In the middle of last year the ASX Limited (ASX) proposed changes to its Listing Rules and Guidance Note 9 concerning Disclosure of Corporate Governance Practises. The proposed changes included among other things:
- A requirement that listed entities disclose the details of any on-market purchases undertaken on behalf of the listed entity (or its subsidiaries) for any employee or director share scheme.
- An extension of the restrictions on parties associated with directors of a listed entity from receiving shares under employee incentive schemes.
Following release of the proposed changes a consultation period ensued and, as a result of feedback received during that consultation period, the ASX has decided to defer implementing any of the governance related changes until 1 July 2014. It is expected that a further consultation paper on the proposed changes to Listing Rules 3.19B concerning disclosure of information relating to on-market purchases and the associated Listing Rules will be released shortly.