M69 Professional Scientific and Technical Services

‘Worst of a bad bunch’: Choice names NIB and Meta among worst Australian products and services of the year

roymorgansocial Leave a comment

Original article by Sharlotte Thou
The Guardian Australia – Page: Online : 13-Nov-24

Consumer advocacy group Choice has announced the winners of its annual Shonky awards. Choice’s editorial director Mark Serrels says private health insurer NIB has won a Shonky award for charging single parents higher premiums than couples. Meta has also become a Shonky award recipient for not taking sufficient action to remove scam advertisements from its platforms. Other Shonky winners include Daily Juice Co for selling juice drinks that contain food colouring to achieve a ‘green’ look; Choice contends that although the company did not claim that the product contained vegetable content, it was reasonable for consumers to assume that they did.

CORPORATES
AUSTRALIAN CONSUMERS’ ASSOCIATION, NIB HOLDINGS LIMITED – ASX NHF, META PLATFORMS INCORPORATED, DAILY JUICE COMPANY

Employers using internal transfers to retain staff

roymorgansocial Leave a comment

Original article by Euan Black
The Australian Financial Review – Page: 6 : 30-Oct-24

Research by Mercer has found that seven per cent of Australian employers now regularly use internal secondment and job rotation programs for their staff, compared with just three per cent in 2020. Cynthia Cottrell from Mercer says internal mobility programs create a strong culture and increase employee engagement, which can in turn boost productivity. Cottrell adds that more employers are prioritising these programs as they shift their focus from recruiting staff to retaining their top performers. CSL and Afterpay’s parent Block are amongst the companies that have such programs.

CORPORATES
MERCER CONSULTING GROUP INCORPORATED, CSL LIMITED – ASX CSL, AFTERPAY LIMITED, BLOCK INCORPORATED – ASX SQ2

Hancock still No.1 on Top 500 list

roymorgansocial Leave a comment

Original article by Cliona O’Dowd
The Australian – Page: 13 & 16 : 3-Sep-24

Data from IBISWorld shows that Australia’s 500 largest private companies recorded combined revenue of $359.9bn in 2023-24; this is seven per cent higher than the previous financial year. Average revenue per company increased to an estimated $719.7m, compared with $672.6m previously. Gina Rinehart’s Hancock Prospecting has retained its title as the nation’s biggest unlisted company, with its revenue increasing by 3.9 per cent year-on-year to an estimated $14.9bn. Visy is ranked second with estimated revenue of $9.9bn.

CORPORATES
IBISWORLD PTY LTD, HANCOCK PROSPECTING PTY LTD, VISY INDUSTRIES AUSTRALIA PTY LTD

Rebuilding trust: A strategic imperative for company directors

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

In today’s corporate landscape, trust is not discretionary – it is a critical component of business success. Yet, many Australian company directors and corporate boards struggle with the pervasive issues of distrust and moral blindness. Reversing this requires strategies that go beyond traditional metrics and governance practices. Current metrics like the Net Promoter Score (NPS) focus only on positive sentiment and only on current customers, leaving a significant gap in understanding negative feedback, including broader distrust. To bridge this gap, it is essential to measure negative sentiment. To formulate a ‘Distrust / Moral Blindness’ strategy for company directors and corporate boards in Australia, it is essential to focus on approaches that directly address the root causes of distrust and moral blindness. These include emphasising the importance of Negative Sentiment Measurement, introducing the Net Trust Score (NTS) Framework (which balances positive trust against negative distrust), cultivating a culture of accountability, and developing a Distrust Mitigation Roadmap.

CORPORATES

Telstra ditches carbon offset scheme for direct action

roymorgansocial Leave a comment

Original article by Cameron England
The Australian – Page: 13 & 16 : 14-Jun-24

Telstra is to abandon the federal government’s Climate Active carbon neutral labelling program in favour of direct action to cut emissions. The program sees companies, products, buildings and events paying an annual fee to call themselves carbon neutral with government support, although it was attacked by a Senate committee in April over claims it was being used to "greenwash" large companies by enabling them to claim carbon neutrality, with the Australian Competition and Consumer Commission refusing to endorse the program’s claims. Telstra says the telco’s decision to no longer be part of the program was not related to concerns about the program or carbon credits in general, but that its stakeholders had indicated they preferred a direct approach to emissions reduction.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Voice support backfired: new Qantas chairman

roymorgansocial Leave a comment

Original article by Nick Bonyhady
The Australian Financial Review – Page: 10 : 14-Jun-24

Incoming Qantas chairman John Mullen has told the Australian Financial Review Chanticleer 50th Anniversary lunch that corporate Australia’s support for the Voice referendum harmed its image with many people. Qantas backed the Voice under former CEO Alan Joyce and departing chairman Richard Goyder, while it also actively supported same-sex marriage, but Mullen suggested that it was potentially unwise for companies to get too involved in a social cause that could be connected to a particular government, only to find that government out of office

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN

AICD warns of dangers from AI

roymorgansocial Leave a comment

Original article by Glenda Korporaal
The Australian – Page: 18 : 12-Jun-24

The Australia Institute of Company Directors has released a new guidebook on artificial intelligence technology. Amongst other things, it advises company directors to examine the potential benefits and key risks associated with using AI within their organisation, while they should take action to ensure that the data that is being used by their company’s AI applications is ‘fit for purpose’. The AICD’s Mark Rigotti says directors may face significant commercial, reputational and regulatory damage if they lack sufficient oversight regarding the company’ use of AI.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS

NSW top state for business failures

roymorgansocial Leave a comment

Original article by Matt Bell
The Australian – Page: 15 : 29-May-24

Data from the Australian Securities & Investments Commission shows that 8,742 businesses nationwide were declared insolvent in the first 10 months of 2023-24. This compares with just 6,200 insolvencies during the same period in the previous financial year. NSW has recorded the biggest growth in insolvencies, with 3,695 businesses collapsing in the 10 months to 30 April; there have been 2,247 insolvencies in Victoria and 1,608 in Queensland. Sectors such as construction, accommodation, retail and food services have recorded the biggest growth in insolvencies.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Female directors have no financial impact on businesses: ANU review

roymorgansocial Leave a comment

Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 7-May-24

A research paper from the Australian National University’s Crawford School of Public Policy has concluded that a company’s financial performance is not affected by the gender of new appointments to its board. The research paper is based on an analysis of 1,721 non-executive directors who were appointed by 2,483 listed companies between 2000 and 2016. The authors found that the appointment of a female director to the board had no significant impact on a company’s share price in the days following the announcement. However, 30% Club chair Nicola Wakefield Evans has questioned the validityh of the findings, noting that the proportion of female directors at ASX-listed companies has risen strongly since 2016.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF PUBLIC POLICY, 30% CLUB

Female directors have no financial impact on businesses: ANU review

roymorgansocial Leave a comment

Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 7-May-24

A research paper from the Australian National University’s Crawford School of Public Policy has concluded that a company’s financial performance is not affected by the gender of new appointments to its board. The research paper is based on an analysis of 1,721 non-executive directors who were appointed by 2,483 listed companies between 2000 and 2016. The authors found that the appointment of a female director to the board had no significant impact on a company’s share price in the days following the announcement. However, 30% Club chair Nicola Wakefield Evans has questioned the validityh of the findings, noting that the proportion of female directors at ASX-listed companies has risen strongly since 2016.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF PUBLIC POLICY, 30% CLUB