CORPORATE GOVERNANCE – AUSTRALIA

ASX diversity guidelines face axe as new proposal emerges

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Original article by Perry Williams, Janet Albrechtsen
The Australian – Page: 13 & 19 : 19-Feb-25

Tanarra Capital founder John Wylie says the ASX Corporate Governance Council should abandon a proposal to require directors of listed companies to disclose personal information such as their sexual orientation and religious ­beliefs. He says it is a gross invasion of people’s personal privacy to have to disclose their sexual identity in order to be eligible for a board position. A number of corporate directors have released a joint statement backing Wylie’s stance. Wylie has proposed his own reforms, which include requiring directors of listed companies to stand for re-election annually rather than every three years.

CORPORATES
TANARRA CAPITAL PTY LTD, AUSTRALIAN SECURITIES EXCHANGE. CORPORATE GOVERNANCE COUNCIL

Watchdog probes fee theft from dead people: ANZ in more strife

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Original article by Joyce Moullakis, David Ross
The Australian – Page: 1 & 2 : 18-Dec-24

The ANZ Bank’s board is likely to face more pressure to address compliance issues in the wake of allegations that fees were deducted from the accounts of customers who had died. Sources have indicated that the Australian Securities & Investments Commission is considering enforcement action against ANZ’s retail banking arm in response to the scandal. Helen Bird from Swinburne University says it is "surprising and disappointing" that scandals of this nature are still occurring more than five years after AMP came under scrutiny by the Hayne royal commission for engaging in this conduct.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SWINBURNE UNIVERSITY OF TECHNOLOGY

MinRes admits it failed to disclose related-party transactions

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Original article by Mark Wembridge
The Australian Financial Review – Page: Online : 13-Nov-24

Iron ore and lithium producer Mineral Resources has conceded that transactions involving a British Virgin Islands-registered company should have been disclosed to investors at least two years ago. MinRes has acknowledged that the deals with Far East Equipment Holdings were related-party transactions and therefore should have been disclosed before June 2022. The deal for Far East to sell mining equipment to MinRes at inflated prices was part of a tax evasion scheme that has embroiled MD Chris Ellison. The contracts with Far East were made prior to MinRes listing on the sharemarket in 2006.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, FAR EAST EQUIPMENT HOLDINGS

More staff come forward in Super Retail legal case

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Original article by Carrie LaFrenz, Ayesha de Kretser
The Australian Financial Review – Page: 15 : 30-Apr-24

Harmers Workplace Lawyers has confirmed that it is acting for four female employees at Super Retail Group who are seeking compensation over alleged governance breaches, including an undisclosed relationship between CEO Anthony Heraghty and its former head of HR, Jane Kelly. Harmers has stated that more staff have come forward to join the action after Super Retail Group disclosed the relationship in an announcement on Friday, with the company stating that it expected two employees to bring a claim for between $30 million and $50 million alleging governance failures, including the non-disclosure of the romance between Heraghty and Kelly.

CORPORATES
SUPER RETAIL GROUP LIMITED – ASX SUL, HARMERS WORKPLACE LAWYERS

Telstra stands by its $1m backing for Voice

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Original article by Matt Bell
The Australian – Page: 13 & 16 : 18-Oct-23

Telstra’s support for the ‘Yes’ campaign for an Indigenous Voice to parliament came under scrutiny at the telco’s AGM on Tuesday. Chairman John Mullen said the decision to contribute $1m to the campaign had been deemed to be in the best interests of the company and its shareholders; he emphasised that the personal views of Telstra’s executives and directors played no role in the decision. However, Australian Shareholders’ Association CEO Rachel Waterhouse contends that companies should only support a social cause if it aligns with their strategy and shareholders are fully informed.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Rio pays $22m to settle probe into Simandou

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 8-Mar-23

Rio Tinto has agreed to pay $US15m ($22m) to settle the US Securities & Exchange Commission’s investigation into payments it made to a Guinean political adviser. The SEC found that Rio Tinto had violated accounting and record-keeping standards by failing to properly document its engagement with Francois de Combret, who had been hired in 2011 to help the company to secure the mining rights to the Simandou iron ore deposit. The scandal resulted in the termination of two senior Rio Tinto executives in 2016.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

Red card for postal boss

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Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 23-Oct-20

Australia Post CEO Christine Holgate will stand aside pending the outcome of an investigation into revelations that four senior executives were rewarded with luxury watches. Prime Minister Scott Morrison has ordered the independent review after Holgate told a Senate estimates committee that the Cartier watches – which cost $3,000 each – were given to the executives for securing the Bank@Post deal with three of the major banks. Holgate contended that taxpayers’ money had not been used as Australia Post is a commercial business. Some Coalition MPs have called for Holgate to resign, while the Communications Union’s national secretary Greg Rayner says Australia Post’s entire board should step aside.

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA

AMP to reveal damning report

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Original article by Joyce Moullakis
The Australian – Page: 15 & 19 : 20-Aug-20

Wealth manager AMP has advised that it will release the report of an independent investigation into the sexual harassment allegations against Boe Pahari. The investigation was undertaken in 2017, and the lawyers representing complainant Julia Szlakowski say that she never received a copy of the full report of the investigation. Pahari was appointed as CEO of AMP Capital in July. Australian Council of Superannuation Investors CEO Louise Davidson contends that Pahari’s position is untenable.

CORPORATES
AMP LIMITED – ASX AMP, AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

APRA blasts banks over risk failures

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Original article by James Frost
The Australian Financial Review – Page: 1 & 2 : 8-Jan-20

The Australian Prudential Regulation Authority is undertaking on-site reviews of the governance, culture, risk and accountability frameworks of the nation’s major banks. APRA chairman Wayne Byres says the initial findings show that changes to these frameworks are needed. Byres has signalled that smaller banks and other financial services providers will also be held accountable. APRA is also APRA is revising the CPS 220 prudential standard.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ALLIANZ AUSTRALIA LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Hayne rebukes directors, PM on climate risk failure

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Original article by James Fernyhough
The Australian Financial Review – Page: 1 & 4 : 9-Dec-19

Royal commissioner Kenneth Hayne says there is no excuse for inaction when it comes for the need for directors to deal with climate change risk. Hayne says it is now international expert consensus that such risk exists, and that Australia’s financial regulators are all clear that climate change represents real and measurable financial risks. Hayne was speaking at a recent gathering of business leaders, regulators and government officials that was organised by the Centre for Policy Development.

CORPORATES
CENTRE FOR POLICY DEVELOPMENT LIMITED, HIGH COURT OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE GROUP LIMITED – ASX MQG, QBE INSURANCE GROUP LIMITED – ASX QBE, COLES GROUP LIMITED – ASX COL