Australian corporate governance regulatory landscape
In recent years, Australia's corporate governance framework has undergone rapid development and transformation to align with evolving interests in the corporate sector. This has been accompanied by amendments to the regulatory landscape, aimed at better suiting these changing interests.
There is a noticeable trend towards companies actively working to achieve emissions goals and enhance transparency among directors. As a result, new regimes such as the Financial Accountability Regime (FAR) and mandatory climate reporting obligations have been established. Additionally, societal trends have prompted companies to place greater emphasis on gender diversity, stakeholder engagement, disclosure, and transparency, amongst other areas of growth.
The ever-growing corporate governance landscape in Australia seeks to accelerate growth across businesses. It aims to bring Australia's corporate governance practices more in line with those of other jurisdictions, while also ensuring that companies stay up to date with current values and thinking.
As corporate governance legislation, regulations, and guidelines continue to change, it is critical to keep up with key dates: whether it is a reporting deadline, a chance to submit views on a change, or the date an update is intended to come into effect. Below is our tracker of key dates for key corporate governance amendments in Australia. This will evolve and expand as more changes come into effect, or milestones are reached.
Please reach out to your KWM contact if we can assist on any of these topics.
Last updated as at 3 September 2024
WHO ACTS?
GOVERNMENT
REGULATOR
ASX
TOPIC AREAS
FAR
CLIMATE REPORTING
CONTINUOUS DISCLOSURE
MODERN SLAVERY
AML/CTF
CONSUMER DATA RIGHT
CORPORATE GOVERNANCE PRINCIPLES
2024
24 Feb 2024
Continuous Disclosure Regime Review – Report submitted
The reviewer for the independent review of the Treasury Laws Amendment (2021 Measures No. 1) Act 2021 submitted their report for the review.
27 Feb 2024
Proposed 5th edition – ASX Corporate Governance Principles
ASX Corporate Governance Council released Consultation draft.
28 Feb 2024
Report Released – Modern Slavery Amendment (Australian Anti-Slavery Commissioner) Bill 2023
The Legal and Constitutional Affairs Legislation Committee released a report and recommended amendments to the bill.
14 March 2024
FAR Regulator Rules - Insurance and Superannuation
APRA and ASIC released a joint consultation on the proposed amendments to the Regulator rules and draft key functions.
15 March 2024
Financial Accountability Regime Act 2023
The FAR Act began to apply to ADIs and their licensed NOHCs.
27 March 2024
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024
The proposed legislation was introduced into the House of Representatives, proposing to establish an Australian mandatory climate reporting regime.
19 April 2024
FAR Regulator Rules - Insurance and Superannuation
Deadline to submit for the consultation period.
2 May 2024
Release of Second Stage Consultation for AML/CTF Reform
The Attorney-General released the second stage consultation draft for the proposed reform of the AML/CTF regime.
3 May 2024
Senate Report Released – Climate Reporting
The Senate Standing Legislation Committee on Economics handed down their report following their inquiry into the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024.
6 May 2024
Consultation Period – ASX Corporate Governance Principles
Deadline to submit for the consultation period.
14 May 2024
Continuous Disclosure Regime Review – Report tabled
The independent review into Australia’s continuous disclosure regime was tabled in the Federal Parliament.
16 May 2024
Update to Guidance Note 8 – Continuous Disclosure
ASX released update to Guidance Note 8: Continuous Disclosure providing a new worked example of a data breach for the purpose of Listing Rule 3.1.
27 May 2024
Revised Guidance Note 8 takes effect
The revised Guidance Note 8: Continuous Disclosure with its new example took effect.
11 June 2024
Assent – Modern Slavery Amendment (Australian Anti-Slavery Commissioner) Bill 2023
The bill was passed by both houses and assented, with the Government seeking to appoint an Anti-Slavery Commissioner.
13 June 2024
Consultation Period – AML/CTF Regime
Deadline to submit for the consultation period.
24 June 2024
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024
The proposed legislation is introduced into the Senate.
9 August 2024
Consumer Data Right Reset – Treasury Announcement
The Treasury announced a ‘reset’ of the CDR regime, including the release of the ‘Consumer Data Right Compliance Costs Review Report for the Department of the Treasury’.
12 August 2024
Outcome of Continuous Disclosure Regime Review Report
The Government released its response to the independent review into Australia’s continuous disclosure regime, committing to amend the regime at a later date.
15 August 2024
Treasury Laws Amendment (Consumer Data Right) Bill 2022
The bill, which has been before Parliament since late 2022, passed the Senate. However, specific actions not yet turned on.
22 August 2024
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024
The Bill passed both houses of Parliament with some minor amendments.
9 September 2024
Treasury Laws Amendment (Consumer Data Right) Bill 2022
Deadline to submit for the consultation period..
12 September 2024
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024
Proposed dates for the House of Representatives to agree with the amendments made by the Senate.
Q3-4 2024
FAR Regulator Rules - Insurance and Superannuation
TExpected release of the FAR Regulator Rules and key functions for insurance and superannuation entities..
Late 2024 - Early 2025
Amendments to Continuous Disclosure Regime
Expected release of the amended draft Continuous Disclosure Regime legislation..
2025
1 Jan 2025
Proposed application of Climate Reporting – Group 1
Group 1 entities must begin making sustainability reports for 1st annual reporting period on or after this date, if the proposed bill passes.
Q1 2025
Release of 5th edition Principles
The final form of the 5th edition ASX Corporate Governance Principles and Recommendations is expected to be released by the ASX Corporate Governance Council.
15 March 2025
Financial Accountability Regime Act 2023
The FAR Act begins to apply to insurance entities, their licensed NOHCs, and superannuation trustees.
1 July 2025
Proposed Commencement of 5th edition Principles
The 5th edition of the ASX Corporate Governance Principles and Recommendations commences for an entity’s first full financial year commencing on or after this date.
2026
1 July 2026
Proposed Application of Climate Reporting – Group 2
Group 2 entities must begin making sustainability reports for 1st annual reporting period on or after this date, if the proposed bill passes.
2027
1 July 2027
Proposed Application of Climate Reporting – Group 3
Group 3 entities must begin making sustainability reports for 1st annual reporting period on or after this date, if the proposed bill passes.
KWM KEY CONTACTS
Jack Wheatstone
Solicitor
Sydney
