Coronavirus (COVID-19) updates from the Australian Government

Greater transparency of proxy advice

22 days left to have your say
Date
-
Consultation Type
Consultation Paper

Key Documents

Proxy advice assists institutional shareholders to make decisions on how to vote on matters put to shareholders for approval at company meetings. Among these institutional shareholders are superannuation funds who make decisions on behalf of the millions of Australians who have their superannuation savings invested in shares.

Given the influential role of proxy advisers in corporate governance in Australia and the high degree of institutional share ownership, the Government is consulting on the adequacy of the current regulatory regime for proxy advice and developing reform options that would strengthen the transparency and accountability of proxy advice.

Therefore, we are seeking feedback from stakeholders on options that aim to:

  • ensure independence between superannuation funds and proxy advice;
  • facilitate engagement between companies and proxy advisers; and
  • require suitable licensing for the provision of proxy advice.

Responding

You can submit responses to this consultation up until 01 June 2021. Stakeholders are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

mcdproxyadvice@treasury.gov.au

Post

Address written submissions to:

Market Conduct Division
The Treasury
Langton Crescent
Parkes ACT 2600

Enquiries

Email: mcdproxyadvice@treasury.gov.au