Date posted: 07/06/2021

Submission on greater transparency of proxy advice

The major accounting bodies express concerns in response to the call for greater transparency of proxy advice

On 4 June 2021, CA ANZ and CPA Australia (representing the major accounting bodies in Australia) provided feedback to the Treasury on the Greater Transparency of Proxy advice consultation paper. 

In the joint submission it is noted that the major accounting bodies:

  • do not support any of the five options contained in the consultation paper
  • are concerned at the number of assertions that have been made in the consultation paper without substantiation, examples, or adequate explanation.
  • believe that a number of the consultation paper’s assertions, ostensibly aimed at proxy advisers, could equally be made by policy makers to require access to any advice provided on a confidential basis by trusted advisers to superannuation fund trustees.
  • View that the government should require APRA regulated super funds to publish their annual financial statements.

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