The ASX issued important information for listed entities in Update 05/11:
- Carbon tax disclosure: companies should consider the effect of the proposed carbon tax under the continuous disclosure obligations. Companies should immediately announce to the ASX any price sensitive information which the entity becomes aware of, including the cost impact of the proposed carbon tax, their ability to absorb the cost or pass the cost on to customers and the extent of any applicable government assistance.
- Remuneration committee: From 1 July 2011, a listed entity in the S&P/ASX 300 at the beginning of its financial year must have a remuneration committee comprised solely of non-executive directors for the whole year.
- Annual and half yearly reporting requirements for periods ended 30 June 2011: the 'Results for announcement to the market' must be set out at the beginning of the document. If the entity is preparing supplementary documentation to be lodged separately but at the same time as the periodic financial reports, these should be sent to ASX after the Appendix 4D or Appendix 4E.
- Dividend and distribution information: companies should include dividend and distribution information in announcements, including particular information about conduit foreign income and dividend/distribution reinvestment plans. Where an entity announces dividends or distributions that are fully unfranked or partially unfranked, the announcement should state the conduit foreign income component of that dividend or distribution, even if this component is nil conduit foreign income. Where an entity has dividend/distribution reinvestment plans in place, entities should state in the announcement whether the plans will operate or will be suspended for that particular dividend or distribution.
See ASX Update 05/11.
This update will make some changes to the way in which listed entities can make their end of financial year announcements, including dividend announcements.