Light & Wonder officially moved its listing to the Australian Securities Exchange this week. The gaming supplier dropped its ASX Foreign Exempt status and converted to an ASX Standard Listing while pulling out of Nasdaq entirely.
The company filed its corporate governance statement with both the ASX and the Securities Exchange Commission. Light & Wonder’s board now includes nine directors total. Six are independent non-employee directors, and three hold executive or consulting positions.
The board also added a Lead Independent Director to run executive sessions and coordinate the independent members’ work.
Why Light & Wonder Changed Its Listing Structure
The conversion puts Light & Wonder fully under ASX’s governance and disclosure rules. It’s a significant change from operating under two different regulatory systems.
The supplier now follows the ASX Corporate Governance Council’s fourth-edition principles. These standards are more stringent than the Foreign Exempt listing requirements. Light & Wonder stated it will comply with all ASX Recommendations from the conversion date.
The dual-listing structure created complexity. Managing two sets of regulatory requirements across different time zones added operational burden.
What New Governance Measures Take Effect
Light & Wonder set up four standing committees: Audit, Compliance, Nominating & Corporate Governance, and Compensation. These groups handle financial reporting, global regulatory compliance, board composition and environmental oversight, plus executive pay strategy.
The company rolled out several policies at conversion. The Disclosure Policy covers continuous disclosure requirements under ASX Listing Rules and SEC’s Regulation Fair Disclosure. A Securities Trading Policy now establishes quarterly blackout periods.
These blackouts start at the close of trading on the last day of each fiscal quarter. They end one full trading day after quarterly results come out.
Light & Wonder also put in place a Code of Business Conduct addressing conflicts of interest, confidentiality and whistleblower protocols. An Anti-Bribery and Corruption Policy prohibits improper payments to government officials or other designated parties.
How This Affects Light & Wonder’s Operations
The move simplifies the company’s regulatory obligations. It now reports to one primary regulator instead of managing dual requirements.
Light & Wonder announced this transition back in October. The actual conversion finalises that earlier statement.
The supplier says these measures show its commitment to stronger governance. The company believes full alignment with ASX standards benefits its operations long-term.
Other suppliers may watch this closely. And Light & Wonder’s experience could influence how other dual-listed gaming companies approach their own listing structures.
