Submission to Treasury on amendments to s205G of the Corporations Act

On 2nd November the Australian Institute of Company Directors made a submission to Treasury supporting section 205G applying not just to listed companies but also to listed entities. Although this might involve extra compliance costs for listed entities not otherwise required to report that information, we believe it will support the objective of a transparent market. We also support the deemed compliance of directors of exempt foreign entities if they have complied with the reporting requirements of their incorporating jurisdiction and that the disclosure obligation should apply to all directors and senior executives including the chief executive officer. We have long supported s205G of the Corporations Act being amended to be consistent with the timing for reporting under the ASX Listing Rules (five business days) and we  also argued that s205G should be amended to require disclosure of equity derivative holdings.