28 November 2024

2024 a year of predictable unpredictability

Giles Rafferty
Activism, AGM, All, Analytics, compliance, Cybersecurity, ESG, Perception Study

GILES RAFFERTY, Media and Financial PR

Whether it is ongoing climate change, Donald Trump having another tilt at the US presidency or the emergence of AI, these are all events that have been predicted. How they played out and what impacts they will have are very much subject to unpredictability.

The recently published CSIRO/Bureau of Meteorology State of the climate report  highlights how feedback loops between the atmosphere and the oceans are creating greater unpredictability around weather patterns. Few predicted the magnitude of Donald Trump’s victory in the US presidential race. And from an Investor Relations perspective, AI allows high speed data analysis to support investor targeting but may create unpredictability around the information investors extract from their own, discrete AI powered analysis ahead of investment decisions.

INVESTOR TARGETING

A predictable constant across 2024 was FIRST Advisers monthly newsletters and amongst our most read blogs was Using data to drive investor targeting. FIRST Advisers has the ability to interrogate a Register of Relevant Interests, uncover insights into investor holdings and combine this intelligence with detailed analysis of peer company registers to create an effective, quantitative tool for investor targeting.

CYBERSECURITY AND ACTIVISM

Our blogs on Cybersecurity were also well read. In February we looked at emerging Cybersecurity trends in our Managing cybersecurity risks article. We then revisited this theme in June following the Ticketmaster Data breach, with our What to do if you suffer a cybersecurity breach blog.

Activism was another theme that caught the attention of the FIRST Advisers audience. Our The shape of activism in Australia in August focused on the unique characteristics of Australian activism, while our Has Australian ESG activism peaked? blog explored the post COVID decline in ESG activism in Australia.

AGMS AND PROXY ADVISORS

Our coverage of the hot topics for proxy advisors also featured amongst our more popular blogs. As a prelude to the June/July window for engaging with Proxy Advisors we looked at the “Dos and don’ts” of meeting with Proxy Advisors in our Engaging with Proxy Advisors? blog. We then followed that blog up in September with a review of hot topic issues in our  A climate of change, voting at AGMs blog. All the Proxy Advisory firms were interested to see how companies would respond to the record 41 strikes against ASX 300 rem. reports during the 2023 AGM season.

PERCEPTION STUDIES AND COMPLIANCE

ASX compliance – Avoiding the tendentious and intemperate was a popular standalone blog in July that explored how to avoid reprimands for market releases and presentations that did not meet ASX standards. There was a particular focus on Mining Company disclosures.

Another well read, standalone blog was an explainer on the power of investor perception research, Perception studies supercharge investor relations,  which highlighted the importance of assessing if a company’s investment case is being understood and valued by investors.

While it is not always possible, or even desirable, to predict the future, at FIRST Advisers we are committed to continuing to highlight issues of interest to investor relations in our monthly newsletters through the course of 2025. We stand ready to offer our expert advice and leading analytics capabilities to support investor relations functions and help drive meaningful engagements with shareholders.

27 September 2024

A climate of change, voting at AGMs

Giles Rafferty
Activism; ESG, AGM, All, Disclosure, shareholder

GILES RAFFERTY, Media and Financial PR As we enter the October to November AGM season it is helpful to do a temperature check with the Proxy Advisor firms to get a sense of the issues they see as heating up and which are cooling down. Proxy Advisor firms offer comprehensive analysis of resolutions and guidance […]

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30 April 2024

Engaging with Proxy Advisors

Giles Rafferty
AGM, All, Governance, Proxy Solicitation, Shareholder Engagement

GILES RAFFERTY, Corporate Communications and Media Advisor AGM season may seem a long way off for many ASX listed companies but June and July are prime time for engaging with Proxy Advisors in advance of the peak months of AGM season, between October and November. Proxy advisors play a vital role in helping inform investment […]

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30 April 2024

Institutional Voting at AGM’s and the Value of Vote Tracking

SALONI SURI
AGM, All, Governance, Voting

SALONI SURI, Shareholder Analytics and Investor Relations The Scenario We’ve all seen it; a company in the midst of a contentious voting situation at an AGM with management nervously waiting on the final proxy vote count. Less than 48 hours before proxy voting is due to close, a significant portion of the total votes are […]

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28 February 2024

Key Issues for Proxy Advisors in 2024

Giles Rafferty
AGM, All, Shareholder Engagement, Voting

GILES RAFFERTY, Corporate Communication and Media Advisor An analysis of data collected by Proxy Advisory firm Glass Lewis on voting outcomes during the 2023 Australian AGM season reveals a record number of companies received strikes against their remuneration reports, there was a significant increase in the number and severity of dissenting votes against Directors and […]

