Ownership Matters
@OMgovernance
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ASX 300 focused governance research provider for institutional investors
Melbourne
Joined August 2013
https://t.co/Cp19yGK9ZV Skill, judgement and principled motivation are the key attributes that investors want in directors. Those factors are hard to observe from the outside.
afr.com
An extensive study into the boards of ASX 300 companies reveals how, and by whom, our largest companies are being governed.
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Roughly half of all ASX 300 directors have less than one year worth of fees invested in their company's shares. It's hardly alignment.
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https://t.co/C2SXZuP40k Our study looked at the trends in the make up of ASX 300 boards over time - you can download it at this link
ownershipmatters.com.au
A landmark study of public company directors in Australia has revealed that ASX300 boards have a greater proportion of independent and female directors than ever before but remain dominated by male...
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SA Catholic Schools received $85 million in JobKeeper, the subsidy meant to keep people employed in the pandemic. That’s far more than the Catholic sector in other states. A new analysis shows they banked most of it:
abc.net.au
Figures show Catholic schools in South Australia received more than 60 per cent of all JobKeeper paid to schools in the state.
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Too right. @BCAcomau disgraced itself with its intervention to silence the proxy advisory industry. At least @JEChalmers has more clues than poor old @JoshFrydenberg - he should see these dopes for what they are.
This should be denormalised. @BCAcomau is a lobby group for some of the most rapacious, tax dodging corporate miscreants in the world. They should not have privileged access to senior government officials. If @JAWestacott wants to lobby govt, let her write to her MP.
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Millions in JobKeeper went to private schools that grew their surpluses
abc.net.au
Most private schools that took JobKeeper increased their income during the first year of the pandemic, including some of Australia's most exclusive schools.
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7.30 can reveal that hundreds of millions of dollars in JobKeeper went to private schools, while these same schools were increasing their incomes on the way to a surplus of almost one billion dollars. #abc730 @DanConifer #auspol
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Probably the first and last time our research will be referred to by a Nobel Prize winner Thank @ProfPCDoherty - feel free to retweet our results
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It was a minority of private schools who took $767m JobKeeper - but they were some of the wealthiest of all. They had combined net assets of $8.6b. $129m went to 22 schools who had average of $25m each set aside for rainy days in their Foundations. Not a single dollar returned.
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JobKeeper had no clawback mechanism, so it was a sugar hit for private school profits. Especially the lucky punters in the 194 schools whose revenue (excluding JobKeeper) actually rose in 2020. Those schools got $315m in JobKeeper and their profits rose by $361m. Happy days!
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Profits in one in five private schools who pillaged JobKeeper rose by $522m in 2020 - a 145% boost! We looked at the audited accounts of 338 school groups who got $732m in JobKeeper - not one experienced a 30% decline. $315m went to 194 schools whose revenue rose! @abc730 tonight
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Not wizardry, sorcery. There are 40m AGL shares currently on loan to MCB's financier. Any lender is also transferring their rights to vote for a pitiful fee (19 bpts) even though it could defeat the scheme. These shares can be recalled on 3 days notice.
As AGL management and shareholder groups raise alarm about the way in which Mike Cannon-Brookes has assembled his 11.3 per cent stake, the billionaire insists there’s ‘no financial wizardry’.
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Chutzpah on steroids! Fresh from the Senate rejecting his $11m fines for proxy advisers that missed emails & 5 yr jail time for unlicensed proxy advice @JoshFrydenberg now claims "The Coalition has always prioritised eliminating unnecessary regulation..". Yeah, nah.
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Vale "Treasury Laws Amendment (Greater Transparency of Proxy Advice) Regulations 2021" a.k.a @JoshFrydenberg's Pyongyang Proxy Laws - we hardly knew you. If anyone is interested in the film rights - it's a bad movie with a magnificent ending....Now it's back to work.
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What he said!
The Liberals’ attack on investors & shareholder capitalism has been defeated. Proxy advisers, which hold big firms to account, would’ve faced a $11m fine for not sending an email. By 29-25, the Senate just rejected these draconian regulations https://t.co/qKuCB4s1Ob
#auspol
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Vote in the Senate was actually 29-25 - there is a Lib with a conscience.
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Huge shout out to the Senate that repealed the repugnant proxy adviser laws. Particular thanks to Senators Patrick, Lambie and One Nation, who stood up for the free market principles the Government abandoned. In the end it was not even close 28-25.
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BREAKING: A big defeat for @JoshFrydenberg and his big business donors, but a great win for everyday Australians. Thanks to all Senators who supported me on this. #auspol
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