ETC – AUSTRALIA

Amazon will benefit us: Brambles chair

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Original article by Lisa Allen, Eli Greenblat
The Australian – Page: 19 : 14-Aug-17

Brambles chairman Stephen Johns says that although Amazon will be a "disruptive force" for Australian retailers, its entry into the local market could present an opportunity for the logistics group. He adds that the AmazonFresh business in particular should benefit Brambles’ CHEP and IFCO pallet operations. Morgan Stanley says department stores are likely to be hardest hit by Amazon’s arrival in Australia.

CORPORATES
BRAMBLES LIMITED – ASX BXB, AMAZON.COM INCORPORATED, AMAZONFRESH, CHEP AUSTRALIA, IFFCO GROUP OF COMPANIES, MORGAN STANLEY AUSTRALIA LIMITED, WESFARMERS LIMITED – ASX WES, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, JB HI-FI LIMITED – ASX JBH, WOOLWORTHS LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD

$1m poll could do job of $122m plebiscite

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 9-Aug-17

Pollster John Scales of JWS Research has questioned the cost of the Federal Government’s proposed postal plebiscite on same-sex marriage. Scales argues that the estimated cost of $A122m is excessive, and his firm could poll 1,000 people in each federal electorate with a margin of error of 3.1 per cent, and at a cost of less than $A1.1m. Scales notes that postal votes have similar limitations to public opinion polls, adding that there was a response rate of just 47 per cent for Australia’s last postal vote in 1997.

CORPORATES
JWS RESEARCH PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN ELECTORAL COMMISSION

Morrison warns all options open

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Original article by Andrew Tillett, James Eyers, Sally Patten, James Frost
The Australian Financial Review – Page: 1 & 8 : 9-Aug-17

Proxy advisers and institutional investors have welcomed the Commonwealth Bank of Australia’s decision to reduce executives’ short-term bonuses in the wake of the money-laundering scandal. However, they argue that CBA must take further action, while federal Treasurer Scott Morrison has told CBA chair Catherine Livingstone that the Government will look at a range of sanctions. The CBA scandal has resulted in increased pressure for the Government to hold a royal commission into banks, but Prime Minister Malcolm Turnbull has warned that doing so could jeopardise AUSTRAC’s case against CBA.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CGI GLASS LEWIS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, UNISUPER LIMITED, OWNERSHIP MATTERS PTY LTD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Banks growl at BEAR necessities

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 26 : 2-Aug-17

Australian banks have expressed concern about the Federal Government’s proposed Banking Executive Accountability Regime. Criticisms include the lack of sufficient industry consultation and the fact that while non-bank financial services providers such as insurers will be excluded from the regime, it will apply to such businesses that are owned by banks. The Australian Bankers’ Association has also questioned the length of consultation period, although it is generally supportive of the push to increase the accountability of bank executives.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, CUSTOMER OWNED BANKING ASSOCIATION

‘Dangerous’ bank levy may have domino effect: Bligh

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Original article by David Crowe, Andrew White
The Australian – Page: 17 & 21 : 27-Jul-17

Australian Bankers’ Association CEO Anna Bligh has expressed concern that more state governments could implement their own version of the federal levy on banks. The levy is intended to boost government revenue by $A6.2bn, but Bligh has told the National Press Club that this impost could double if all states introduced their own levy. Bligh also supports Peter Costello’s call for banking industry executives to justify their high salaries, while she has questioned whether a royal commission into banks – as advocated by Labor – is appropriate and necessary.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, NATIONAL PRESS CLUB (AUSTRALIA), SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE

Same-sex brawl fuels Lib turmoil

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Original article by David Crowe
The Australian – Page: 1 & 4 : 27-Jun-17

Leaked comments by Defence Industry Minister Christopher Pyne on the issue of same-sex marriage are causing major headaches for the Federal Government. Pyne’s comments appear to indicate that moderate Liberals could push for a conscience vote on the issue in the near future, despite Prime Minister Malcolm Turnbull having previously committed to a plebiscite on same-sex marriage. Conservative Liberals have accused Pyne of "sheer stupidity" over his comments, contending that the issue has taken the spotlight off the Government’s successful passage of its schools funding package

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, SKY NEWS, NEWS CORPORATION – ASX NWS, AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN CONSERVATIVES, NEWSPOLL

Public service fat cats, MPs get the cream

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Original article by Adam Creighton, Primrose Riordan, David Uren
The Australian – Page: 1 & 4 : 23-Jun-17

Australia’s Remuneration Tribunal has granted federal politicians, judges and high-ranking public servants a two per cent pay rise from 1 July 2017. Greens leader Richard Di Natale has queried the need for a pay rise, as has Liberal Democrats senator David Leyonhjelm. Nadine Flood of the Community & Public Sector Union says its members, who have been battling with the Coalition government for improved wages since it was elected in 2013, are unlikely to be impressed.

CORPORATES
AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIAN GREENS, LIBERAL DEMOCRATIC PARTY, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA, HIGH COURT OF AUSTRALIA, HUMAN RIGHTS COMMISSION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN TAXATION OFFICE

Boards ‘not tough enough’ to tackle complex pay packages

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Original article by Damon Kitney
The Australian – Page: 23 : 5-May-17

Australian company boards have been urged to adopt a tougher approach when it comes to dealing with executive remuneration. Paula Dwyer, the chair of both Tabcorp and Healthscope, has told the Australian Council of Superannuation Investors conference that the general public expects directors to hold their executives to account when it comes to meeting pay targets, while she noted that some executive pay packages are excessively complex. Both Dwyer and Aurizon chairman Tim Poole agreed that Australian boards are too risk-adverse.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AURIZON HOLDINGS LIMITED – ASX AZJ, SCENTRE GROUP – ASX SCG, AUSTRALIA POST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, OZ MINERALS LIMITED – ASX OZL

Brokers slam ‘radical’ home loan reforms

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Original article by Duncan Hughes, James Frost
The Australian Financial Review – Page: 15 & 19 : 20-Apr-17

The recommendations of a review of remuneration in Australia’s retail banking industry have been criticised by mortgage brokers. The recommendations include banning volume-based incentives and so-called soft dollar payments. Mortgage Choice and Australian Finance Group are among the mortgage broking firms that have questioned the recommendations of the review, which was undertaken by Stephen Sedgwick on behalf of the Australian Bankers’ Association.

CORPORATES
MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, MONEYQUEST, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PUBLIC SERVICE COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Rio’s deferral of bonus to Walsh ‘reasonable’

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Original article by Peter Ker
The Australian Financial Review – Page: 13 : 12-Apr-17

Proxy adviser ISS has backed Rio Tinto’s decision to delay paying bonuses to former CEO Sam Walsh until it completes an investigation into the Simandou payments scandal. The firm concluded that Rio’s action regarding Walsh’s short and long-term bonuses was "reasonable". However, ISS also noted that in contrast to Walsh, two Rio Tinto executives who were sacked over the iron ore scandal in Guinea will lose their bonuses completely, which will cost them about $A4m apiece.

CORPORATES
RIO TINTO LIMITED – ASX RIO, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, MOXICO RESOURCES PLC