ACSI wins global recognition
The Australian Council for Superannuation Investors (ACSI) has received two-fold recognition for its work promoting high standards of corporate governance, winning an international award and a place on the Board of the International Corporate Governance Network (ICGN).
ACSI is the shared recipient of the 2006 ICGN Award for Excellence, presented by the global organisation representing international institutional investors and associated bodies, for its work on the News Corporation case in the United States.
Following the relocation of its head office in 2004, News Corporation was found to be in breach of a condition of an agreement to implement better governance arrangements. ACSI was able to co-ordinate the support of 13 Australian, US and European pension funds to litigate for the breach of contract, with the court decision transferring to shareholders important new powers that enabled them to reach binding agreements with the News Corporation Board.
“The award recognises [that] ‘not-for-profit’ superannuation funds took the public steps to enforce an agreement with News Corporation,” said ACSI president Michael O’Sullivan.
“It was an honour to share the award on behalf of all members and international funds that supported our actions.”
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