A key driver of Treasurer Josh Frydenberg’s foray into proxy advice reforms - the US Securities and Exchange Commission’s Trump era rule changes for the sector - have been neutered.
International and local investors on Wednesday criticised Australia's plans for clamping down on proxy advisory firms, saying the proposals would lead to uninformed voting and make it harder for their own voices to be heard.
The ASX is set to rise after iron ore retakes $US200 a tonne overnight and oil briefly hits $US71 a barrel. Worley is on track for an improved second half and Keypath will debut on the ASX. Follow the latest here.
âMisconceptionâ: ACSI dumps data on proxy war
Jun 2, 2021 â 12.00am
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The Australian Council of Superannuation Investors has doused Treasurer Josh Frydenbergâs âmisconceivedâ crackdown on the proxy advice sector with a data dump outlining how industry super funds stray from its own recommendations.
Critics of the proxy advice sector argue there is a risk that institutional investors, such as industry funds, are ignoring fiduciary responsibilities by blindly following the recommendations of proxy advisers when they engage with companies on governance matters.
Australian Council of Superannuation Investors president Ian Silk and chief executive Louise Davidson. ACSI has taken public stances on governance crises at Rio Tinto, AMP and Crown Resorts, and on issues such as climate change, executive pay and gender equity. Â