“The AICD believes these proposals warrant consideration within the Australian market. Given the affect of proxy advisors, it’s critical that their recommendation is clear and correct,” Mr Armour mentioned.
Richard Facioni, chairman of womenswear retailer Noni B, supported the proposal, saying he want to see proxy corporations “sit down with the chairman and chief government” to debate their analysis.
“Although we might not change their suggestion, they need to not less than have the total image earlier than recommending a specific plan of action to establishments,” he mentioned.
“What we’d like is extra open dialogue.”
Wesfarmers chief government Rob Scott additionally indicated his help for related reforms, telling The Australian Monetary Overview there must be extra “checks and balances” in place to make sure proxy analysis was correct.
Harvey Norman chief government Katie Web page mentioned advisers would need to “assure the accuracy of their statements, fairly than make deceptive assumptions both deliberately or unintentionally”.