Archived News for Finance Sector Professionals
The Productivity Commission has released its Default Superannuation Funds in Modern Awards inquiry issues paper, which intends to assist the public in preparing a submission to the Commission.
The inquiry is concerned with the findings of the 2010 Cooper Review, which found that many consumers do not have the interest, information or expertise required to make informed choices about their superannuation. The Cooper Review found that less than 10 per cent choose their superannuation provider, with the majority relying on the default superannuation system.
Subsequently, the Commission has been asked by Fair Work Australia to design criteria for the selection and ongoing assessment of superannuation funds eligible for nomination as a default fund in modern awards.
AMP Capital finalises alliance with MUTB
AMP Capital and Mitsubishi UFJ Trust and Banking Corporation (MUTB) have completed the transaction that forms the strategic business and capital alliance between them.
ANZ announces global senior leadership positions
ANZ has announced appointments to the senior leadership team for its combined Global Institutional and Asia Pacific Europe and America (APEA) Division, reporting to Divisional CEO Alex Thursby.
Paula Dwyer to join ANZ Board
The Chairman of ANZ, John Morschel, has announced the appointment of Paula Dwyer to the company’s Board of Directors.
Suncorp announces non-executive appointments
Suncorp Chairman Ziggy Switkowski has announced the appointment of Doug McTaggart and Michael Cameron as the company’s new non-executive directors following the resignation of Paula Dwyer.
APRA releases quarterly insurance report
The Australian Prudential Regulation Authority (APRA) has released the December 2011 edition of the Quarterly General Insurance Performance Statistics publication, which has been enhanced following APRA’s consultation on changes to its general insurance statistical publications.
As a result of this consultation, the quarterly publication now includes additional statistics such as operating income and expenses, solvency, and more class of business statistics. These additional statistics are being made available three months earlier than when previously published in the Half Yearly General Insurance Bulletin, which has ceased.
Discussion paper on plain English insurance released
The Federal Government has released the discussion paper on the Key Facts Sheet: Home Building and Home Contents Insurance Policies, with an aim to improve clarity and transparency in coverage.
Anti-dumping passes Lower House
The Federal Government has passed its anti-dumping reforms through the House of Representatives.
Government introduces audit transparency legislation
The Federal Government has introduced legislation before Parliament that will seek to improve the quality and transparency of the auditing process.
Profit slip leads to cost cutting for Perpetual
Wealth manager, Perpetual Limited, has announced a statutory Net Profit After Tax1 (NPAT) of $22.9 million for the six months to 31 December 2011, a 35% drop on the previous year.
RBA backs big four
The Reserve Bank of Australia (RBA) has come out in support of the country’s big banks, with Glen Stevens defending the increasing profitability of the big four in his address to the House of Representatives Standing Committee on Economics.
ABS releases managed fund figures
The Australian Bureau of Statistics has released its updated figures on managed funds in Australia, finding the industry has $1782.1 billion in funds under management, an increase of $4.6 billion on the September quarter figure of $1,777.5 billion. The growth was driven by an increase of $9.1 billion in consolidated assets of managed funds institutions.
ANZ allocates $1.5 billion to subordinated notes
ANZ has announced it will follow growing investor demand for its offer of ANZ Subordinated Notes in issuing $1.5 billion under the Bookbuild with the Margin for proposed issue set at 2.75 per cent.
ASIC releases draft disclosure guidelines for hedge funds
The Australian Securities and Investments Commission (ASIC) has released a consultation draft regulatory guidance with new disclosure benchmarks aimed at improving investor awareness of associated risk.
Swan to stay in Australia
Treasurer Wayne Swan has announced he will not be attending G20 Finance Ministers’ meeting in Mexico City over the weekend, with Finance Deputy Mike Callaghan being sent to represent him.
Further reforms for executive remuneration framework announced
The Federal Government has announced it will be introducing reforms to further strengthen the country’s executive remuneration framework.
The next phase of reforms has been developed after a consultation process on a proposal for ‘clawback’ and will also implement several recommendations made by the Corporations and Markets Advisory Committee (CAMAC) to improve disclosure in remuneration reports.
Under the reforms, listed companies will be obliged to disclose to shareholders through the remuneration report the steps taken to clawback bonuses and other remuneration where a material misstatement has occurred in relation to the company’s financial statements.
If the company has not clawed back any remuneration, the board will be required to provide a detailed explanation to their shareholders. If shareholders are unhappy with the company’s actions, they would be able to use their powers under the two-strikes rule to vote down the remuneration report and potentially spill the board.
“These reforms put the onus on listed companies to make sure they have provisions to clawback bonuses and other pay from executives if there has been a material misstatement of a company’s financial statements,” Secretary to the Treasurer David Bradbury said.
“If they don’t, they run the risk of shareholders recording a ‘strike’ against them at their annual general meeting when they vote on the remuneration report and potentially voting to spill the board and force fresh elections of directors.”
In response to CAMAC’s 2011 report on executive remuneration, the Government will be improving disclosures contained in remuneration reports, by requiring more transparent disclosure of termination payments or ‘golden handshake’ payments. Unnecessary disclosure requirements will be removed to simplify remuneration reports, and clearer categorisation of pay will be introduced to better enable shareholders to understand the company’s remuneration arrangements.
Studies show financial planning advice reduces stress
Financial planning advice can increase your sense of wellbeing, according to a study by Queensland University of Technology (QUT) researchers.
Industry bodies warn of FOFA impact
The CEOs of CPA Australia and the Institute of Chartered Accountants in Australia have written to the Minister for Financial Services and Superannuation, Bill Shorten, warning of the risks of limiting the capacity of accountants to give financial advice.
New CEO for QIC
Institutional investment manager QIC has appointed Damien Frawley as CEO to succeed Doug McTaggart who announced late last year his intended retirement in mid 2012.