The Government has had Treasury initiate a public consultation seeking stakeholder feedback on “Greater transparency of proxy advice” including questions on superannuation funds’ governance, independence, accountability and disclosures.
ISS noted that the consultation has sought comment on five potential regulatory options, with the initial two options relating to superannuation funds disclosure of trustee voting and demonstrating independence and appropriate governance with regard to the proxy advisers from which they receive advice.
A further three options focus on proxy advisers’ operating models – the mandatory provision of proxy advisers’ reports to companies before distribution to subscribing investors, notification of company feedback in response to reports, and whether professional licensing, such as an Australian
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