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Bizarre proxy saga ends with a bang

Treasurer Josh Frydenberg’s proxy reforms have been blown out of the water. The question that remains is why they were ever proposed in the first place. The decision to disallow Frydenberg’s proxy advice regulations marks the end of a deeply weird saga where Treasury tried to annihilate an entire industry – that barely anybody had…
Lachlan Maddock | 11th Feb 2022 | More
‘Shrouded in secrecy and trickery’: Proxy showdown looms

A prospective Labor government would strike out Treasurer Josh Frydenberg’s proxy advice reforms – if Parliament doesn’t do it first. The proxy advice reforms will in be Labor’s crosshairs as Parliament resumes, with shadow minister for financial affairs Stephen Jones calling them “one of the worst policies I have seen in my 10 years in…
Lachlan Maddock | 9th Feb 2022 | More
Frydenberg’s proxy reforms on thin ice

Opposition to Treasurer Josh Frydenberg’s proxy advice reforms is growing, with one key Liberal senator questioning his use of the regulations power and warning of a possible disallowance. While not disagreeing with the reforms in principle, senator Concetta Fierravanti-Wells – head of the standing committee for scrutiny of delegated legislation – questioned why Frydenberg had…
Lachlan Maddock | 2nd Feb 2022 | More
    • Fink calls for proxy power to the people

    Larry Fink wants to make capitalism a force for good. A new proxy advice initiative could be one step in the right direction. Stakeholder capitalism is not about politics,” writes BlackRock CEO Larry Fink in his 2022 letter to CEOs. in his  It is not a social or ideological agenda. It is not “woke.” It is…
    Lachlan Maddock | 25th Jan 2022 | More
    Proxy advice reforms savage investor outcomes: Morningstar

    Josh Frydenberg’s unilateral changes to proxy advice regulation look increasingly unjustifiable. The question that remains is why they were forced through in the first place. The changes, rammed through in late 2021 using regulations powers, will make it nearly impossible for the Australian Council of Superannuation Investors (ACSI) to operate with a requirement that it…
    Lachlan Maddock | 14th Jan 2022 | More
    FSC sees petty politics in proxy fight

    The Financial Services Council (FSC) fought to keep its submission on the proposed proxy advice reforms confidential for fear it would “play out in the media”. The FSC’s submission to Treasury on its proposed proxy advice reforms has been kept confidential despite a freedom of information request for its release, with the FSC concerned that…
    Lachlan Maddock | 15th Oct 2021 | More