Proxy advice law which sparked fears it would reduce investor activism defeated in the Senate – ABC News

Australia’s parliament has thrown out the new restrictions on proxy advisory firms. Three days after they were introduced into federal parliament, the Senate has overturned Treasurer Josh Frydenberg’s regulations on proxy advisers. Proxy advisers are the people who advise big investors, including superannuation funds, on how to vote on issues impacting the re-election of company directors. Board…