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.

28 August 2024

Rejigging JORC

Giles Rafferty
All, compliance, ESG, Reporting

GILES RAFFERTY, Corporate Communications and Media Advisor The Australasian Joint Ore Reserves Committee (“JORC”) is looking to update the JORC Code to address issues with its application since it was last revised in 2012. The objective of the update is to maintain professional standards that will meet the evolution in governance requirements of the ASX, […]

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30 July 2024

Australian Activism – have we seen peak ESG activism?

Victoria Geddes
Activism, All, ESG, GOVERNANACE

VICTORIA GEDDES, Executive Director We have been tracking the evolution of activism in Australia for the past 10 years and it would be fair to say that in recent years there has been a high expectation that we would see an acceleration in ESG campaigns as Sustainability Reporting became increasingly mainstream. This has not proved […]

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29 November 2023

Winds of change – AASB draft climate standards

Giles Rafferty
All, Best Practice, Disclosure, ESG, Reporting

GILES RAFFERTY, Corporate Communications and Media Advisor “The biggest change to corporate reporting in a generation.”, is how the Australian Institute of Company Directors has described the Australian Governments ambitions to make climate-related disclosures mandatory for large businesses and financial institutions. Civil penalties planned to ensure climate reporting compliance The Government’s target is to have […]

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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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3 November 2023

White Paper on Australia/NZ ESG Reporting Practices in 2023

admin
All, Best Practice, ESG, Reporting

VICTORIA GEDDES, Investor Relations For the past 3 years FIRST Advisers has been tracking Australian companies preparedness for the task of reporting on their Environmental, Social and Governance (ESG). This was in response to the obvious momentum that was building globally around the impact of climate change as well as growing evidence attributing superior performance […]

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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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4 September 2023

Can ESG survive the political pushback?

Ben Rebbeck
All, ESG, NIRI, Reporting

BEN REBBECK, Executive Director Over the last 18 months institutional investors have been struggling to grasp two conflicting forces which, if not managed well, could cause significant ramifications for how listed companies engage with and access capital. Investors desires to embed ESG standards and principles in their disclosure are in opposition to ‘anti-woke’ regulations which […]

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30 June 2023

ISSB releases Inaugural Global Sustainability Disclosure Standards

Victoria Geddes
All, Best Practice, ESG, Reporting

VICTORIA GEDDES, Executive Director On 26 June 2023, the ISSB (International Sustainability Standards Board) issued its inaugural standards – IFRS S1 and IFRS S2 – after 18 months of intensive consultation and research. Over the past five years, sustainability factors have become increasingly mainstream in investment decision making and they are central to how companies […]

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26 April 2023

Trends in Activism*

Victoria Geddes
Activism, All, ESG, Governance

VICTORIA GEDDES, Executive Director Until recently Australia was consistently ranked second behind the US in terms of the number of activist campaigns launched each year. Up until 2018 the number of companies subject to activist demands would average around 65, a number that rocketed to just over 80 in 2018 and 2019. Over the past […]

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30 March 2023

TCFD’s place in the ESG Continuum

ROWAN CLARKE
All, Best Practice, Disclosure, ESG, Governance, Reporting

ROWAN CLARKE, Investor Relations As the investment community increasingly uses ESG information, there has been growing pressure for ESG frameworks and standards to evolve. The International Sustainability Standards Board (ISSB) is currently finalising a requirement for companies to report on their climate-related risks and opportunities, with a decision expected in June 2023. The Task Force […]

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28 February 2023

CEOs need to drive social change to build trust

Giles Rafferty
All, Corp Comms, ESG, media relations, Social Media

GILES RAFFERTY, Corporate Communications and Media The findings of 2023 Edelman Trust Barometer were revealed at Davos in January, with the Australian cut of the data made public at the start of February. The Edelman global survey highlights concern around “severe polarisation” among respondents, which the PR firm interprets as people believing their society is […]

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12 December 2022

Travelling at the speed of change, 2022 in review

Giles Rafferty
All, ESG, Guidance, media relations, Shareholder Engagement

GILES RAFFERTY, Corporate Communications and Media US founding father, Benjamin Franklin, said “nothing is certain except death and taxes”. Had he been in a more expansive mood he may have included ‘change’ as another certainty. 2022 has been a year of change. We welcomed Queen Elizabeth’s Platinum Jubilee and mourned her passing. We celebrated the […]

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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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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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1 August 2022

Do you need Purpose?

