Welcome to the June issue of GuerdonNews^®

 In this newsletter we:  

• Summarise our response to the Treasury's consultation paper on the transparency of proxy advice

• Provide a board checklist with the upcoming remuneration reporting season in mind 

• Are startled by the lightening 12 year government turnaround on employee share scheme taxation

• Identify a new APRA target – culture at superannuation funds 

We conclude with mentions of Guerdon Associates in the news and executive and director remuneration disclosure updates available on the GuerdonData® on-line database. And if you have any other executive remuneration or governance query, type it into your search engine with "Guerdon Associates" and you will find we will likely have provided an answer already. 

A submission to the proposed regulation of proxy advisers

A balanced approach, so guaranteed to please no-one

In the absence of a universal stewardship code, how are we to know if investors act independently of proxy adviser recommendations? How can a proxy adviser provide their report to the company 5 days before it is due to their client? Can proxy advisers change their minds? These are some of the aspects of the proposed regulation we discuss in our submission. 

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The FY21 remuneration report checklist

Get your ducks in a row

Stakeholders will be paying attention to how the pandemic has affected the decisions of remuneration committees. They expect to see discretion exercised where appropriate. But how does one go about ensuring all avenues have been considered when it comes to rolling out the remuneration reports and notices of meeting? We provide a checklist.

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Taxation changes to employee share schemes

The government responded….after 12 years

The Australian government finally made changes that we had been advocating regarding employee share scheme taxation. The employee will no longer be taxed at the point of termination of employment. We think the Treasury was a wee bit conservative on the forward estimates on budget costs, given that the tax timing has changed, not the amount to be collected. In any case, this is a welcome change for local, foreign, private and public companies and their employees. Everyone really....

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Superannuation funds, APRA and culture

The regulator's survey will be compared to internal assessments

A recently announced APRA initiative will see APRA roll out their own employee survey in the coming year to determine large superannuation fund risk cultures. The interesting bit will be to see the differences (or similarities) between management engagement survey results and APRA's independent comparative survey results. Some trustee boards may be surprised. And the approach will likely have implications for other APRA regulated entities.

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Guerdon Associates in the news

"Budget 2021: Changes to employee share schemes will help to attract top talent", Cameron England, The Australian, 13 May 2021

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Latest GuerdonData^® Updates

Updates to GuerdonData^®  this month include disclosures from the following 9 companies: 

AusNet Services, Champion Iron Ltd, CSR Ltd, Irongate Group, James Hardie Industries PLC, Jupiter Mines Ltd, Macquarie Group Ltd, Webjet Ltd, Xero Ltd 

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.

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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.