Georgeson publications
Georgeson in the media
Europe: Say on Climate Memo
The memo provides an update on recent developments and a preview of the data to be included in our European AGM Season Review, which will cover the 2025 AGM season (1 July 2024 to 30 June 2025). It includes an overview of the how this season compares to the previous four AGM seasons, outlines investor expectations and their influences on companies, and details the approaches of ISS and Glass Lewis towards Say on Climate proposals.
Spain: Georgeson’s Carlos Saez-Gallego and Kiran Vasantham are quoted in La Vanguardia’s article titled “Major investors are focusing on executive salaries this year, according to Georgeson.”
“Kiran Vasantham, Georgeson's Director of Investor Engagement in the UK and Europe, noted that respondents gave almost equal importance to the four main concerns of executive remuneration, shareholder rights, climate transition, and capital management, which ‘reflects the shift in investor priorities, particularly towards ESG issues.’”
US: Georgeson contributed to an article in the Milwaukee Journal Sentinel titled “Shareholder fights, like the one at Harley-Davidson, are caustic affairs seeking change”
“The fights sometimes stem from activists with an outside agenda, but in 2024 half of the campaigns in North America were mostly focused on appointing or removing board members or chief executives, according to Georgeson LLC, a New York firm which assists companies in proxy fights and other strategic matters.”
APAC: Georgeson’s Domenic Brancati was quoted in Mining.com.au’s article titled “Asia-Pacific a ‘hotbed’ of shareholder activism”
“Georgeson Global COO Domenic Brancati says shareholder activism has evolved significantly over the past year, reshaping corporate strategies, governance and stakeholder engagement. Australia in particular has seen a notable decline in traditional shareholder proposals at annual general meetings but an increase in investors resisting key management-sponsored proposals, according to Georgeson.”
US: Georgeson’s Chris Hayden and Kilian Moote are presenting on a webinar co-hosted with Latham & Watkins titled “2025 Proxy Season: Lessons Learned and Coming Attractions” on 12 June
The last 60-minute session in the three-part proxy season webcast series will address:
- Major trends in executive compensation and anticipated developments for the rest of 2025.
- The latest SEC regulations and updates in public company disclosures, such as those related to tariffs and human capital.
- Insights from the 2025 proxy season, including shareholder engagement, common annual meeting questions, proposals, and voting outcomes.
Shareholder activism
Activist hedge fund Elliott wins two seats on Phillips 66 board
The Financial Times reports that Elliott Management successfully secured two seats on Phillips 66’s board after a contentious proxy battle, pushing for asset sales and improved corporate governance to boost the oil refiner’s performance. Despite opposition from major institutional investors, Elliott’s directors aim to collaborate with existing board members to unlock greater shareholder value. The vote marks Elliott’s first major proxy fight win against a US corporation, following a campaign that included a significant stake increase and demands for strategic divestments.
Rio Tinto shareholders reject activist bid for review of London listing
Wall Street Journal reports that Rio Tinto shareholders voted against an activist proposal for an independent review of the company’s dual-listed structure, maintaining separate listings in London and Sydney. While around 20% of shareholders supported the review, the company cited potential tax costs and commercial sensitivities as reasons to keep the current arrangement.
Activist investor fails to win Swatch board seat
The Financial Times reports that investor Steven Wood's bid for a board seat at Swatch Group was rejected by the Hayek family, who hold significant voting power, during the annual meeting. Despite gaining support from over 60% of bearer shareholders, Wood's attempt faced strong opposition from the Hayek family, who control 44% of the voting rights. Wood is considering requesting an extraordinary meeting to further pursue his goal of representing bearer shareholders.
Proxy firms split on Harley-Davidson board shake-up
The Wall Street Journal reports that, ahead of Harley-Davidson’s shareholder vote, proxy advisory firms ISS and Glass Lewis issued conflicting recommendations on whether to remove three long-serving board members including CEO Jochen Zeitz. ISS advised against their removal, citing concerns about disrupting the CEO search, while Glass Lewis and Egan-Jones recommended voting them out due to poor shareholder returns. The boardroom battle highlights tensions over company leadership amid declining sales and has drawn mixed reactions from investors and dealers.
