The ASX Corporate Governance Council has released a public Explanatory Paper and Consultation Paper
on the proposed changes to its Principles of Good Corporate Governance and Best Practice Recommendations and the concept of material business (non-financial)
risks. It also discusses whether the Council has a role in relation to
“sustainability” / “corporate responsibility” (CSR) and if so, whether
Principle 7 should include additional reporting requirements in
relation to these risks.

Principles
of Good Corporate Governance and Good Practice Recommendations –
Exposure draft of changes (showing marked amendments)

The
Council’s review takes into account the CLERP 9 amendments, reporting
trends to date, the need for any additional guidance, and recent
developments in non-financial risk reporting. The revised Principles
are intended to have an effective date of 1 July 2007.

Submissions on the proposals are due by 9 February 2007.