Government reforms to proxy advisers may not please everyone, but their purpose is to increase accountability in a highly concentrated industry, says the Treasurer.
It’s no surprise vested interests, cheered on by the Labor Party, oppose the Morrison government’s reforms to proxy advisers. Indeed, many of the same voices opposed moves to introduce Australian Financial Service Licences for litigation funders and legislate the ‘Your Future, Your Super’ reforms.
These two reforms both commence from February 7, 2022, to align with the mini-AGM season which commences in the first quarter of next year.Third, proxy advisers will need to be independent of their institutional clients. In applying the independence test, consideration should be given to ownership structures, personnel arrangements and capacity to influence decision-making.
Again, the requirement to share proxy advice with the subject company should not be highly controversial or difficult to implement, with three of the four main proxy firms indicating they maintain similar practices now – the fourth doing so upon request and for a fee.
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