Environmental & social
Shareholders call on HSBC to reaffirm net-zero pledge
The Wall Street Journal reports that activist shareholders representing US$1.6 trillion in assets urged HSBC to reaffirm its commitment to cutting greenhouse gas emissions, expressing concern over the bank’s recent decision to delay its net-zero target to 2050. Despite these concerns, HSBC’s chairman Mark Tucker emphasized the bank’s ongoing dedication to its net-zero goal while acknowledging the challenges ahead. The shareholder campaign, led by ShareAction, is part of broader investor pressure on major banks to maintain and strengthen their climate commitments amid shifting political and regulatory landscapes.
Beverage and snack giants defend sustainable-packaging plans amid investor pressure
The Wall Street Journal reports that beverage and snack companies like Coca-Cola, Pepsi, and Kraft Heinz claim progress on reducing plastic packaging, but activist shareholders remain skeptical and demand greater transparency on their sustainability plans. These companies face regulatory, economic, and practical challenges in shifting away from plastic, with some scaling back earlier ambitious targets amid rising tariffs and recycling regulations. Meanwhile, activists stress the urgency of addressing plastic pollution as global waste is projected to triple by 2060, calling for clearer communication and stronger commitments from these major producers.
European and UK pension funds drive transatlantic split on sustainable investing
The Financial Times reports that European pension funds and long-term asset owners are increasing their focus on sustainable investing, despite some US asset managers retreating from ESG investing due to political backlash. Large pension funds like the UK People’s Pension and Dutch PME fund have already withdrawn funds or placed asset managers under review over sustainability concerns. This shift highlights a growing divide between European and US investment houses regarding their commitment to sustainability.
Alex Edmans: Ethnic, gender diversity not proven to be good for performance or society
Responsible Investor reports that Alex Edmans, a London Business School professor, is known for challenging common ESG assumptions, particularly questioning claims that gender and ethnic diversity in leadership directly improve corporate performance. While he supports broader candidate pools over quotas, he argues that market forces, rather than regulations, should guide sustainability efforts, focusing on material issues like carbon emissions instead of diversity mandates. Edmans also critiques some ESG practices as inconsistent or performative, urging a more pragmatic and evidence-based approach to sustainable finance.
Antitrust cops say BlackRock, other fund giants may have hurt coal competition
The Wall Street Journal reports that US antitrust agencies have raised concerns that large institutional investors like BlackRock, Vanguard, and State Street could violate competition laws if their influence across rival companies reduces market competition, particularly in the coal industry. The Justice Department and FTC support a lawsuit claiming these asset managers’ climate-related actions led coal companies to cut production, potentially harming competition and raising prices. The investors argue their activities are passive and not conspiratorial, while critics view the case as part of a broader political attack on environmental, social, and governance (ESG) investing.
Global developments
Victoria’s Secret shows poison pills aren’t always toxic
The Financial Times reports that Victoria’s Secret has adopted a poison pill defense to prevent a hostile takeover by Australian investment group BBRC International, which increased its stake to 13% and aims to go up to nearly 50%. The poison pill allows other shareholders to buy new shares at a 50% discount if any investor acquires more than 15%, making it prohibitively expensive to gain control. This measure, effective for one year, is part of a broader trend where companies use such defenses to protect against opportunistic takeovers and activist campaigns, especially amid market turmoil.
European developments
ICGN follow-up letter to the European Commission on shareholder rights
This letter from the International Corporate Governance Network (ICGN), a global investor-led organization promoting high standards of corporate governance, is addressed to Mr. Dionisie, a representative of the European Commission. In the letter, ICGN outlines ongoing legal, regulatory, and operational barriers that hinder the exercise of shareholder rights within the EU. They provide examples of these obstacles and share feedback on a recent study, aiming to support the European Commission's efforts to revise the Shareholder Rights Directive and related proposals.
UK
An end to sandwiches and protests? The rise of the virtual AGM
The Financial Times reports that the UK government plans to clarify the legality of virtual general meetings, including AGMs, through new legislation expected before the summer recess. This move aims to address the ambiguity in current laws and could lead to more companies adopting online AGMs, though there are concerns about reduced accountability and transparency for shareholders.
Barclays’ AGM disrupted by pro-Palestinian protesters
The Financial Times reports that Barclays' annual general meeting was disrupted by pro-Palestinian protesters who managed to circumvent heavy security and interrupt the meeting multiple times within the first ten minutes. The activists, protesting Barclays' alleged investments in defence companies supplying arms to the Israel Defense Forces, were eventually removed by security. This incident highlights the ongoing challenges large UK companies face with in-person AGMs and comes as the UK government plans to clarify the legality of holding online general meetings to reduce costs and avoid such disruptions.
