The Federal Government today congratulated the Australian Stock Exchange's Corporate Governance Council on the release of its benchmark set of corporate governance guidelines.
"This is a very significant development for corporate Australia and demonstration of its cooperative approach in setting high quality standards of accountability and behavior," the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said.
"The ASX is to be congratulated on firstly getting together such an extensive grouping of business representatives and ultimately securing agreement from them about how boards and management should act in the best interests of shareholders and the broader community.
"It is an outstanding achievement by any measure."
Senator Campbell said all listed companies would be judged against the new standards.
"Meeting the community and market's expectations of good corporate governance requires a cooperative and co-regulatory approach from Government and corporate Australia.
"The future wellbeing of our economy requires good quality laws that are properly enforced and actively supported by business, shareholders and the broader community.
"I am sure the council will continue to grow in stature and play a very influential role in enhancing Australia's reputation as a country with a strong financial regulatory framework and quality, high-level corporate governance standards.
"I congratulate CEO Richard Humphry, council chair Karen Hamilton and all council members for the enormous time and energy they have devoted to achieving this outstanding result."
PERTH
31 March 2003
Contact: Wayne Grant 08 9421 1755 or 0407 845 280