The Australian Council of Superannuation Investors (ACSI) welcomes the proposed establishment of a Competition and Growth Taskforce, announced today by the Australian Labor Party (ALP). The Taskforce’s remit would include corporate governance review and reform.
ACSI CEO Louise Davidson said, “Australia’s corporate governance framework has fallen behind global best practice and needs to be updated and strengthened.
“For too long, our response to corporate governance failings has been reactive. Australians shouldn’t have to tolerate behaviour which is out of line with community and investor expectations.
“The momentum for change is strong following the banking Royal Commission. Australia’s politicians have an opportunity to instigate changes that benefit the both the market and the public broadly. The proposed Taskforce is a step in the right direction.”
Independent research and policy development are an essential component of the reform process and necessary to ensure that the rules that govern investment markets operate in the interests of long-term investors and their beneficiaries.
Earlier this week, ACSI released policy proposals designed to update Australia’s corporate governance framework and hold companies more accountable for conduct that harms investors and the community (see below).
Davidson said, “We look forward to continuing to make a constructive contribution to the debate about corporate governance reform. Our priority remains improving the long-term sustainability and value of investments by the community.”
ACSI’s ‘Towards Better Corporate Accountability’ policy can be found here.