LSEG shareholders revolt over CEO David Schwimmer’s pay
The Financial Times reports that the London Stock Exchange Group faced a significant shareholder revolt over CEO David Schwimmer's planned pay increase from £5.1 million to £7.8 million, with 30% of shareholders voting against it. Proxy adviser ISS had urged shareholders to reject the package, citing concerns over the long-term incentive scheme. This marks the second time in five years that shareholders have rebuked the board over Schwimmer's pay.
Brace for Reform UK’s war on ‘woke’ pension investments
The Financial Times reports that Reform UK's recent local election success has significant implications for the management of Britain's pension assets, as the party now controls key roles overseeing more than £100bn of local government pension funds. The party's stance against "woke net-zero-obsessed investments" could lead to changes in investment mandates for UK asset managers and pooling companies, potentially impacting the UK's approach to net-zero commitments.
Intertek Withdraws Directors’ Remuneration Policy Proposal
Tipranks reports that Intertek Group PLC has withdrawn its proposed new Directors’ Remuneration Policy from the upcoming AGM agenda after discussions with investors and advisors, opting to maintain the current policy for stability. This follows a trend among several FTSE 350 companies that have submitted remuneration policies ahead of schedule, with Intertek’s move reflecting a recognition that its proposal may have faced investor pushback.
Germany
Adidas chair reelected to 2026 despite shareholder revolt
Reuters reports that Adidas shareholders re-elected Chairman Thomas Rabe for another year with 64.43% of the vote, despite opposition from some major investors who questioned his capacity to fully commit due to multiple external roles. The company extended Rabe’s mandate to allow time for a smooth leadership transition in 2025, while he pledged to step down by 2026 and improve board gender diversity in response to criticism.
German regulator ‘bewildered’ by US plan to scrap audit overseer
The Financial Times reports that the reform proposal to change the structure and oversight of the Public Company Accounting Oversight Board (PCAOB) is currently facing several procedural hurdles before it can become law. The proposal has been included in a forthcoming tax and spending bill by the House Committee on Financial Services. However, it still requires agreement from the Republican leadership in both houses of Congress to move forward.
Four former Volkswagen directors convicted over Dieselgate fraud
The Financial Times reports that four former Volkswagen managers have been found guilty of fraud related to the Dieselgate emissions cheating scandal, which has cost the company over €32bn. Jens Hadler, the former head of diesel engine development, was sentenced to four-and-a-half years in prison, while Hanno Jelden, the former head of drive technology, received two years and seven months. Two other defendants, including former VW board member Heinz-Jakob Neusser, received suspended sentences. The verdict concludes a nearly four-year trial, but further criminal proceedings against 31 other defendants are still pending.”
France
Why relationships remain complicated between listed companies and voting advisory agencies (“Pourquoi les relations restent compliquées entre entreprises cotées et agences de conseil en vote.”)
Les Echos reports tensions between listed companies and proxy advisory firms like ISS, Glass Lewis, and Proxinvest remain high, as these agencies heavily influence shareholder debates despite their controversial reputations. Companies often criticize them for being culturally biased or overly prescriptive, yet proxy advisors play a crucial role in corporate governance.
2025 AGM: A tense dialogue between shareholders and boards of directors (“AG 2025 : un dialogue sous tension entre les actionnaires et les conseils d'administration”)
Les Echos reports that the 2025 AGM season has seen heightened tensions between shareholders and boards, particularly over executive compensation at companies like Stellantis and TotalEnergies. Climate policies, which previously faced shareholder votes, are now mostly discussed rather than voted on, indicating a strategic shift by corporations. The AGM season for major CAC 40 companies is winding down, with a few meetings scheduled through mid-June.
Climate alert at the 2025 general meetings (“Alerte sur le climat aux assemblées générales 2025”)
Les Echos reports that the 2025 general meeting season is marked by growing political and regulatory pressures, leading to reduced support for climate-related resolutions. Major asset managers like BlackRock and Vanguard have significantly decreased their approval rates for climate proposals, continuing a downward trend since the ESG enthusiasm peak in 2021. This muted support is expected to persist amid the current US political climate.
