The Corporations and Markets Advisory Committee (CAMAC) has published a report “Guidance for directors” in response to a request from the Minister for Financial Services, Superannuation and Corporate Law for advice on whether there is sufficient guidance provided to directors to ensure that they clearly understand their roles and responsibilities and whether their performance would be enhanced by the introduction of a code of conduct or best practice guidance by a regulator.

CAMAC does not see a need for the development of a new code of conduct or best practice guidance by a regulator. CAMAC considers, however, that it would be timely for the ASX Corporate Governance Council to review its Principles and Recommendations in the light of international developments.

The report contains a useful review of director guidance resources both in Australia and overseas.