The Association of Superannuation Funds of Australia (ASFA) has supported key changes being proposed to the Corporations Act including removal of the 100 member rule for calling general meetings and requiring proxies to vote as directed.
ASFA has made clear its position in a response to an exposure draft of the Corporations Amendment Bill (No.2) 2005, with the organisation’s director of Policy and Research, Michaela Anderson.
“Superannuation funds currently hold an estimated $317 billion (45 per cent of their total assets) in Australian equities,” the submission said. “This represents approximately one-third of Australia’s capital market.”
The submission said that ASFA believed the reforms presented in the legislative draft were “a good attempt to balance competing concerns over providing shareowners with opportunities to raise concerns with boards and other shareowners with the costs of organising general meetings.
