Financial Services Council stewardship code

Australia’s Financial Services Council (FSC) which represents the country’s fund management and pensions industry has launched an Internal Governance and Asset Stewardship Standard for investment managers and asset owners. This is the first stewardship code introduced in Australia and the FSC noted that the country had lagged behind Asian markets including Japan and South Korea as […]

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RIAA Benchmark 2016

Most of the largest Australian superannuation (super) pension funds are adopting some form of  responsible investment according to a survey by the Responsible Investment Association of Australasia (RIAA). The RIAA said its  Superfund Responsible Investment Benchmarking Report  involved a detailed assessment and survey of the largest 50 superfunds in Australia which accounts for around $1.3 […]

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Shareholders of Australian companies are showing their muscle in this year’s proxy season with significant opposition votes over the governance of retailer Harvey Norman and a rejection of executive pay at the Commonwealth Bank of Australia. The Australian Shareholders Association has called on the chairman of  Harvey Norman, Gerry Harvey, to resign and for an independent non-executive […]

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Ardent Leisure Logo

Australian entertainments group, Ardent Leisure, held its AGM just two days after an accident at its theme park Dreamworld in which four people died and two children were injured on a river rapids ride. The out-going chairman, Neil Banaves, offered sincere condolences to the victims and their families but said that despite the seriousness of the incident they were still required to convene the AGM […]

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Peter Ritchie

Mortgage Choice (ASX:MOC) chairman, Peter Ritchie, has resigned abruptly, raging at proxy advisors for “damaging Australian business” after another bruising shareholder revolt at last week’s AGM. Close to 80% of the Australian firm’s independent shareholders voted against the remuneration report, the third such vote, leading Ritchie to blame the outcome on analysts. The key issues were standard red […]

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CG Watch 2016, a survey of 12 major Asia-Pacific markets and 1,027 Asian companies has ranked Singapore as Asia’s top corporate governance (CG) performer followed by Hong Kong, Japan, Taiwan, Thailand, Malaysia, India, Korea, China, Philippines and Indonesia. The biennial survey of Asian markets was carried out by brokerage and investment group CLSA in collaboration with the the […]

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The Australian Institute of Company Directors (AICD) is supporting reforms of the traditional company AGM system. The Australian federal government’s consultation has just ended on proposals to allow electronic forms of communication as the default method of providing shareholders with the notice of meetings and for proxy materials and meeting papers to be accessed on company websites. The […]

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With the peak AGM season taking place in the next two months, Manifest’s analysis suggests investors may be concerned about the remuneration practices at  some of the UK’s biggest companies holding their AGMs on 14th April. Mining company, Rio Tinto – listed in the UK and Australia – has also been struggling in the past year due […]

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Shareholders in Australian companies are now more likely to have their votes taken on a poll by default instead of the traditional show of hands. Two-thirds of companies targeted by a global collaborative investor initiative have moved towards using polls, according to the Australian Council of Superannuation Investors (ACSI). The initiative was led by US  pensions provider, TIAA, with […]

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Australian human rights campaigners are warning investors of the risks Spanish multinational infrastructure operator, Ferrovial, could face if its takeover bid of Australian firm Broadspectrum is approved. This company  is the Australian government’s lead contractor in the operation of its controversial offshore detention centres (ODCs) in Nauru and Papua New Guinea. A report has been produced for investors, financiers, clients […]

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