News & updates
The Senate Economics Legislation Committee tabled its report this week on the Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which introduces one-third independent directors and an independent chair for all APRA-regulated superannuation funds.
The Australasian Centre for Corporate Responsibility (ACCR), together with more than 100 other shareholders, has lodged a resolution to be debated at the AGM in December of one of the big four banks — ANZ — asking it to make it easier for shareholders to move resolutions; provide more information about how much it is exposed to carbon-intensive industries; and set public targets for reducing its exposure to carbon intensive industries.
A number of organisations, including investors, have been tracking whether improvements in gender diversity are taking place in boardrooms in Australia. Investors consider gender diversity to be a driver of long-term shareholder returns and this is factored into their shareholder engagement with boards on governance. BlackRock, AMP Capital and ACSI have all reported this year in this area.
The 2015 AGM season to date has seen eight first strikes lodged against the remuneration reports of listed companies, and three second strikes. The resolution to spill the board passed at one of those three companies’ meetings — the company was from the troubled resources sector.