This document marks the first revision of the Council’s corporate governance Principles and Recommendations since they were issued in March 2003. Corporate governance is a dynamic force that keeps evolving. The Australian Stock Exchange (ASX) Corporate Governance Council’s challenge is to ensure that the Principles and Recommendations remain relevant to the Australian business and investment communities. The revised Principles and Recommendations are part of that process. They reflect the contributions of more than 100 public submissions and will take effect from 1 January 2008.