Everyone seems to be jumping on the corporate governance bandwagon after the corporate blowouts of the 1990s. The Corporate Governance Council, formed by the Australian Stock Exchange, held its first meeting last week and announced new reporting guidelines for those companies currently putting together annual reports. 

The committee was formed following ASIC Chairman David Knott’s criticism of the ASX’s regulatory responsibilities. 

A council statement said it strongly recommends that the top 500 companies establish audit committees made up of independent directors. While the committee cannot officially order companies to form an audit committee, they do ask companies to state why they do not have one.

And in another step aimed at enhancing Australia’s corporate responsibility the Australian National University will open a new centre called Australian National Centre for Audit and Assurance Research.

The centre will be unique, with no other single university providing the concentration of audit research skills in one single location.