ASX-listed entity board independence + composition (CGC Principle 2)
ASX entities should have majority-independent boards + clear board charter.
Who must comply
ASX-listed entities (recommended under Principle 2).
What triggers it
Being ASX-listed.
When due
Continuous; annual Corporate Governance Statement disclosure.
Evidence required
Board charter; independence determinations; committee structure.
Max penalty
Disclosure-based (if not, why not); reputational
Summary
ASX Corporate Governance Council 4th edition Principle 2 recommends majority of board members are independent directors, separate Chair + CEO, board charter, board committee charters (audit + risk + nomination + remuneration).
Enforced by
Entity types
Topics
Source: https://www.asx.com.au/regulation/corporate-governance-council. Rules Mate is not a law firm. Always verify against the live regulator source before acting.