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									 Global Compliance


By Neil Baker                                   be female (for Norway it is 40 percent,         “We are likely to see resistance to the
                                                with France shooting for 50 percent by          accounting changes from companies in

C     ompliance Week publishes “Global
      Glimpses,” a blog of governance
news worldwide. To see the blog online,
                                                    In response to a critical report on lev-
                                                els of executive pay, the ASX also wants
                                                                                                both the U.K. and rest of Europe. None-
                                                                                                theless, those changes designed to pro-
                                                                                                vide transparency and consistency are to
view primary source documents, and par-         its top 300 companies to have compen-           be welcomed.” ■
ticipate in the discussion, please visit www.   sation committees comprised solely               of non-executive directors. It thought
                                                about making this apply to all listed           Europe Inconsistent on
                                                companies, but decided the compliance
                                                cost would be too high for smaller ones.        Insider-Dealing Rules
Australia Ponders How
Many Women on Boards
                                                    The proposed changes to the ASX’s
                                                Corporate Governance Principles and             T    he European Union’s 27 member
                                                                                                     states have taken an inconsistent

C     ompanies with a stock market list-
      ing in Australia would have to dis-
close more information about the num-
                                                Recommendations are subject to con-
                                                sultation. If agreed, they would apply to
                                                financial years starting on or after Janu-
                                                                                                approach to new laws aimed at crack-
                                                                                                ing down on insider dealing, meaning
                                                                                                that compliance requirements across the
ber of women they employ and publish            ary 1, 2011. ■                                  trading bloc vary widely, according to
clear targets for getting more women                                                            European securities regulators.
into top jobs, under proposed new cor-                                                              The EU agreed to a common legal ap-
porate governance rules.                        PwC Predicts Huge Hit                           proach to insider dealing and stock mark
   Companies would have to reveal how                                                           manipulation seven years ago in an ef-
many women they employ overall, how             From Pension Change                             fort to create a level playing field across
many hold senior management positions,
and how many are board directors. They
would also have to set “measurable objec-
                                                B    ritish companies could see their
                                                     pension costs increase by £10 billion
                                                ($15.5 billion) a year under accounting
                                                                                                its member countries. But a report from
                                                                                                CESR, a grouping of securities regula-
                                                                                                tors, says that has not happened.
tives” for the number of women in each          changes expected to be proposed this                The report analyzes the ways in
role, with information about what they          month by international standard setters,        which member states have implemented
are doing to achieve those objectives.          according to accountants Pricewater-            the Market Abuse Directive and related
   The proposals come from the Aus-             houseCoopers.                                   rules. It found that national politicians
tralian Securities Exchange, which regu-           The International Accounting Stan-           and regulators have used opt-outs and
lates the governance standards of listed        dards Board has promised to publish an          discretionary parts of the directive to
companies. They follow a gov
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