Josh Frydenberg’s push to overhaul how superannuation funds drive the governance of listed companies has stirred up simmering tension between proxy advisers and corporate leaders, who claim the research firms hold too much sway.
The proposed measures, revealed by The Australian Financial Reviewon Friday, will force proxy advisers to give the companies they are reviewing a week’s notice of their voting recommendations and the research on which they are based, and to operate independently of super funds.
Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
