In late 2022, JORC provided an update to stakeholders anticipating a Q1 2023 public review process in which the draft code would be posted for a 90-day period for comment and feedback.
At this time, review of the draft code and guidelines by ASX and ASIC is yet to complete, and as such the public review period has been delayed until the committee can review and consider the comments from the market operator and regulator.
The proposed code update expands into a range of new clauses covering Competent Persons, reasonable prospects, risk, reconciliation and ESG amongst other text and guidance modifications. The draft code also incorporates a changed structure with code and guidelines separation and table 1 format changes. Given these proposed changes, significant review has been required to understand potential impacts to listing rules and corporate compliance.
We will be in contact immediately after we have comments to share and will, depending on the areas of concern raised, determine appropriate next steps.
Why is there such a long delay?
The proposed code update expands into a range of new clauses covering Competent Persons, reasonable prospects, risk, reconciliation and ESG amongst other text and guidance reviews. The draft code also incorporates a changed structure with code and guidelines separation and table 1 format changes. Given these changes significant review has been required by ASX and ASIC to understand the potential impacts to listing rules and corporate compliance.
Will the public review period be shortened or cancelled?
No, once released for review there will be a 90 day review period, and a second draft circulated after comments are received and evaluated.
Is the Competent Person review process impacting or being impacted by the regulator review stage.
No, the Competent Persons review is continuing as a parallel engagement within the parent bodies, managed by the professional bodies joint task force. It is focussed on improving transparency of Competent Person competence.
How was the draft of the proposed update provided to the market operator and the regulator prepared?
As you will recall, JORC distributed a survey to which there were over 500 responses, from these responses the major areas of concern were derived. Working groups including Subject Matter Expert volunteers from outside the JORC then reviewed the issues and prepared recommendations which were consolidated and incorporated into the initial draft code.
Why are the views of the market operator and the regulator being sought before public consultation?
Since there are a number of significant changes proposed, inclusion of ESG and Risk for instance, it was seen as appropriate to ensure these were in accord with the market operator and the regulator views prior to full public consultation. There is also significant cross referencing with JORC and the ASX listing rules to be considered and managed within the drafting process requiring review.
Will the delay result in additional changes to the currently proposed Code content to align with Code updates being developed by other jurisdictions and organisations e.g., Canada, South Africa, CRIRSCO?
JORC engages with peer jurisdictions and organisations and we will seek to align with global regulatory requirements or guidance where appropriate.
JORC Update – May 2023
JORC Review Presentation Brisbane, April 2023
JORC Update – November 2022
JORC would like to provide an update on the current status of the Code review.
JORC is continuing to actively engage with the market operator (ASX) and regulator (ASIC). Discussions related to specific aspects of the draft Code are progressing, to ensure alignment between all parties, before engaging with wider stakeholder groups.
In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway and continuing, with updates to members provided by the AusIMM and AIG.
As a result of this ongoing engagement process and cognisant of the December – January holiday season, wider engagement and distribution of the draft revised Code will be delayed.
JORC remains committed to ensuring all stakeholders have the opportunity to review and comment on the draft, and as such, will be providing a 3-month period for comment. JORC will provide further details on this early 2023.
JORC Update – July 2022
JORC Competent Person - a baseline review in a global context
JORC provided a draft updated Code to ASIC and ASX early this month for their preliminary review and comment. Positive discussion is underway, with a formal response likely to be received in August.
Following this, JORC will address any issues raised and revise documentation accordingly. We anticipate the public review period, where all stakeholders will have the opportunity to review and comment on the draft, will commence Q4 2022.
In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway, with updates provided on the AusIMM and AIG websites.
Code Review Progress Update
Based on the findings from the JORC 2020-21 online survey, nine key areas were identified for further detailed review:
- Competent Person
- Reasonable Prospects (RPEEE)
- Environmental, Social, Governance (ESG)
- Reporting of Risks
- Reconciliation Performance Reporting
- Guidance notes
- Use of JORC Code for non-reporting purposes
- Relationship to ASX Listing Rules and/or to other Codes
- Other Issues (including format and structure)
A series of Working Groups formed to review issues and opportunities related to each key area. The Working Groups held meetings and workshops over a 4-month period from August – November 2021 and produced a series of recommendations for JORC to consider around their key area.
Engagement with Federal, State and Territory geoscience and mining related departments took place, with discussion and feedback relating to the use of the JORC Code in non-market settings and interrelation with various administrative processes.
JORC would like to thank the many individuals who volunteered their time and expertise participating in the Code Review Working Groups:
|Andre Badenhorst||Geraldine McGuire||Kirsty Sheerin|
|Andrew Pocock||Godknows NJowa||Leslie M Watson|
|Beau Nicholls||Gregory MacDonald||Marco Orunesu Preiata|
|Bridget Alldridge||Harald Muller||Marcus Reston|
|Bruce Harvey||Heath Arvidson||Mark Adams|
|Bruce Sommerville||Ian Glacken||Mark Berry|
|Chris Davis||Ian Ritchie||Mark Murphy|
|Clint Ward||Ioannis Kapageridis||Peter Fairfield|
|Craig Morley||Ivy Chen||Rebecca Jackson|
|Deborah Lord||Jacinta Ireland||Sam Ulrich|
|Douglas Corley||Jeremy Peters||Selina Zoe Broun|
|Dr Paul Weber||John A. Rusnak||Shauna Martin|
|Emily Harris||Jon Crosbie||Tatum Woodroffe|
|Gabrielle Kirk||Jonathan Moore||Timothy O'Sullivan|
|Geoffrey Booth||Jonathon Trewartha||Todd McCracken|
The Committee has consolidated all feedback and are currently in the process of drafting an initial release for stakeholder review.
A draft updated Code will first be presented to ASIC and CRIRSCO for their feedback. Following this, JORC will hold a public review period, where all stakeholders will have the opportunity to review and comment on the draft. We anticipate this engagement will commence mid-2022.
In parallel the Parent Bodies Joint Taskforce review of the Competent Person framework is underway. Updates on this process can be found on the AusIMM and AIG websites.
Working Groups - Update
Thank you to everyone who has expressed interest in volunteering to join a JORC Working Group. We have had a tremendous response, with over 70 individuals expressing interest.
The Committee are reviewing the EOIs, with the aim of forming groups that have broad representation across disciplines and experience.
We look forward to providing further updates as the Code Review progresses.
Terms of Reference
JORC Code update
28 June 2021
The Summary Paper of Key Issues and Work Plan based on responses from the online survey and other discussions held regarding the 2012 JORC Code review, is now available.
The online survey was open to all stakeholders for an extended period during December 2020 to April 2021, resulting in over 500 responses.
Key highlights and issues identified in the survey and an outline of the next steps in the review process, can be accessed here:
JORC Summary Paper of Key Issues and Work Plan
The analysis has highlighted several high priority areas which will be the focus of upcoming engagement. Further information relating to the formation of Working Groups will be released later this month. In parallel, AusIMM and AIG will be forming a Joint Taskforce to undertake analysis, consultation, and review of the requirements for Competent Persons under the Code.
JORC is grateful to everyone who took the time to register and complete the survey and has been involved in the review of the JORC Code to date.