not?” basis) the proportion of women employees in the whole organisation, in senior management and on the board.

The Council expects to provide an exposure draft of the proposed changes to the Corporate Governance Principles and Recommendations for public consultation in early 2010 with an anticipated implementation date of 1 July 2010.