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The Senate has moved to disallow the proposed proxy advice reforms in a move welcomed by CPA Australia.
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CPA Australia backs move to block proxy advice reforms
11 February 2022
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8 minute read
On Thursday (10 February), the contentious reforms to proxy advice were disallowed, following much criticism by industry groups over recent months.
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The reforms proposed that advisers must have an AFS licence to provide advice to institutional shareholders, to simultaneously share corporate governance advice to shareholder clients with the companies they are providing advice on and to be independent of their institutional clients by 1 July 2022.
Independent senator Rex Patrick’s move to disallow the regulations succeeded by 29 votes to 25.
The decision comes after Treasurer Josh Frydenberg was issued a letter by the bipartisan Senate committee that raised concerns about the December-announced regulations.
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