22/05/2021
As some may be aware, the Department of Treasury has called for a consultation on "Greater transparency of proxy advice."
The destruction of $800m of $ISX shareholder wealth was triggered by the Ownership Matters "bespoke" report, which contained blatant falsehoods, was riddled with errors, and used language designed to sow doubt.
Who commissioned the report? What was the purpose of the report? Why, despite numerous requests, has ASIC not looked into the secret and select distribution to only certain persons and hedge funds?
No substantial "issue" raised by OM, in what was a cowardly attack on $ISX, has been shown to have any substance. OM has an AFSL, but gave scant regard to facts and substance, as required under the Corporations Act. Who are these "advisors" accountable to?
Not all advisors are the same. $ISX has had meaningful dialog with the International firms. The difference is, OM accepts "bespoke" engagements, which likely place it in conflict with its role as a proxy advisor.
Shareholders affected by these unaccountable "proxy advisors" should respond tohttps://treasury.gov.au/sites/default/files/2021-04/c2021-169360_consultation_paper.pdf
For those unaware of the "commitments" made to ASIC by this opaque and secretive industry, refer to the link below. See Page 11 for Ownership Matters submissionhttps://www.asic.gov.au/media/4778954/rep578-published-27-june-2018.pdf
Below is Ownership Matters actual performance scorecard with respect to $ISX, and their "commitments" to ASIC. Something far stronger than a "pledge" is required in order to ensure accountability, transparency of this secretive sector.