ETC – AUSTRALIA

BHP pledges improvements as chief’s pay rebounds 20pc

roymorgansocial Leave a comment

Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 21-Sep-17

BHP Billiton CEO Andrew Mackenzie received a base salary of $US1.7m and total remuneration of $US7.1m ($A8.8m) in 2016-17, compared with $US5.9m previously. The resources group’s annual report also shows that recently-appointed chairman Ken MacKenzie will be paid $US880,000 in 2017-18, which is around eight per cent lower than predecessor Jac Nasser received in 2016-17. Meanwhile, MacKenzie has emphasised BHP’s commitment to shareholder engagement and capital management.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AMCOR LIMITED – ASX AMC, AUSTRALIAN FEDERAL POLICE

BHP clears the air on climate change disagreements

roymorgansocial 1 Comment

Original article by Matt Chambers
The Australian – Page: 19 & 26 : 20-Sep-17

BHP Billiton executive Mike Henry says the resources group supports the recommendations of the Finkel Review, including the introduction of a Clean Energy Target. The head of BHP’s Australian minerals division adds that the company is of the view that reducing carbon emissions must be a key element of Australia’s energy policy, including the use of carbon capture and storage technology in coal-fired power generation. BHP’s position is at odds with that of the Minerals Council of Australia, which supports the construction of clean-coal power plants but without the use of carbon capture and storage solutions.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, MINERALS COUNCIL OF AUSTRALIA, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, RIO TINTO LIMITED – ASX RIO, AUSTRALIAN COAL ASSOCIATION, AUSTRALIA-ISRAEL CHAMBER OF COMMERCE

South32 execs pay the price for lower output

roymorgansocial Leave a comment

Original article by Tess Ingram
The Australian Financial Review – Page: 19 : 15-Sep-17

South32’s failure to achieve its target of an 0.9 per cent return on invested capital in 2016-17 has in turn resulted in lower short-term incentive payments for its key executives. CEO Graham Kerr was paid just 55.3 per cent of his maximum potential short-term incentives, although his total remuneration for the financial year rose from $A4.2m to $A5m. South32 does not intend to make any changes to its executive remuneration policy in 2017-18.

CORPORATES
SOUTH32 LIMITED – ASX S32

Next battle: same-sex campaign rules

roymorgansocial Leave a comment

Original article by David Crowe
The Australian – Page: 1 & 5 : 8-Sep-17

The Federal Government will shortly begin distributing ballot papers for the postal plebiscite on same-sex marriage after the High Court ruled that it can proceed. Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten have urged all Australian electors to participate in the voluntary survey. The Government is drafting the rules for the eight-week public campaign on the issue of marriage equality, while there is growing concern about the potential impact of legalisation of same-sex marriages on religious freedom.

CORPORATES
HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN CONSERVATIVES, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS

TV networks seek clarity over postal survey ads

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 5 : 8-Sep-17

Free TV Australia wants the Australian Communications & Media Authority to provide advertisers with clarification regarding the rules on broadcasting ads with political content during the postal plebiscite on same-sex marriage. This follows a recent controversy over the lobby group’s move to ban a Father’s Day ad because its lack of a "political authorisation" tag was a breach of broadcasting rules.

CORPORATES
FREE TV AUSTRALIA LIMITED, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, DADS4KIDS

Funder backs CBA class action

roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 23 : 6-Sep-17

Listed litigation fund IMF Bentham has agreed to provide financial backing for a proposed shareholder class action against the Commonwealth Bank of Australia. The major bank’s shares have shed more than 10 per cent since early August, when Austrac initiated legal action over the CBA’s failure to comply with money-laundering laws. The class action is being undertaken by law firm Maurice Blackburn, which estimates that CBA could face a potential payout of at least $A200m. CBA could also incur sanctions in other countries where it has a presence.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IMF BENTHAM LIMITED – ASX IMF, MAURICE BLACKBURN PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, CLSA AUSTRALIA PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

‘Good debt’ to underwrite Future Fund

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 19 & 22 : 1-Sep-17

The Future Fund has posted an annual return of 8.7 per cent for 2016-17, compared with its target return of 6.9 per cent. However, chairman Peter Costello says returns and asset values are likely to be affected by an expected rise in interest rates. He adds that the Federal Government’s decision to postpone drawdowns by five years will allow the sovereign wealth fund to cover all unfunded public sector super liabilities, which are forecast to top $A200bn in 2021. The Government will increase what Treasurer Scott Morrison labels "good" debt to fund super liabilities between 2021 and 2026.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF TASMANIA, QIC LIMITED, PORT OF MELBOURNE

Administrators delay Ten report

roymorgansocial Leave a comment

Original article by Darren Davidson
The Australian – Page: 22 : 1-Sep-17

Ten Network administrator KordaMentha has postponed the release of a report on the failed TV broadcaster until 4 September. The report was initially slated to be released on 31 August, and the delay will affect the timing of a creditors’ meeting. Ten’s shareholders will not recoup any of their investment if CBS Corporation buys Ten, which has prompted the Australian Shareholders’ Association to consider a class action on behalf of investors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ten investors weigh class action

roymorgansocial Leave a comment

Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD

Fix it and get back to economy, says BCA

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 4 : 30-Aug-17

Business Council of Australia CEO Jennifer Westacott has urged Parliament to resolve the standoff over marriage equality quickly in order to focus on economic policy. Westacott says the Federal Government must agree to a conscience vote if the majority of Australians support legalising same-sex marriage in the postal plebiscite. She has also criticised the "anti-business agenda" of Opposition Leader Bill Shorten regarding tax cuts for smaller companies and the taxation of trusts.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, QANTAS AIRWAYS LIMITED – ASX QAN