War by proxy: Frydenbergâs reforms raise shareholder alarms
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Credit:Alex Ellinghausen
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When Treasurer Josh Frydenberg delivers his federal budget speech next Tuesday evening, he will almost certainly herald the success of the governmentâs JobKeeper program, which bolstered the economy throughout the pandemic.
The program, like others implemented in the United Kingdom and New Zealand, was an economic lifeline designed to keep businesses afloat and nearly 3.5 million people employed. It also had a fundamental flaw. The government couldnât force companies that recovered faster than expected and even their grew profits, to pay the subsidy back.
Cattle corporation loses only female exec
Keen eyes throughout the livestock sector are watching who AACo will get to replace Anna Speers, who has a new job as CEO of Woolies new red meat division.
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One of the problems with having only one woman in your senior ranks is that when the woman who has made it to the top gets poached, you risk going decidedly backwards if you appoint anyone but another woman to replace the one you re losing.
Such is the dilemma facing Australia’s largest and only listed cattle corporation, AACo, which as of Thursday still features chief operating officer
Rio Tinto shareholders reject former CEO’s exit package
Former chief executive Jean-Sébastien Jacques, ousted after the destruction of sacred rock shelters in Western Australia. (
A majority of Rio Tinto’s (ASX, LON, NYSE: RIO) shareholders opposed on Thursday the exit package handed to former chief executive Jean-Sébastien Jacques, ousted after the destruction of sacred rock shelters in Western Australia last year.
More than 60% of the votes cast at the company’s annual meetings in London and Sydney were against its remuneration report, which showed Jacques received £7.2 million ($10m) in 2020, 20% more than a year earlier.
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Proxy advice reforms ‘inoperable’, ‘misguided’: ISS 06 May 2021
One of the main institutional proxy advisers in Australia, has warned against the government’s new proposed restrictions for the sector, with fears independent research could drown in impossible restrictions.
Treasurer Josh Frydenberg recently declared proposed legislation for proxy advisers, aiming for more transparency around proxy advice.
The draft changes have suggestions such as requiring firms to have Australian Financial Services Licences (AFSLs) and to distribute their advice and research on firms they’re the subject of five days before their investor clients see it, as well as alert their clients of how to access company responses.