Victoria Geddes
All, ESG, Purpose

VICTORIA GEDDES, Executive Director The importance of the role of Corporate Purpose has been gaining momentum globally since 2019, sparked in Australia by the release of the 4th edition of the ASX Corporate Governance Principles and Recommendations. In its Principle 1, ASX noted that the Board of a listed entity should be responsible under its […]

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1 August 2022

Building your ESG Credibility

ROWAN CLARKE
All, ESG, Governance, NIRI, Reporting

ROWAN CLARKE, Investor Relations A company’s Environmental, Social and Governance (ESG) performance continues to grow in importance for investors. The challenge for companies is to develop ESG reporting metrics that reflect the specific ESG issues impacting their business, while also allowing for their performance to be measured against peers. An additional layer of complexity within […]

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29 June 2022

Perspectives on ESG from the USA

Victoria Geddes
All, COVID-19, Disclosure, ESG, MiFiID II, NIRI, Purpose

VICTORIA GEDDES, Executive Director This year the headline topics at the NIRI (National Investor Relations Institute) Conference were ESG and the importance of Purpose. The US has, like Australia, been generally late to the ESG party compared to Europe so understanding the issues at the forefront of driving change has relevance for Australia. Ron O’Hanly Chairman and […]

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30 May 2022

Shareholder Activism is Stirring in Australia and Accelerating in Asia

Victoria Geddes
Activism, All, ESG, Governance

VICTORIA GEDDES, Executive Director Over the past two years, as COVID has rampaged around the world, an unexpected bonus for company boards has been the virtual exit, stage right, of activist shareholders. I’m not talking about the type of activism associated with ESG issues that we are increasingly seeing around the time of AGMs, but […]

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28 February 2022

Distrust threatens societal stability

Giles Rafferty
All, Corp Comms, ESG, media relations, Social Media

GILES RAFFERTY, Corporate Communications and Media Adviser One of the findings from the annual Edelman Trust Barometer survey is a cycle of distrust that is threatening societal stability both here in Australia and globally. The survey results were published on February 16th, a little over a week before Russia invaded the Ukraine. Australia trapped in […]

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28 January 2022

ESG Reporting in 2021

ROWAN CLARKE
All, Best Practice, ESG, Reporting

ROWAN CLARKE, Investor Relations At FIRST Advisers, a number of our clients are starting to focus on the task of reporting on their Environmental, Social and Governance (ESG) performance for the first time. This reflects the increased momentum that has been gathering in recent years, particularly in the ASX 300. We first undertook a review […]

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30 November 2021

Consolidation of ESG Reporting Frameworks moves a step closer

Victoria Geddes
All, Disclosure, ESG, Reporting

VICTORIA GEDDES, Executive Director. The big news this month was the announcement by the Chair of the IFRS Foundation, timed for release at COP26 on 3 November, of another important step towards the realization of global sustainability disclosure standards. At present there are a number of different frameworks that companies can use to guide how […]

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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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27 July 2021

Starting the ESG journey

ROWAN CLARKE
All, ESG, NIRI, Reporting

ROWAN CLARKE, Investor Relations At FIRST Advisers, we are increasingly offering advice to companies on how to best position themselves to meet investor demand for ESG accountability. What was once seen as a topic for socially conscious asset managers, is now widely adopted by investors. ESG was a hot topic at the US based National […]

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31 May 2021

ESG at the Vanguard of proxy voting

Giles Rafferty
All, ESG, Governance, Shareholder Engagement

GILES RAFFERTY, Corporate Communication and Media Advisor. The financial markets adage is if Wall Street sneezes other markets catch cold. So it is worth keeping an eye on what’s happening in US financial markets as trends there tend to inform decision making elsewhere. In this context we have been interested to note how Vanguard, one of […]

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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 April 2021

