Georgeson publications
Georgeson in the media
- US: Georgeson's insights were featured in a recent New York Times article titled “Musk Wins $1 Trillion Pay Package, Creating Split Screen on Wealth in America”
- Australia: Georgeson's Scott Hudson and Paul Murphy are quoted in the Australian Financial Review's article titled: “The secret weapon boards are deploying to survive AGM season”
- Spain: El Economista's article titled “The CNMV expects to have the new Code of Good Governance for listed companies approved in the first quarter of 2027” covers Georgeson's role in updating Spain's Corporate Governance Code
Georgeson events
- US: Georgeson's William Fiske and Kilian Moote spoke at the joint Latham & Watkins–Georgeson webinar, “2026 Proxy Season: Strategically Preparing for the Upcoming Season.”
- Germany: Georgeson's Matthias Nau spoke at Computershare's HV Management Seminar 2025 on 19 November
- Netherlands: Computershare’s Kirsten van Rooijen and Georgeson’s Ivana Cvjetkovic spoke at an A&O Shearman event in Amsterdam on 18 November
Italy: Georgeson publishes its study on the alignment between proxy advisors and investors 2025
The study analyses the alignment between proxy advisors (ISS and Glass Lewis) and 30 major institutional investors during the 2025 annual general meetings of companies listed in the FTSE Italia All-Share index. It reviews over 1,400 resolutions across 171 Italian companies, highlighting voting trends and agreement levels. The findings show higher alignment with ISS (around 92%) compared to Glass Lewis (about 88%), especially on routine matters like financial statements and dividends. Lower alignment is observed on remuneration and governance-related proposals.
UK & Europe: Georgeson publishes its memo on the 2026 ISS policy updates in the UK and across Continental Europe
On 26 November 2025, ISS published its voting policies for the UK and Continental Europe for the 2026 AGM Season. The Georgeson memo covers the major updates for both the UK and Continental Europe.
Japan: Georgeson has published its 2025 Japanese AGM Season Review
Our 2025 Japanese AGM Season Review — jointly produced with Japan Shareholder Services (JSS) — analyses and identifies shareholder proxy voting trends at Nikkei 225 companies during the most recent AGM season.
US: Georgeson's insights were featured in a recent New York Times article titled “Musk Wins $1 Trillion Pay Package, Creating Split Screen on Wealth in America”
“[Musk's] pay plan had been expected to pass. Roughly half a dozen similar — albeit much smaller — executive stock packages have been put to a shareholder vote at publicly traded U.S. companies in the past three years, according to the proxy solicitation firm Georgeson. All but one of them passed.”
Australia: Georgeson's Scott Hudson and Paul Murphy are quoted in the Australian Financial Review's article titled: “The secret weapon boards are deploying to survive AGM season”
“Georgeson's Australian head Scott Hudson says the firms can tip the vote in the board's favour – or at last deaden the blow – by explaining the rationale for a decision which may have fallen foul of the proxy firm's guidelines or by making a commitment to change next year. […] Georgeson's Paul Murphy, previously at Vanguard and the Australian Council of Superannuation Investors, says one of the big lessons was that most of the non-Australian equities managers still decided how to vote based on the advice of their local Australian stewardship teams – the in-house teams in the funds which oversee governance issues.”
Spain: El Economista's article titled “The CNMV expects to have the new Code of Good Governance for listed companies approved in the first quarter of 2027” covers Georgeson's role in updating Spain's Corporate Governance Code
Georgeson is included in the CNMV's expert group tasked with revising Spain's Corporate Governance Code for listed companies. This committee will incorporate recent regulatory changes, such as promoting long-term shareholder engagement and gender balance on boards.
US: Georgeson's William Fiske and Kilian Moote spoke at the joint Latham & Watkins–Georgeson webinar, “2026 Proxy Season: Strategically Preparing for the Upcoming Season.”
The session provided an in-depth look at the evolving proxy landscape, covering updates from ISS and Glass Lewis, emerging trends in shareholder proposals and voting behaviour, and what investors expect as we move from the 2025 season into 2026. These insights are designed to help companies prepare strategically for the year ahead.
Germany: Georgeson's Matthias Nau spoke at Computershare's HV Management Seminar 2025 on 19 November
His session explored the current challenges facing proxy advisory firms, the impact of postponed or cancelled IPOs, and the evolving ESG landscape, highlighting key implications for issuers and investors.
Netherlands: Computershare’s Kirsten van Rooijen and Georgeson’s Ivana Cvjetkovic spoke at an A&O Shearman event in Amsterdam on 18 November
Kirsten van Rooijen and Ivana Cvjetkovic opened the session with key insights from the recent AGM season, spotlighting the noticeable shift in voting behaviour on remuneration.
Shareholder activism
Elliott wades into battle for Toyota Industries
The Financial Times reports that Elliott Management has taken a stake of nearly 5 per cent in Toyota Industries, challenging Toyota Motors' ¥4.7tn plan to take the subsidiary private. Elliott argues the proposed ¥16,300 per share offer undervalues the company and criticises the process for lacking transparency and proper governance. The move has intensified scrutiny of Japan's corporate governance reforms, as investors call for clearer valuation disclosures and conflict-of-interest oversight.
UK offers rich pickings for activists
The Financial Times Lex column argues that the UK has become a prime target for activist investors, driven by low valuations and clear governance codes. Data shows 52 UK companies faced activist campaigns in the past year, up from 36 previously, with demands increasingly focused on removing board members. Depressed share prices and a large pool of potential targets suggest this trend will continue, offering opportunities for investors while putting pressure on corporate boards.