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29 November 2023

2023 a year of headwinds, inflation, and continued rate hikes

Giles Rafferty
AGM, All, ESG, Guidance, Investor Tracking, Proxy Solicitation, Reporting, Voting

GILES RAFFERTY, Corporate Communications and Media Advisor It was in early May of 2023 that the World health organization announced Covid-19 was no longer a global health emergency. We are, however, still working through the economic disruption caused by COVID, compounded by other significant geo-political events, such as the ongoing war in Ukraine, which has helped to […]

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28 September 2023

Key trends leading into the 2023 AGM Season

Tom Warner
AGM, All, ESG, Shareholder Engagement

TOM WARNER, Shareholder Analytics & Engagement As we head into AGM season, the trends that emerged in 2022 look set to stay in 2023, with investors and proxy advisers continuing to focus on Remuneration, Climate Change, Environmental Social and Governance (ESG) issues and Board Composition. Remuneration Reports In 2021, 27 companies (9% of the ASX300) […]

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28 September 2023

Proxy Management and the Value of Vote Tracking

Tom Warner
AGM, All, Shareholder Engagement, Voting

TOM WARNER, Shareholder Analytics & Engagement Over the past few years, there has been a substantial shift in the number of investor stewardship codes which have called for investors to become more active owners. Stewardship codes typically provide a blueprint on how investors can encourage companies to incorporate and maintain good corporate governance, including adopting […]

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28 October 2022

Proxy Advisor Voting Guidelines on Virtual AGMs, Board Diversity and ESG

Victoria Geddes
AGM, All, ESG, Governance, Shareholder Engagement, Voting

VICTORIA GEDDES, Executive Director It’s AGM season and many companies will be talking with shareholders about the resolutions they are being asked to vote on. Most fund managers engage proxy advisors to either help them manage the voting process or, more commonly, to access their recommendations as part of their own general due diligence. The […]

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28 October 2022

Is the two-strike rule back in vogue?

ROWAN CLARKE
AGM, All, Governance, Voting

ROWAN CLARKE, Investor Relations With the 2022 reporting season behind us, many companies have shifted their attention to planning the Annual General Meeting (AGM). One piece of the meeting that all companies need to navigate is securing the requisite 75% of shareholder votes for the Remuneration Report. Voting on the Remuneration Report is watched closely […]

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2 October 2022

ESG and the AGM Season

ROWAN CLARKE
AGM, All, ESG, Governance

ROWAN CLARKE, Investor Relations As we go into AGM season, the spotlight has again been shone on Environmental, Social and Governance (ESG) matters and the need for companies to demonstrate how they are improving their performance on these issues. HESTA, one of Australia’s largest investors, has written to all Chairs and CEOs of ASX300 companies […]

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28 February 2022

Proxy advice – if it ain’t, broke don’t try to fix it

Giles Rafferty
AGM, All, Governance

GILES RAFFERTY, Corporate Communications and Media Adviser The dust has settled following the short-lived federal regulations designed to impose new licensing and independence requirements on the Proxy Adviser industry. The now defunct rules were introduced as regulations by Federal Treasure Josh Frydenberg, just before Christmas last year, rather than as legislation that could have been […]

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30 November 2021

FIRST Edition in 2021

Giles Rafferty
AGM, AIRA, All, COVID-19, IPO, IR, Perception Study

GILES RAFFERTY, Corporate Communication and Media Adviser. 2021 is drawing to a close with a sense of COVID-19 déjà vu. In late 2020 a new COVID variant, labelled Delta, was first identified in India. The Delta variant is characterised by mutations to the ‘spike protein’ which make it highly transmissible. The Delta variant is thought […]

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30 November 2021

The Decline in Traditional Shareholder Activism

Victoria Geddes
Activism, AGM, All, ESG, Governance

VICTORIA GEDDES, Executive Director. Annual General Meeting season has just concluded and while the stats are still being collated for the final quarter, we already know that the role of climate and environmental activists in pursuing their agenda has continued to increase this year.  Data collected by Insightia from Q1 to Q3 over the past […]

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30 September 2021

Virtual AGMs

Giles Rafferty
AGM, All, COBID-19, compliance, Governance, Investor Days, IR, video

GILES RAFFERTY, Corporate Communication and Media Advisor Talking the talk at virtual AGMs As AGM season looms large, the Australian Federal Government has given clarity around what will be required to hold a virtual Annual General Meeting during the latter part of 2021. A key change, compared to the COVID-19 inspired temporary arrangements introduced in 2020, […]

