The Australian Council of Superannuation Investors (ACSI) welcomes the outcome of the vote that will see the Federal Government’s regulations of proxy advisers disallowed.
Proxy advisers play an important role in facilitating informed shareholder voting at listed Australian company meetings on a range of financially material issues.
The regulations were rushed through without parliamentary scrutiny and with no justification, rationale or harm identified. Proxy advisers faced more onerous red tape and fines of up to $11 million for small administrative errors, and unprecedented rules regulating ownership of advisers.
We are pleased to see the Senate voted to ensure the system that has been working well to deliver quality advice that supports investors and millions superannuation fund members is maintained.