Author: roymorgansocial

South32 cops criticism on executive pay

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Original article by Tess Ingram, Peter Ker
The Australian Financial Review – Page: 23 : 24-Nov-16

Institutional Shareholder Services has questioned South32’s short-term incentives scheme given the group’s large net loss for 2015-16 and its industrial safety record. The proxy adviser has recommended that shareholders vote against the miner’s remuneration report at the 2016 AGM. The Australian Shareholders’ Association also intends to vote against the remuneration report, as well as the issuance of share rights to CEO Graham Kerr. South32’s 2015 remuneration report was rejected by 5.6 per cent of shareholders.

CORPORATES
SOUTH32 LIMITED – ASX S32, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, ABERDEEN ASSET MANAGEMENT LIMITED, FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY

S&P warns deficit must not blow out

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 23-Nov-16

Craig Michaels of S&P Global Ratings says the Federal Government must return the Budget to surplus by 2020-21 if Australia is to retain its triple-A credit rating. He warns that a rating downgrade is possible if a return to surplus is further delayed, noting that a surplus had been forecast by the former Australian Labor Party government for 2012-13. Michaels also notes the domestic economy’s high reliance on foreign lenders continuing to finance the structural current account deficit.

CORPORATES
S&P GLOBAL RATINGS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, McKINSEY AND COMPANY, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, RESERVE BANK OF AUSTRALIA

Savers’ contributions after tax plunge 29pc

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Original article by Sally Patten
The Australian Financial Review – Page: 5 : 23-Nov-16

Data from the Australian Regulation & Prudential Authority shows that after-tax superannuation contributions fell by 29 per cent year-on-year in the September 2016 quarter, to $A3.7bn. Post-tax contributions totalled $A19.2bn in the year to September, which is 17 per cent lower than previously. Jordan George of the SMSF Association and Profectus Financial Group’s Mark Fenech attribute the downturn in contributions to uncertainty regarding the Federal Government’s proposed super reforms.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SMSF ASSOCIATION, PROFECTUS FINANCIAL GROUP PTY LTD, AUSTRALIAN LABOR PARTY

Ciobo still hopes for TPP, minus US

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Original article by Primrose Riordan
The Australian Financial Review – Page: 10 : 23-Nov-16

US President-elect Donald Trump has confirmed that withdrawing from the Trans-Pacific Partnership will be his first priority upon taking office. Australia’s Trade Minister Steve Ciobo is optimistic that the TPP can proceed without the US, arguing that the other participating nations could negotiate a new TPP deal that could include China or Indonesia. Meanwhile, economist Warwick McKibbin says Australia’s GDP could potentially fall by 5.6 per cent if the Trump administration starts a trade war with China.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, TRANS-PACIFIC PARTNERSHIP, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, JAPAN. OFFICE OF THE PRIME MINISTER, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, HSBC AUSTRALIA HOLDINGS PTY LTD

One Nation may target 60 seats

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Original article by Sarah Vogler
The Australian – Page: 6 : 23-Nov-16

One Nation won 11 seats in the 1998 election in Queensland, and the party aims to field candidates in at least 60 seats at the next state poll. The party’s state and national secretary, Jim Savage, stresses that One Nation will only contest seats if it can field goods candidate, and he says it has held talks with some former Liberal-National Party MPs who lost their seats at the last election. However, he adds that no sitting L-NP MPs have been approached about defecting.

CORPORATES
ONE NATION PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ABC, SBS, Guardian and Fairfax racist: Newman

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Original article by Darren Davidson, Stephen Fitzpatrick, Rosie Lewis
The Australian – Page: 5 : 23-Nov-16

The former MD of the ABC, Maurice Newman, has accused many left-leaning media outlets of racism, including the public broadcaster. Newman also claims that SBS, Fairfax Media, The Guardian and Crikey are also racist, due to their coverage of Aboriginal issues. His comments follow claims by Aboriginal leader Noel Pearson that the ABC is racist, a view that is supported by the head of the Prime Minister’s ­Indigenous Advisory Council, Warren Mundine.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), FAIRFAX MEDIA LIMITED – ASX FXJ, THE GUARDIAN AUSTRALIA, CRIKEY.COM.AU, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS

Newman takes aim at Grylls tax proposal

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 23-Nov-16

Former Queensland premier Campbell Newman has expressed concern about a proposed rise in Western Australia’s iron ore levy. He rates the sovereign risk level of the proposal by WA National Party leader Brendon Grylls as being "eight out of 10". In contrast, Campbell considers his government’s changes to coal royalty rates in 2012 as a four out of 10 in terms of sovereign risk. Coal producers will pay the highest coal royalty rate under Newman’s three-tier system for the first time, following the rally in coal prices.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

ABCC set for action on site by year’s end

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Original article by David Crowe
The Australian – Page: 4 : 23-Nov-16

The Federal Government may wait until the final week of parliament to pursue its bill to reinstate the Australian Building & Construction Commission. It is optimistic that the majority of Senate cross-benchers will support the ABCC bill, after all but one voted for the bill to establish a registered organisations commission. The Government is holding talks with the Nick Xenophon Team regarding amendments to the ABCC bill to provide subcontractors with security of payment in the proposed building code.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, NICK XENOPHON TEAM, FAIR WORK BUILDING AND CONSTRUCTION, AUSTRALIA. DEPT OF EMPLOYMENT, ONE NATION PTY LTD, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Senate deal could see whistleblower bounty

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Original article by Matthew Knott, Georgia Wilkins
The Age – Page: 4 : 23-Nov-16

Senate crossbenchers Nick Xenophon and Derryn Hinch have warned that the Australian Government will face a backlash if it tries to back down on a deal to increase protection for whistleblowers. The Government agreed to the reforms in return for support for its bill to establish a registered organisations commission. The US system of paying bounties to whistleblowers is being considered by a parliamentary inquiry, which will report its recommendations by mid-2017.

CORPORATES
NICK XENOPHON TEAM, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BHP BILLITON LIMITED – ASX BHP, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, 7-ELEVEN STORES PTY LTD, GRIFFITH UNIVERSITY

Prime chair acts to avoid a second strike

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Original article by Darren Davidson
The Australian – Page: 21 : 23-Nov-16

The remuneration report of Prime Media Group was endorsed by a large majority of votes cast at the 2016 AGM. Chairman John Hartigan said the company had revised its executive pay structure in response to feedback from shareholders. Prime had incurred a first "strike" against its remuneration report in 2015. Shareholders have also voted against a resolution to hold a meeting to spill the board. Meanwhile, Hartigan has advised that he has agreed to give up half of his director’s fee. Prime posted a statutory loss of $A93.5m in 2015-16.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NETFLIX INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY