Too-liberal buyout rules and indifferent passive funds are facilitating corporate raids, shrinking Australia’s premier stock exchange.
There is more effort put into press releases trumpeting fines to miscreants than creating credible checks on a profession this central to market integrity.
The Treasurer’s shameless repurposing of financial services laws to protect the hurt feelings of the directors’ club puts all market participants on notice.
There are no proven harms to justify the government’s draconian regulatory moves; rather, it’s all about opening up another front against union-linked industry super funds.
The conduct of tight votes at company meetings should be regulated by the same checks, balances and independent scrutiny that applies at political elections.
The demands for immediate government regulation of proxy advisers are febrile and shameless: it’s as if proxy advice alone was responsible for the misconduct examined by Hayne, writes Dean Paatsch.