Ireland
ICG investors urged to reject chief executive bonus and virtual AGMs plan
The Irish Times reports that investors in Irish Continental Group (ICG) have been urged by proxy adviser ISS to reject CEO Eamonn Rothwell’s bonus plan due to insufficient transparency on how his bonuses are assessed, despite him receiving near-maximum payouts in recent years. ISS also recommended voting against ICG’s proposal to allow virtual-only annual general meetings, citing concerns that such meetings could limit shareholder engagement and reduce accountability. While virtual AGMs have become more common in North America, they remain rare in Europe, with many investors preferring in-person meetings for meaningful dialogue.
Ryanair boss Michael O’Leary hits €100mn bonus target
The Financial Times reports Ryanair CEO Michael O’Leary has qualified for share options worth over €100 million after the airline’s share price stayed above €21 for 28 consecutive days, meeting one key condition of a 2019 incentive scheme. To receive the full payout — valued at over €111 million — O’Leary must remain with the company until at least July 2028, and the airline must meet a second performance target. Despite recent profit declines, O’Leary defended the potential payout, framing it as strong value for shareholders and signalling he may stay beyond his current contract.
Netherlands
Bill Ackman steps down from Universal Music board
The Wall Street Journal reports that hedge-fund billionaire Bill Ackman is resigning from the board of Universal Music Group (UMG), which is currently listed on the Dutch Euronext Amsterdam exchange, due to increasing demands from other commitments, including his new role as executive chairman of Howard Hughes Holdings. Pershing Square, Ackman’s investment firm, recently reduced its stake in UMG but remains a significant shareholder with about 17% ownership. Ackman had been a strong advocate for UMG to list on a major US exchange, believing it would better support the company’s growth, but shares dipped slightly after his resignation announcement.
Stellantis shareholders approve €23.1mn payout for former CEO Tavares
Euronews reports that Stellantis shareholders approved a €23.1 million final pay package for former CEO Carlos Tavares despite criticism over the carmaker’s poor 2024 performance and his controversial departure following a clash over electrification strategy. Tavares resigned in December amid slumping US and European sales, with Chairman John Elkann now serving as interim head while a new CEO search narrows to five candidates. Meanwhile, uncertainty around US auto tariffs imposed by President Trump adds further challenges to the company’s recovery and future strategy.
Italy
Pirelli strips China’s Sinochem of control in attempt to avert exclusion by Trump in US
The Financial Times reports that Pirelli’s board has voted to strip Chinese conglomerate Sinochem of its control over the company, despite Sinochem holding a 37% stake, due to ongoing governance disputes and national security concerns. This decision, supported by nine out of 15 board members, follows the Italian government's limitations on Sinochem's shareholder rights and aims to adjust Pirelli's governance to meet regulatory constraints in the USA.
How dealmaking fever hit Italy’s banking sector
The Financial Times reports that in the summer of 2022, Roman tycoon Francesco Gaetano Caltagirone proposed that Banco BPM launch a takeover of Mediobanca, but the idea was not pursued. Nearly three years later, consolidation in Italy's banking sector has intensified, with Caltagirone at the center of multiple interlinked deals, including MPS's €13bn bid for Mediobanca, UniCredit's €10bn bid for Banco BPM, and Mediobanca's offer for Banca Generali. These moves are poised to reshape the Italian banking landscape after years of post-crisis stagnation.
Consob, Unicredit ops on Banco Bpm suspended for 30 days: bank requests reopening of golden power proceedings”
Il Sole 24 Ore reports Consob has suspended Unicredit’s public exchange offer on Banco Bpm for 30 days due to uncertainties surrounding the reopening of golden power proceedings, which Unicredit requested to clarify and defend its position. Consob stated that the suspension was necessary because the current situation prevents shareholders from making an informed decision on the offer. Banco Bpm criticized the suspension as an "abnormal measure" and vowed to vigorously defend itself and its shareholders.
Spain
Spain’s competition regulator approves BBVA’s hostile bid for Sabadell
The Wall Street Journal reports that Spain’s competition regulator has approved BBVA’s hostile bid to acquire Banco Sabadell, concluding that BBVA’s proposed remedies sufficiently address competition concerns in retail banking and payments. The deal, aimed at strengthening BBVA’s presence in Spain, still requires final approval from the government, which may impose additional conditions or block a legal merger. Meanwhile, Sabadell continues to resist the takeover and plans to present a strategic plan as an independent bank.
