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Call for direct voting
At the same time superannuation funds and other institutional shareholders are facing calls to get more active, the (CSA) organisation is canvassing scrapping the old proxy voting system and adopting direct voting.
The CSA said introducing direct voting would ensure that when a shareholder votes, there was no possibility that their vote could be directed in any other way than the shareholder intended.
“That is not necessarily the case with proxy voting,” CSA chief executive said.
He said initiating direct voting as an option should be a top priority for companies keen to be at the forefront of good governance.
“There is a common misunderstanding that appointing a proxy is the same as voting,” Sheehy said. “However, the truth is that appointing a proxy means shareholders transfer some of their rights to another party over whom they have no control.”
The CSA listed the advantages of direct voting as being the introduction of greater transparency in the voting process and improved integrity of the vote collection process.
AUTHOR
Mike Taylor
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