The Convergence of ESG and Activist forces

Victoria Geddes
Activism, All, COVID-19, ESG, Governance, Reporting

VICTORIA GEDDES, Executive Director Activism during COVID A review of the impact of COVID 19 on activism globally in 2020 would suggest that it largely reinforced the trend of slowing activity that has been evident since its peak in 2018. In Australia the number of companies publically subjected to activists’ demands returned to the annual […]

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4 March 2021

Locking in the Trust premium

Giles Rafferty
All, Corp Comms, ESG, media relations, Purpose

GILES RAFFERTY, Corporate Communication and Media Advisor Trust in Australian Institutions has surged during the Coronavirus pandemic to reach all-time highs.  This resurgence of trust means, in Australia,  the institutions of Business, Government, Media and NGO’s are all now viewed as competent where just 12 months ago only Business was seen to be so. Two institutions, […]

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31 January 2021

Fink doubles down on climate

Giles Rafferty
All, Best Practice, Disclosure, ESG, Reporting

GILES RAFFERTY, Corporate Communication and Media Advisor Restating that climate risk is investment risk, Larry Fink, the Founder, Chairman and CEO of Blackrock, the world’s biggest and arguably most powerful investor, is calling for companies to share their plans for the transition to a net zero economy in his annual letter to CEOs. Mr Fink […]

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11 December 2020

2020! A year like no other

First Advisers
All, COVID-19, ESG, Guidance

2020 was a year filled with extreme and extraordinary events. All of which played out in the context of the extraordinary global health crisis that is the Coronavirus pandemic. A year of extremes Here in Australia we endured bush fire disasters, the death of the Holden car brand and the tragedy of SAS war crimes […]

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30 October 2020

ESG Reporting among the ASX300

Daniel Jones
All, ESG, IR, Reporting

DAN JONES, Manager Shareholder Analytics As institutional investors increasingly demand more accountability for Environmental, Social and Governance (ESG) performance, companies face pressure to improve their standards of ESG reporting. However, unlike financial data, ESG information has no legislated or regulatory reporting guidelines or formats so the mechanism for delivery and any adoption of a reporting […]

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29 June 2020

The Tipping Point for ESG is Now (Part Two)

Victoria Geddes
All, COVID-19, ESG, Reporting

VICTORIA GEDDES, Executive Director. In Part 1 of our article on ESG last month* we looked at the extent to which ESG reporting has gained hold in Australia and whether the strong performance of ESG funds recently might represent a moment in time when investing according to ESG principles becomes mainstream. We introduced the Standard […]

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28 May 2020

The Tipping Point for ESG is Now

Victoria Geddes
All, COVID-19, ESG, Reporting

VICTORIA GEDDES, Executive Director. The relentless push towards the adoption of Environmental, Social and Governance (ESG) reporting by companies across the globe appears to be gaining momentum. As entire populations have gone into hibernation in an effort to contain the spread of the coronavirus, the topic of greatest interest in the global investment community is […]

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30 January 2020

Time to confront climate change

Giles Rafferty
Corp Comms, Disclosure, ESG, Purpose

GILES RAFFERTY, Corporate Communications and Media Advisor Every Government, company and shareholder must confront climate change according to Larry Fink, CEO and Chairman of BlackRock, the world’s largest asset manager. In his annual letter to CEO’s, Mr Fink says a rapidly growing awareness amongst investment market participants of the risks climate change poses to economic […]

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30 October 2019

Australian Activism: Down but far from out

Victoria Geddes
Activism, All, ESG, Governance

VICTORIA GEDDES, EXECUTIVE DIRECTOR As we approach the end of the year with, realistically, less than two months left to launch and complete a new campaign, the stats already tell us most of what we need to know about the changing shape of activism in Australia in 2019. Activity is 20% down on last year’s […]

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29 June 2019

Is 2019 ‘The Year of the ESG Fund’?

Ben Rebbeck
All, ESG, IR, Reporting

BEN REBBECK, Executive Director The ascendency of ESG matters within Fund managers, Board rooms and with IROs has unquestionably been rising rapidly in recent years. In this context, a question we often address from Directors and IRO is: Are ESG funds just another short term market trend, like ‘Hedge Funds’ were some 5 to 10 years […]

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