Problem Statements:
The Case for Change
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c. Proxy voting in Australia: Legacy challenges
Many of the inefficiencies in the Australian proxy chain were structural.
The market’s September to November peak forced intermediaries to ramp up temporary staffing for short windows. Announcements were often incomplete, manually created, or passed through multiple layers of custody before reaching investors.
One custodian recalled days where “over 1,500 client instructions came in, almost all from unstructured messages or faxes. There was no way to get everything right.”
The result was perhaps predictable, with the constraints directly limiting the quality of governance and the confidence of investors trying to make informed decisions
