Under paragraph 3.2 of Guidance Note 11, a listed corporation must ensure that it has regard to the Recommendations when disclosing the application of each Principle. In view of this, must the listed corporation comment separately on each Recommendation with which it follows?
In describing how it has applied each Principle, a listed corporation need not comment separately on each Recommendation with which it follows. However, a listed corporation must ensure that its Corporate Governance Statement in its annual report contains adequate information and provides a meaningful description or discussion of its corporate governance practices to shareholders.