Submissions on Treasury’s Exposure Draft regulation to address some drafting anomalies in key management personnel disclosure requirements in remuneration reports contained in the Corporations Regulations 2001 (Cth) (and also streamline reporting requirements) closed on 15 December 2014.  ASIC has also extended the interim relief under Class Order [CO 14/632] Key management personnel equity instrument disclosures until 31 March 2015, pending the commencement of the amendments foreshadowed by the Exposure Draft regulation.

Treasury released an Exposure Draft Corporations Amendment (Remuneration Disclosures) Regulation 2014 (Cth) (Exposure Draft Regulation) in November 2014 which will:

  • address the drafting anomalies in key management personnel disclosure requirements in remuneration reports contained in the Corporations Regulations 2001 (Cth), which were amended by the Corporations and Related Legislation Amendment Regulation 2013 (No. 1)(Cth)) to include prescribed details relating to the remuneration disclosures associated with key management personnel to replace the accounting standard AASB 124-Related Party Disclosures; and
  • streamline reporting requirements.

The proposed amendments include:

  • limiting disclosure of equities that relate to the disclosing entity to reduce the unintended burden of requiring disclosure on all equity holdings;
  • requiring certain remuneration disclosures to be separated into classes of equity instruments in order to increase the usefulness of the information; and
  • clarifying the scope of the disclosures in relation to certain limited recourse loans to ensure that the scope of disclosures is consistent with accounting practices.

Submission on the Exposure Draft Regulation closed on 15 December 2014.

ASIC has also extended Class Order [CO 14/632] Key management personnel equity instrument disclosures for a further interim period of 6 months until 31 March 2015, pending the commencement of the amendments foreshadowed by the Exposure Draft Regulation.

See also ASIC media release dated 1 July 2014 when [CO 14/632] was first issued.