Spain eases rules in bid to stop IPOs being derailed by market turmoil
The Financial Times reports that Spain plans to extend the period for companies to launch their initial public offerings (IPOs) from five days to 18 months, allowing them to choose the optimal moment to go public and avoid last-minute cancellations due to political or market volatility. This new process, called BME Easy Access, aims to make the IPO process more flexible and attractive, aligning with broader European efforts to enhance market competitiveness.
The presence of women on the boards of Ibex-listed companies exceeds 41% in 2024 (“La presencia de mujeres en los consejos de administración de empresas del IBEX supera el 41% en 2024”)
The CNMV report’s findings include that by the end of 2024, the presence of women on the boards of Spanish publicly traded companies had approached the 40% target, reaching 36.58% of the total, a two-point increase from the previous year. Companies listed on the Ibex 35 index achieved 41.27%. A total of fifty-five companies (including 24 from the Ibex 35) have already met or exceeded this target, which is established in Article 529 bis of the Spanish Capital Companies Act. This requirement, initially introduced as a recommendation in the Code of Good Governance, was later formalized through Organic Law 2/2024 on gender-balanced representation. Starting June 30, 2026, the largest publicly traded companies will be required to ensure that at least 40% of their board members belong to the less-represented gender. This requirement will extend to all publicly traded companies by June 30, 2027.
The Spanish government expands the scope of the anti-takeover shield by intervening in 147 transactions (“El Gobierno dispara el alcance del escudo anti-opas al intervenir en 147 operaciones”)
Expansion reports that In 2024, Spain’s Foreign Investment Board (Junta de Inversiones Exteriores) oversaw 50% more cases than in 2023, reviewing 147 foreign investment transactions, with one vetoed deal and eight others conditionally approved. The increase reflects both growing foreign interest and an expanded scope of Spain’s “anti-takeover shield,” which now covers strategic sectors like telecommunications, energy, banking, and defense. While most transactions were approved, the regulatory process has lengthened deal timelines and created uncertainty, especially for large or sensitive acquisitions, as the government balances protecting national security with attracting investment.
Switzerland
Credit Suisse bonus cuts were unlawful, court rules
The Financial Times reports that the Swiss Federal Administrative Court has ruled that the Swiss government's decision to strip former Credit Suisse bankers of their bonuses following the bank's rescue by UBS was unlawful. The court found no legal basis for the Federal Department of Finance (FDF) to permanently reduce or cancel the bonuses after state aid had ceased, stating that such actions require clear legal authority, which was absent in this case. The ruling, which may be appealed to the Federal Supreme Court, comes amid public anger over the mismanagement that led to Credit Suisse's downfall.
Ethos opposes excessive remuneration for Holcim's chairman
Ethos recommends Holcim shareholders vote against the 2024 remuneration proposals and the election of the new chairman, criticizing the chairman and former CEO Jan Jenisch’s estimated CHF 48 million pay, largely due to lucrative stock options. However, Ethos supports the spin-off of Holcim’s North American business (Amrize) but urges the new company to set ambitious climate targets and improve its governance, expressing concerns over Jenisch holding both chairman and CEO roles. Ethos also doubts the new chairman Kim Fausing’s availability to fully commit to Holcim given his other executive roles.
North American developments
United States
BlackRock shareholders urged to vote against Larry Fink’s pay by proxy adviser ISS
The Financial Times reports BlackRock's shareholders are being advised to vote against CEO Larry Fink's pay at the upcoming annual meeting, following concerns over executive compensation that led to a revolt last year. Despite strong shareholder returns, proxy adviser ISS concluded that BlackRock's disclosures on pay determination were insufficient, leading to another challenging vote on Fink's remuneration on May 15.
ICGN letter on the role and influence of proxy advisory firms to the U.S House Committee on Financial Services – Subcommittee on Capital Markets
The ICGN provides insights to the Subcommittee on Capital Markets regarding proxy advisory firms and their role in the voting process. They emphasize the importance of understanding the function of proxy advisors, as they assist institutional investors in making informed voting decisions while ultimately leaving the decision-making power with the investors.
DEI is emerging triumphant in shareholder battles across corporate America from Coca-Cola to Berkshire Hathaway
Fortune reports that while anti-DEI proposals have become more common, they are not gaining in popularity. At companies ranging from Coca-Cola to Apple, investors asked to vote on anti-DEI resolutions are not biting. Across the board, support for these proposals has ranged from only 1% to 2% of voters.
