Acclime Corporate Snapshot – September 2026.

Acclime Corporate Snapshot provides you with an overview of current corporate governance matters including regulatory changes, trends and other important issues.

To discuss how these may affect you, please contact us on infoaustralia@acclime.com

ASX’s response to feedback on Listing Rules and Guidance Notes

In mid-September, ASX responded to feedback on Listing Rules and Guidance Notes amendments concerning two areas of reform: shareholder approval of dilutive acquisitions, and changes in admission status.

The June 2026 consultation had four focuses:

• The operation and interactions of the draft amendments with other ASX Listing Rules or Guidance Notes to make sure the amended framework operates clearly, consistently and as intended
• That the key definitions and concepts in the draft amendments are clear, objective and administrable
• Whether post-approval issuance periods following shareholder approvals for issuing securities should be standardised to a 12-month period
• A commencement date of 21 October 2026, with transitional provisions

The response report covers the feedback and explains ASX’s approach to the four areas, including the final amendments to the Listing Rules and Guidance Notes. Subject to completion of the statutory process, the amended Rules and Notes will come into effect on Wednesday, 21 October 2026.

Time to think twice about ‘nice’

Amy Edmondson, Novartis Professor of Leadership and Management at Harvard Business School, has weighed in on the topic of psychological safety in the boardroom. She says it’s ‘not about “being nice” or keeping things comfortable for all, but about “dialling it up on candour, telling the truth even when it might be uncomfortable”.’

The comment is part of a wider discussion in this Australian Institute of Company Directors piece which urges rigour over deference in board discussions. Perhaps counter-intuitively, a board that engages in scepticism and even conflict can be practising psychological safety nonetheless. ‘Deliberately courting challenge,’ writes the author, Natalie Filatoff, ‘helps organisations to catch seemingly insubstantial missteps before they pile into catastrophe…’

Prioritising politeness over accountability silences dissenting views, she continues; and that can lead to governance failures.

Some welcome guidance on AI threats

Staying with the AICD, they’ve teamed up with the Australian Signals Directorate to produce a guide for boards on the ever-accelerating governance threats posed by frontier artificial intelligence (AI).

‘Frontier’ AI is a term used to describe the latest generation of AI models such as OpenAI’s GPT models and Anthropic’s Claude, which are capable of sophisticated reasoning and independent problem-solving that often outstrip human abilities. The rapid advances in these technologies, and the lack of safeguards around them, have been highlighted recently by news of OpenAI agents hacking a Medicare database.

You can download the AICD/ASD guidance here.

Studying the impacts of AI on governance

The OECD has conducted a global survey aimed at understanding how listed companies use artificial intelligence and adapt their corporate governance frameworks. The resulting data will be used to analyse governance trends and inform future international policy discussions.

Members participated in the survey during July this year, answering approximately 20 short multiple-choice questions. We’ll let you know when results are published.

Separately in June, the AICD, in partnership with the Human Technology Institute at UTS, published updates to the flagship AI governance publication,  A Director’s Guide to AI Governance.

A look at the first ASX listed company supervision report

The ongoing monitoring of listed entities is a central part of the ASX’s role, but it’s only recently that the organisation has moved to reporting on that activity.

The inaugural ASX Listed Entity Supervision Report offers a detailed 16-page overview of trends in supervision activities – for example focuses on mining companies and on continuous disclosure – and it reveals a general shift towards a more assertive, risk-based and public-facing supervision approach.

Gilbert + Tobin have produced an analysis of the report, which concludes with sage advice to engage proactively: ‘Where existing practices are uncertain or where a company is aware of a potential compliance gap, early engagement with ASX is likely to produce a better outcome than reactive engagement after a query or investigation.’

ASIC and APRA’s corporate plans revealed

The combined ASIC/APRA corporate plan is an important annual milestone, revealing priorities for the coming year in enforcement.

This year, ASIC and APRA’s plans could be said to follow topics already dominating corporate media: a heightened focus on cyber-security, the exponential rise of AI, geopolitical uncertainties, superannuation, climate risks for insurers, and consumer, small business and investor protection.

Both regulatory bodies are also flagging vigilance on financial market integrity and productivity.

Allens have produced a multi-authored, highly detailed breakdown of the regulators’ priorities, which rewards careful reading.

Sources of information: Australian Securities Exchange Ltd (ASX), Gilbert + Tobin, Allens, Australian Securities and Investments Commission (ASIC), Australian Institute of Company Directors (AICD), The Guardian Australia.

Disclaimer: Acclime Corporate Snapshot is only intended to provide a general overview on matters of interest. It is not intended to be comprehensive and is not legal advice. Acclime Australia attempts to ensure that content is current but we do not guarantee its currency. You should seek legal and/or professional advice before acting or relying on any content.