This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead - all in two minutes or less.
In this Edition, we provide an update on the Cardinal Panel proceedings, note AICD’s update on gender diversity in the Boardroom, consider recent regulatory updates from ASX and note the commencement of consultation for the review of Australia’s payment systems.
YOUR KEY BOARDROOM BRIEF
Cardinal Panel decisions. The battle for Cardinal Resources, reported on in last week’s Boardroom Brief, has turned into somewhat of a rolling maul of Panel applications. No sooner had the Panel declined to commence proceedings in Re Cardinal Resources #3 and #4, but review applications were filed, and a seventh application relating to statements by NordGold on the result of prior proceedings has been made today. In question once again is ASIC’s “Truth in Takeovers” policy and whether the Panel is willing and able to relieve bidders from prior “last and final” statements to resuscitate a stalled auction for control.
AICD reveals that more than a third of ASX200 boards still at less than 30 per cent women. media release
ASX confirms the expiry of temporary emergency capital raising relief. compliance update
ASX announces extended reporting and lodgement deadlines. Following ASIC’s release that it will extend deadlines for the lodgement and release of financial reports, ASX has now announced a corresponding extension for listed entities. Listed entities will now be able to take one additional month to report for audited full year and reviewed half-year financial reports for 21 February 2020 to 7 January 2021 balance dates. To rely on this extension, listed entities must satisfy two conditions. First, the entity must provide to the market unaudited or unreviewed accounts and other information required by ASX Appendix 4D or 4E (as applicable) by the usual lodgement deadline so that the market has reasonable current financial information on which to base its trading decisions. Second, at the same time as lodging these unaudited or unreviewed accounts, the entity must announce to the market that it is relying on the ASIC relief to extend the lodgement date and that it will make a further announcement to the market if there is a material difference between its unaudited or unreviewed accounts and its audited or reviewed accounts.
Treasury consults on Payment Systems Review Issues Paper regarding JobMaker Digital Business Plan. consultation page
ON THE HORIZON
Buy now, pain later? industry update report here
Federal government leaves open superannuation cap option. Retirement Income Review