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31 August 2021

Nailing Your Virtual Events

ROWAN CLARKE
AGM, All, COVID-19, Governance, Investor Days, IR, video

ROWAN CLARKE, Investor Relations With most of Australia being plunged back into lockdown, and the August reporting season about to merge into roadshow season, there is no getting away from the fact that virtual briefings and meetings are still the only way to connect with shareholders and investors. So in this blog we explore the […]

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30 April 2021

Proxy Advisors in a time of COVID

Giles Rafferty
AGM, All, Best Practice, COVID-19, ESG, Governance, Shareholder Engagement

GILES RAFFERTY, Corporate Communication and Media Advisor The Coronavirus pandemic continues to ravage the world, we canvassed the three main Proxy Advisory firms operating in Australia Ownership Matters, CGI Glass Lewis and ISS to get a sense of what impact corporate and government responses to the pandemic has had on governance and their voting recommendations. Widening […]

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30 July 2020

Assessment of Virtual AGMs — Must try harder!

Ben Rebbeck
AGM, All, Best Practice, COVID-19, Governance, video

BEN REBBECK, EXECUTIVE DIRECTOR As the repercussions of the COVID pandemic started to impact the corporate sector ASIC, the Australian corporate regulator, following advice and prompting from their foreign counterparts, allowed Australian listed companies to hold fully virtual Annual General Meetings. ASIC’s pathway to enable virtual AGMs, as they were the first to admit, was […]

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30 October 2019

ASX tightens listing rules

Giles Rafferty
AGM, All, ASX Listing, Disclosure, IR, Voting

GILES RAFFERTY, Corporate Communications and Media Advisor “It’s important that ASX keeps evolving the listing rules so they remain contemporary, address emerging compliance issues, and continue to serve the interests of issuers, investors, and the Australian economy.” Kevin Lewis, ASX Chief Compliance Officer. A range of changes to the ASX listing rules will come into […]

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2 October 2018

The Rising Tide of Passive Investment

Victoria Geddes
AGM, All, Analytics, Investor Tracking

Dan Jones, Shareholder Analytics and IR The popularity of passive investment amongst institutional and retail shareholders continues to grow and for good reason. Passive funds have outperformed active in each year since the GFC. The term ‘passive’, however, may well be misleading. While it does describe a manager’s approach to automated stock selection and investment, […]

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2 October 2018

Make AGMs great again!

Victoria Geddes
AGM, All, Governance, Shareholder Engagement

Giles Rafferty, Corporate Communications Annual General Meetings (AGMs) have to happen, it’s the law.  Consequently, the AGM is a regular fixture in a listed company’s financial calendar when the Board can be sure stakeholders are looking their way. This also makes the AGM a valuable communication moment. There are, of course, a number of necessary […]

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3 September 2018

Deal Flow – Retail Investors Have a Point of View

Ben Rebbeck
Activism, AGM, All, Capital Raising, Proxy Solicitation, Shareholder Engagement

Victoria Geddes, Executive Director Post results reporting season is a time when investment banks start engaging their clients, in advance of the year’s end, to get mergers, spin-offs and takeovers off and running. Witness the recent TPG and Vodafone merger as well as the Coles spin-off from Wesfarmers. The merits of engaging in Proxy Solicitation […]

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4 October 2017

RETAIL SHAREHOLDER MEETINGS: LESSONS FROM ACROSS THE DITCH

Ben Rebbeck
AGM, All, Governance

Ben Rebbeck, Executive Director Kiwis have for some time been seen to be leading their Aussie cousins in numerous areas of social, commercial and legislative progress.  And Investor Relations, specifically in relation to retail-focused shareholder meetings, is no exception. It is easy for Australians to make excuses as to why so often New Zealand leads the […]

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4 October 2017

AGM’s and the changing voting landscape

Daniel Jones
AGM, All, Governance

Dan Jones, Shareholder Analytics & Investor Relations With results and subsequent investor roadshows behind them, many companies have turned their attention to their upcoming AGM. Along with considerations such as shareholder presentations, Q&A preparation, requirements of shareholder analytics and/or proxy solicitation support, etc. thought should also be given to how the voting landscape is continuing to […]

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3 July 2017

How to Engage with Passive Investors this Reporting Season

David Whittaker
AGM, All, Annual Report, Governance, Registries, Reporting, Shareholder Engagement

David Whittaker, Senior Investor Relations Adviser The growth in passive investing is one of the biggest shifts occurring in global capital markets. Passive funds now hold as much as 40% of total US equity market assets, up from around 20% a decade ago*. However, very few companies are adjusting their IR strategy to take account […]

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