Newsletter

Month: Mar

  • Bill covering two strikes test and ‘no vacancy’ rule introduced into Parliament

    17/03/2011

    The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 (Bill) was introduced into the Federal Parliament on 22 February 2011. Two of the most contentious aspects of the Exposure Draft remain intact. The two strikes test provides that shareholders will be entitled to vote in favour of holding a general meeting to re-elect the board if the remuneration report receives an ‘against’ vote two years running. Shareholder approval is required to declare that there are no board vacancies.

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  • UK — Financial Reporting Council publishes new Guidance on Board Effectiveness

    07/03/2011

    The regulator in the UK that promotes corporate governance to foster investment, the Financial Reporting Council (FRC), has published new guidance to encourage the boards of listed companies to consider how they can lead their companies most effectively.

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  • UK Government consults on short-termism in equity markets

    04/03/2011

    The UK Government has begun a consultation process on corporate governance and short-termism. The project, A long-term focus for Corporate Britain, will consider what can be done to achieve long-term economic growth.

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  • UK — Davies Report about women on boards

    04/03/2011

    A report by Lord Davies, Women on Boards, has found that in 2010 women made up 12.5 per cent of the members of the boards of companies in the FTSE 100 in the UK. This was an increase from 9.4 per cent since 2004.

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  • Clarity on voting in bill on remuneration reform

    04/03/2011

    CSA had been very concerned with the consequences of the prohibition on (key management personnel (KMPs) on voting undirected proxies on remuneration-related issued and the proposals on cherry picking as they appeared in the exposure draft. We are therefore very pleased to see that our concerns have been heeded in the Corporations Amendment (Improving Accountability of Director and Executive Remuneration) Bill 2011.

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  • ASIC wins appeal in continuous disclosure case with Fortescue Metals

    04/03/2011

    The Full Court of the Federal Court of Australia upheld the appeal by the Australian Securities and Investments Commission (ASIC) against the Fortescue Metals Group (Fortescue) and its Chief Executive Officer, Andrew Forrest in ASIC v Fortescue Metals Group Ltd [2011] FCAFC 19.

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