GuerdonNews® Volume 13 Number 8

September 2017

Dear reader,

 

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Welcome to the September 2017 issue of GuerdonNews®

 

Spring has arrived. With the arrival pf the proxy season, so has this month's issue where we:

• Summarise the key outcomes of ACSI's annual CEO pay survey, while noting differing expectations of incentive plans

• Consider the likelihood of the UK's new pay proposals migrating to Australia

• Provide an opportunity for directors to discuss proxy adviser regulation with ASIC Commissioner John Price in a Chatham House Rule setting

• Note that APRA does not think that the BEAR is a big deal, while it also admits it may need to change its prudential regulation as a result

• Discuss how APRA's enquiry into CBA may establish cultural benchmarks for other APRA regulated entities

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Institutional Investor Dissatisfaction with STI Payments - ACSI CEO Survey Results

For the first time in years, an increase is recorded for CEO pay.

The Australian Council of Superannuation Investors' has released its annual survey of CEO pay, which provides a historical perspective of CEO remuneration. ACSI does not like what it sees on STI payments. This may not be just a matter of differing expectations, but a common misunderstanding of human behaviour and reward. 

Read more

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Proposed UK Actions on Executive Pay

Be ready for a populist response from current and aspiring Australian governments.

The UK government's response to its controversial green paper has been released, providing remuneration committees with due warning of what may be coming Australia's way by politicians needing to fill a populist void. 

Read more

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Forthcoming Director Briefing - Should Proxy Advisors be Regulated?

Directors can share their experiences with ASIC Commissioner John Price. 

The person in charge of ASIC's proxy adviser project, ASIC Commissioner John Price, will attend our upcoming Director lunchtime briefing on 31 October. While we usually invite just a small number of directors to each briefing to make sure there are enough sandwiches to go around, on this occasion we will provide for more to attend given many who have already expressed interest. Note, the Chatham House Rule applies, it is for ASX listed company directors only, and we were kidding about the sandwiches.

Read more

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APRA's Official View is the BEAR is No Big Deal

International comparisons may make proposals hard to shake.

APRA Chairman Wayne Byers says BEAR will be business as usual but with more "teeth".  

Read more

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APRA's CBA Enquiry Should Be on Rem Committees' Watchlist

CBA's missteps to become an informative case study.

Even for companies outside of the financial services industry, the findings of the independent enquiry may illuminate the extent that remuneration and governance interact with culture, and how top executives and boards can handle such a nebulous concept. 

Read more

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The information, analysis and opinion in this e-mail and attachments are intended to be for informational purposes only. Analyses are based on information taken from public documents or private surveys, and we do not represent to its accuracy. Guerdon Associates assumes no liability for the use or interpretation of information contained herein. This publication is provided 'as is' without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of marketability, fitness for a particular purpose, or non-infringement of third party rights.

Copyright © 2017 Guerdon Associates

ISSN 1834-8300