ASIC has announced relief to assist listed companies in reporting director and executive remuneration disclosures.

ASIC Class Order [CO 06/50] Transfer of remuneration information into directors’ report will apply to listed companies preparing financial reports under Chapter 2M of the Corporations Act (the Act).

The class order will allow listed companies to transfer remuneration information required to be disclosed in the financial report under accounting standard AASB 124 Related Party Disclosures
into the directors’ report. This will enable listed companies to combine the remuneration disclosures required by accounting standards with those already required to be included in the directors’ report
under s.300A of the Act.

Companies will be able to reduce the duplication of remuneration information between the directors’ report and the financial report, and present the information in a manner that is more convenient to users of their annual reports.

The ASIC relief is of an interim nature. Class Order [06/50] will apply for financial years ending from 31 December 2005 to 31 March 2006 inclusive.