Shareholder adviser Glass Lewis joins political retreat
Semafor reports that Glass Lewis is planning to abandon its established voting guidelines in favor of helping investors create their own voting policies, amid growing conservative backlash. The firm has faced criticism for its progressive stances on various corporate issues, including diversity audits and political contributions. This shift reflects a broader trend in the financial industry, as firms like BlackRock and Vanguard also retreat from previous progressive agendas to focus more on investment management.
Ackman pushes the envelope on creative executive pay
The Financial Times reports that a judge's nullification of Musk's US$55 billion pay package raises questions about the necessity of further incentives for a major stakeholder. Ackman's plan for Howard Hughes to pay a performance fee instead of a traditional salary reflects a trend of merging private and public investment practices, though it raises concerns about rewarding failure.
Kohl’s board member resigns, adding to retailer’s turmoil
Barrons reports that that a Kohl’s board member resigned this week over disagreements about the retailer’s governance, adding extra turmoil to a management team upended by the termination of former CEO Ashley Buchanan. The disagreements relate to how the company responded to a recommendation from Institutional Shareholder Services on a pay proposal outlined in Kohl’s proxy statement.
APAC developments
Japan
Japan’s share buybacks nearly triple as governance push gains pace
The Financial Times reports that in April, Japanese companies announced share buybacks totaling ¥3.8 trillion (US$27 billion), nearly tripling from the previous year, reflecting a shift towards prioritizing investor returns amid tariff uncertainties. This increase follows a record ¥20 trillion in buybacks in fiscal 2024, indicating a change in corporate Japan's approach to capital management. Analysts predict continued momentum in buybacks, estimating a total of ¥22 trillion for the fiscal year, as companies hold significant excess cash. Despite pressures to explore alternative shareholder support strategies, the trend towards buybacks remains strong.
Shareholders back 7-Eleven owner’s management amid S$50bn takeover battle
The Financial Times reports that Seven & i shareholders have expressed support for new CEO Stephen Dacus amid a record S$50bn takeover bid from Alimentation Couche-Tard. At the annual meeting, shareholders approved all board members and proposals, although some voiced concerns about management effectiveness and the need for a higher bid. Couche-Tard's takeover attempt has faced resistance from Seven & i, citing competition issues in the US. Both companies are exploring ways to address regulatory concerns while discussing potential buyers for US stores.
Hong Kong
HSBC hunts for new Chair to replace hard-charging Tucker
The Wall Street Journal reports HSBC Chairman Mark Tucker plans to retire by the end of 2025, initiating a search for his successor amid ongoing trade tensions between China and the West. Tucker, who has been a significant figure in navigating the bank through challenges, will remain as an advisor until a new leader is appointed.
SMCP: Activist investor David Webb hopes Hong Kong statutory body will carry on his work
The South China Morning Post reports that Hong Kong corporate governance activist David Webb has said a statutory body may carry on part of the work of his influential Webb-site platform, a move he hopes will ensure that at least some of the wide-ranging data stays in the public domain. Long-time Hong Kong resident Webb made the remarks at a fireside chat at the Foreign Correspondents’ Club, an event that was held as a public farewell for the high-profile activist investor.
Australia
Proposed relief for specific GHG emissions disclosures
The Australian Accounting Standards Board (AASB) is consulting on proposed amendments to AASB S2 Climate-related Disclosures, which could provide relief to ease the disclosure of greenhouse gas (GHG) emissions. AASB ED SR2 incorporates ISSB ED/2025/1, which proposes amendments to IFRS S2 on:
- the measurement and disclosure of Scope 3 Category 15 GHG emissions associated with derivatives and specific financial activities.
- the use of GICS for financed emissions disclosures.
- alternative GHG measurement methods, if required by a jurisdictional authority or exchange.
- alternative global warming potential (GWP) values, if required by a jurisdictional authority or exchange.
Responsibility for cybersecurity shifts from IT desk to boardrooms
The Australian Financial Review reports that technology outages cost Australian businesses up to AU$10,000 per minute and cause significant long-term reputational damage, making operational resilience a critical priority. Recent incidents include a four-hour Reserve Bank of Australia outage in 2022 that disrupted 800,000 transactions and a 2023 Optus outage estimated to have cost the economy AU$2 billion, affecting millions of customers. These events highlight the high stakes of maintaining reliable technology systems.