GuerdonNews® Volume 14 Number 6

July 2018

Dear reader,

 

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Welcome to the July 2018 issue of GuerdonNews®

 

 In this month's newsletter we:

• Relate ASIC's final verdict on proxy advisers and regulation

• Preempt how executive grant values can inadvertently upset investors and proxy advisers 

• Note that while ASIC, with others, cannot define culture they know it when they see it

• Review APRA's ranking of ASX 200 company ESG disclosures.

• Admire how the federal public service maintains a closed shop to cap executive pay while maintaining good quality

• Compare APRA's governance and remuneration requirements of superannuation funds with other regulated entities. 

• Describe how the UK is introducing executive to worker pay ratio disclosures

We conclude with the latest on executive and director remuneration disclosure updates available on the GuerdonData® on-line database and references to Guerdon Associates in the news media.

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ASIC reports on proxy advisers

The verdict is no new regulatory requirements are necessary

This report is the culmination of an intense, and sometimes antagonistic battle to have, or resist, more proxy adviser regulation. 

Read more

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The CEO's equity grant is worth how much?

How boards can inadvertently upset proxy advisers and investors  

A number of companies have found that their CEO equity grants end up being worth twice as much as they thought. 

Read more

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ASIC continues to highlight culture risk

Regulator explains stance in latest speech.  

The conundrum for ASIC, and other regulators, is that culture cannot be regulated.  

Read more

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ACSI ranks each ASX 200 company on ESG disclosure

Not pretty but improving

Over the last decade, the numbers of companies making comprehensive disclosures on on matters such as greenhouse emissions, climate change and diversity have improved. 

Read more

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Federal Public Sector Pay

How to create and maintain a cost effective executive pay system. 

Australia's federal public servant pay appears to be well managed, both strategically and operationally.

Read more

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APRA requires less of superannuation funds' governance and remuneration

Our quick comparison of standards and guidelines. 

Some superannuation funds might want to consider the more rigorous standards applied to other APRA-regulated entities. 

Read more

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UK requires mandatory reporting of CEO pay ratios 

It will probably not be the last country that requires this sort of disclosure

Listed UK companies with more than 250 employees must disclose their CEO to median employee pay ratio and explain the pay difference in the context of the company's strategy. 

Read more

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Guerdon Associates "in the news"

“Wayne Swan's claims on CEO pay populist nonsense”, Patrick Durkin, Australian Financial Review, 2 July 2018

Read more

Latest GuerdonData® Updates

Updates to GuerdonData®  this month include disclosures from the following four companies: 

AUSTRALIAN AGRICULTURAL COMPANY LIMITED, AUSNET SERVICES LIMITED, METCASH LIMITED, COLLINS FOODS LIMITED

Executive and director remuneration data from all ASX 300 companies on GuerdonData® is available to any subscriber. Visit our website for more information on GuerdonData®.

Assess how easily you can find out director and executive pay information by viewing our 6 minute demo HERE.

Remuneration and governance - know anyone brilliant who is not already with us?

Guerdon Associates services are in ever higher demand.

To meet the demand we need more people. But not ordinary people. We need people technically adept, capable of innovation, and who can work as part of a great team to properly analyse, identify and consider our clients’ issues, develop alternative solutions with a critical mindset to identify pros and cons, work with them to prioritise action, and assist on Implementation. We have vacancies at all levels - principals, consultants and analysts.

Contact us at careers@guerdonassociates.com.

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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 © 2018 Guerdon Associates

ISSN 1834-8300