The JSE has introduced a fast track listing process to make it quicker and easier for companies already listed on certain international exchange to obtain a secondary listing on the local bourse.
The new fast track listing process allows international companies, who have already been admitted to certain other major stock exchanges for a period of at least 18 months, to secondary list on AltX or the JSE’s Main Board. The following exchanges are accredited by the JSE for the fast track listing process:
• Australia Stock Exchange
• London Stock Exchange
• New York Stock Exchange (NYSE) and NYSE Euronext
• Toronto Stock Exchange
Companies listed on the above exchanges and making use of the fast track listing process do not need to produce a prelisting statement and, instead, will only release a prelisting announcement. This announcement contains certain disclosure items pursuant to the Listings Requirements and details of the actual listing on the JSE, which is then read in conjunction with the company’s latest published information (including its annual report) which has been prepared in accordance with the requirements of the exchange where it has a primary listing. The fast track listing process seeks to significantly reduce the time it takes to attain a secondary listing on the JSE.
“The streamlined process means that a secondary listing on the JSE gives companies the opportunity to access South Africa’s deep pools of capital at a lower cost by eliminating a second round of administrative preparation for listing,” says Donna Oosthuyse, Director: Capital Markets at the JSE.
TMX Group Limited today announced that it has selected Lou Eccleston to lead the organization as its Chief Executive Officer (CEO). Mr. Eccleston, who will assume the role effective November 3, 2014*, will also become a member of the TMX Group Limited Board of Directors.
Mr. Eccleston brings to TMX Group more than 30 years of extensive experience gained in senior leadership roles in the information services, financial technology and capital market services sectors. Most recently, he was President, S&P Capital IQ and Chairman of the Board, S&P Dow Jones Indices, which are business lines of McGraw Hill Financial. He was with that organization for 6 years. Previously, Mr. Eccleston was at Thomson Financial for 4 years in the roles of President of Global Sales, Marketing & Services and President of the Banking and Brokerage Group. Mr. Eccleston was at Bloomberg LP for 14 years, where he held a number of roles including chief executive of Bloomberg Tradebook for 6 years. He also served as Chairman and CEO of Pivot Inc., a capital market software services company.
Taiwan Stock Exchange launched a Corporate Governance Evaluation System on March 31, 2014. The evaluation system follows the OECD Principles of Corporate Governance (rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of the board) with five corresponding sections and a total of 92 indicators. All TWSE listed companies will be evaluated in 2015 based on publicly available information, and the evaluation will be conducted annually. Companies which rank in the top 20 percent with the highest evaluation scores will be disclosed.
Today at Brazil’s BM&FBOVESPA and in nine other countries, the International Integrated Reporting Council (IIRC) presented an international integrated reporting framework for companies. IIRC promotes the integration of financial, sustainability and governance information in corporate reports. The document will be available for consultation and suggestions (in English) for 90 days at the IIRC web portal. The Portuguese version will be published soon at the web portal of the Brazilian Institute of Corporate Governance (IBGC).
On December 12, MICEX-RTS and the Organization for Economic Co-operation and Development (OECD) signed an agreement that will strengthen corporate governance in Russia through a program called the OECD-Russia Corporate Governance Roundtable. The signing ceremony took place at the Russian Ministry of Economic Development as part of OECD Secretary-General Angel Gurría’s visit to Moscow.
Business and investment leaders today call for a new approach to corporate reporting in a landmark Discussion Paper, called Towards Integrated Reporting – Communicating Value in the 21st Century, published by the International Integrated Reporting Committee (IIRC).
Integrated Reporting will provide more comprehensive and meaningful information about all aspects of an organization‟s performance and position, presented in a much clearer, more concise and more user friendly format. In particular it will demonstrate the links between an organization‟s financial performance and the social, environmental and economic context within which it operates.
IFC, a member of the World Bank Group, and the Tokyo Stock Exchange Group Inc. (TSE Group) have signed a Memorandum of Understanding to cooperate in developing capital markets in emerging economies, helping protect investors through better corporate governance, ensure fair markets, and spur economic growth.
The World Federation of Exchanges is an association of excellence. Included, of course, is the Johannesburg Stock Exchange which in the latest global competitiveness report of the World Economic Forum, was once again placed first in terms of market regulation. In this context of excellence it is indeed an honour that the WFE should make me the recipient of an Award of Excellence in recognition of the work I have done in leading national commissions on Corporate Governance, especially the South African commission, and for driving forward integrated reporting which is better suited to the changed world in which we live. I acknowledge the role of the many I have led in the various commissions, the GRI and the IIRC in promoting the ideal of integrated reporting.
our respective anniversaries come at a critical juncture for the world economy. The financial crisis has been the worst one in our lifetime. It exposed massive failures in regulation, in supervision, in corporate governance and in risk management. The crisis also resulted in a major loss of confidence by the public in governments, in business and in finance.
Egypt's stock exchange delists firms in a move to put quality over quantity. The Egyptian Stock Exchange (EGX) delisted 14 companies at the start of the year. According to a statement on the EGX’s website, the firms’ shares were transferred to the Over the Counter (OTC) Board (Orders Market) for two weeks starting January 3. This move gave individual investors time to leave the companies before they were transferred to the OTC Market (Deals) two weeks later.
The contribution of stock exchanges to improving standards of corporate governance in recent decades has been manifest. Through participation in developing national codes of corporate governance, by setting listing and maintenance requirements consistent with high standards of governance and through monitoring and disclosure of listed companies’ corporate governance arrangements, exchanges have been at the forefront of a process of raising standards.
(Paris, 26 September 2011). The World Federation of Exchanges (WFE) announced that the recipient of the WFE Award for Excellence this year will be Professor Mervyn King, the incoming Chairman of the International Integrated Reporting Committee (IIRC). South Africa native Professor King is designated for this Award in recognition of his work in leading national commissions on corporate governance reform, and for driving forward a financial reporting framework that is better able to accommodate the complexity and need for transparency in this period of financial and economic turmoil – an Integrated Report.
(11 October 2010, Paris) Chairmen and Chief Executives from more than 68 of the world’s leading exchanges gathered in Paris this week for the 50th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE
Panel 7 Exchanges advancing environmental, social and governance (ESG) work Summary