Australian companies are finding the cost of adapting "best practice" corporate governance standards to be relatively low.

However, a new study also warns that their efforts to modernise policies and structures can often be hamstrung by the onerous compliance regimes of local regulators.

Research by the Centre for Corporate Governance at the University of Technology in Sydney found high levels of corporate governance skills in the 67 companies studied.

Dibbs Abbott Stillman partner Lis Boyce, whose company sponsored the research, says the result was a big surprise, given recent media discussion of the topic.

"The cost of corporate governance is not concerning companies to anywhere near the extent often suggested by sections of the business press," she said. "It is clear from the research that high standards of corporate governance can be, and are being, achieved and maintained in Australia."

But she says there are frustrations among some of the listed entities studied. Regulators and ratings agencies are demanding adherence to Australian Stock Exchange principles even when those practice recommendations are clearly not appropriate for the business concerned.

"Good governance goes beyond complying with black and white rules," Ms Boyce said. "If a strict compliance mentality is allowed to prevail, the legal and policy framework loses its flexibility and starts imposing unnecessary costs."