The proposed changes to FSC Standard 13 – proxy voting, if implemented, will require FSC members to provide greater disclosure of company proxy voting records and the engagement of proxy advisers. The Standard will also require company level rather than aggregated reporting.
The Financial Services Council (FSC) existing Standard 13 – proxy voting has been substantially revised.
According to the FSC’s media release, the proposed revisions will ensure superannuation funds and fund managers continue to meet contemporary investment governance expectations and deliver vastly higher levels of information on their voting activities.
In summary, the amendments require a superannuation fund or fund manager to:
- maintain and disclose a complete proxy voting record to members (including abstentions) on Australian-listed entities’ resolutions;
- formulate and maintain a voting policy, accessible to members; and
- disclose the engagement of proxy advisers.
The draft Standard also proposes a transition from aggregated reporting to company level reporting of proxy voting records.
Closing date for submissions is 22 October 2012.
See the draft Standard.
See FSC’s media release.