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.
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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
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