Australia, Australian, Sydney CBD

Environmental, social and governance (ESG) issues are increasingly at the forefront of debate in the Australian market and 2021’s AGM season proved no exception.

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Australia, Parliament, JobKeeper

The Australian government has introduced a new regulation to reform proxy voting advice services.

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emissions

The Australian Prudential Regulation Authority (APRA) has opted not to include mandatory climate risk disclosures in new guidance for the country’s financial services sector.

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Investor Forum embraces ‘stakeholder capitalism’

In a second blog post in our series on Australia’s upcoming AGM season, Minerva provides an overview of the remuneration strike system and identifies key remuneration votes to look out for in 2021. This blog article is based on analysis from Minerva’s upcoming Australia Peak Season Preview briefing – say hello@minerva.info for more information.

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ASIC

Australian regulator targets net zero greenwashing Follows IPO examination of one company’s statements September 17, 2021 The Australian Securities & Investments Commission (ASIC) has warned it will take action against companies it believes are making misleading claims regarding their net zero efforts. The financial regulator has already intervened in an energy company’s initial public offering […]

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Josh Frydenberg

Australian investors hit out at planned proxy rules 14 May, 2021 A proposed Australian government clampdown on proxy advice provision risks limiting the ability of investors to raise issues with corporate boards, investor groups have warned. The rule changes, put forward by Australia’s federal treasurer Josh Frydenberg, would force proxy advice firms to make their […]

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banking

Australia has toughened up banking regulation after its upper house, the Senate, passed a law which gives its financial regulator, the Australian Prudential Regulatory Authority new powers, including the ability to cap bankers’ pay. Under the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 individual bank executives can be held to account for non-compliance […]

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banking

Australia’s 2017 AGM season was significantly “less tumultuous” than the 2016 season, with fewer ‘strikes’ (a 25% vote against) on remuneration reports the Australian Securities & Investment Commission (ASIC) has reported. Most Australian companies hold their AGMs in October and November and the ASIC reviews the voting results from those meetings each year. The ASIC […]

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Australia Glaxosmithkline Novartis

The Australian Competition and Consumer Commission (ACCC) is taking subsidiaries of pharmaceutical giants GlaxoSmithKline (GSK) and Novartis to court over misleading marketing of the Voltaren Osteo Gel and Voltaren Emulgel pain relieving gels. It is alleged that both firms claimed that the Osteo Gel was specifically formulated for treating osteoarthritis conditions, and was more effective than Emulgel […]

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Rio Tinto

Anglo-Australian mining giant Rio Tinto has been fined £27m by the Financial Conduct Authority (FCA) for breaching UK disclosure rules while the US Securities & Exchange Commission has charged the company and former executives with fraud in relation to the acquisition of a coal mine in Mozambique in 2011. Rio Tinto is also being investigated […]

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