GLOBAL - The Australian Council of Superannuation Investors (ACSI) has accused ASX-listed companies of failing to uphold corporate governance policies and practices outlined in their annual reports.
ACSI’s criticism comes hot on the heels of the National Australia Bank (NAB) forex scandal which has cost the bank A$360m and spurred the resignation of chief executive Frank Cicutto and chairman Charles Allen.
“What recent events at the National appear to show is that key risk management oversight functions, a cornerstone of effective governance, were not properly effected in the organisation,” said Phillip Spathis, executive officer, ACSI.
“Whilst large payouts made by companies to senior executives who are perceived to have responsibility for failure continue to be a significant problem, this should not deflect attention from other issues relating to failings of governance and management of risk in listed companies that are the clear responsibility of the board.”
John Stewart, former head of NAB’s UK operations has taken over as chief executive and Graham Kraehe has been appointed chairman. Results of a PwC-led investigation into the forex scandal are due out in March.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).