Frydenberg’s proposed crackdown on proxy advisers dismissed as ‘Trumpian brainfart’

Frydenberg’s proposed crackdown on proxy advisers dismissed as ‘Trumpian brainfart’

The Guardian

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Treasurer’s attack on sector comes after investor group said it would advise members to vote against directors who fail to tackle climate crisis

A federal government proposal to place restrictions on firms advising super funds on how to vote at annual shareholder meetings has been slammed as a “Trumpian brainfart” that will chill free speech and increase costs.

In a press release issued late on Friday, the treasurer, Josh Frydenberg, proposed forcing proxy advisers to give their reports to the companies in question five days before they give them to their clients.

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