As the founder of TechnologyOne, one of Australia’s early software start-ups 34 years ago I have witnessed the significant benefits of being a public company; but I have recently become concerned about the rise of proxy advisers and their significant influence on public companies.

Public companies are being forced to adopt a highly restrictive governance model based on a “one size fits all” approach promoted by proxy advisers. It is imposed on all public companies with scant consideration to their unique circumstances. This restrictive approach is bureaucratic, inefficient and stifles innovation, which is critical for the 21st century.