Cracker Barrel investors vote to keep on CEO, but send message of discontent
The Wall Street Journal reports that Cracker Barrel shareholders voted to retain CEO Julie Felss Masino despite backlash over a failed rebranding campaign, while rejecting board member Gilbert Dávila. The vote marks a partial win for activist investor Sardar Biglari, who criticised management for destroying value, as the company faces plunging traffic and a 50% share price decline this year. Cracker Barrel has pledged to restore traditional branding and overhaul operations amid ongoing investor pressure.
Elliott Management builds stake in Barrick, encouraged by breakup prospects, source says
The Wall Street Journal reports that Elliott Management has taken a significant stake in Barrick, becoming one of its top 10 shareholders and pushing for a potential breakup of the gold and copper producer. Barrick is reviewing operations to improve efficiency, with analysts suggesting asset sales or restructuring could unlock value as its shares trade at a discount to the sum of its parts. The move follows Elliott's history of targeting mining companies and comes amid strong gold prices and leadership changes at Barrick.
Major investor in Victoria's Secret seeks board shake-up
The Wall Street Journal reports that BBRC International, which holds nearly 13% of Victoria's Secret, is pressing for governance changes, including the removal of Chair Donna James and a board seat for founder Brett Blundy. The retailer has struggled since its 2021 spinout, with shares down about 15% this year, and faces mounting pressure from investors amid declining performance. BBRC warned it may seek to replace directors at the next annual meeting if the board does not engage, signalling an escalation in activist involvement.
Boards should be ‘war-gaming' amid rise in shareholder activism: Corrs
The Australian Financial Review reports that Corrs Chambers Westgarth advises boards of major Australian companies to prepare for increasing shareholder activism by regularly “war-gaming” potential vulnerabilities. Corrs' corporate head Sandy Mak expects more M&A activity driven by shareholders and urges boards to engage with credible activists and have clear value strategies ready. The firm notes that 36% of terminated deals this year were due to shareholder resistance, highlighting the growing influence of activist investors in shaping transactions.
Environmental & Social
Climate finance feels the chill as net zero alliances unravel
The Financial Times reports that global climate finance initiatives are faltering as major net-zero alliances disband under political pressure and industry pushback. Groups such as the Net-Zero Banking Alliance and Net-Zero Insurance Alliance have ceased operations, while asset managers like BlackRock have exited amid concerns over fiduciary duty and antitrust risks. Despite this, pension funds and long-term investors in Europe are intensifying climate engagement, warning asset managers to act or risk losing mandates, underscoring a growing divide between US and European approaches to sustainability.
The corporate proxy flight from ESG
The Wall Street Journal Opinion section reports that major investment firms have sharply reduced support for ESG-related proxy proposals, marking a significant shift from earlier trends. According to Unleash Prosperity's analysis of 600 firms' 2024 votes, 11 funds—including BlackRock and Vanguard—earned top ratings for opposing ESG measures, compared to just four in 2022. Political pressure, heightened scrutiny from state officials, and changing market dynamics have driven this reversal, while proxy advisers like Glass Lewis are also stepping back from endorsing ESG initiatives.
Examining the impact of board composition on environmental, social, and governance disclosure
A study of Italian listed companies (2018–2022) finds that board composition, particularly gender diversity, significantly improves ESG disclosure. Using Refinitiv ESG scores and corporate governance data, the research confirms that diverse boards foster greater transparency and accountability, strengthening sustainable governance practices. These findings support continued policy efforts to promote gender equality on boards, as investors increasingly view companies with strong ESG performance as safer investments.
Global
White House explores rules that would upend shareholder voting
The Wall Street Journal reports that the Trump administration is considering executive orders to limit the influence of proxy advisers and index-fund managers on shareholder voting. Proposals under discussion include restricting recommendations from firms like ISS and Glass Lewis and requiring major index-fund managers such as BlackRock, Vanguard and State Street to align votes with client preferences. The potential changes follow criticism from high-profile CEOs and could significantly reshape corporate governance and proxy advisory practices.
Glass Lewis mulls US investment adviser registration, could ease criticism
Reuters reports Glass Lewis is “seriously considering” registering as a US investment adviser with the SEC, a move that would reinstate regulatory oversight and potentially address mounting criticism from corporate leaders and Republican lawmakers over its proxy voting recommendations. The firm also plans to phase out its standard “benchmark” voting guidelines by 2027 in favour of providing clients with customisable policy options under CEO Bob Mann.
The proxy process needs an overhaul
The Wall Street Journal Opinion section features an op-ed by Nasdaq's Chief Legal, Risk and Regulatory Officer arguing that the current proxy voting system undermines shareholder engagement and needs reform. The piece calls for greater transparency and accountability for proxy advisory firms, including SEC registration and conflict-of-interest disclosures, and advocates for technology-driven solutions to improve communication with retail investors. It also urges revisiting thresholds for shareholder proposals to prevent repetitive, low-support initiatives, framing reform as essential to strengthening public markets and investor empowerment.
European developments
UK
A lesson for UK boardrooms: you get what you pay for
The Financial Times Lex Column argues that allowing UK non-executive directors to be paid in shares could help attract top talent and improve engagement, though it raises questions about independence and incentives. The piece notes that UK board pay lags far behind US levels and suggests a mix of cash and deferred stock as a solution; while warning that without meaningful incentives, directors may lack the drive to challenge management effectively.
It is time for a rethink on board tenure
The Financial Times Opinion section features an article by Kimberley Lewis, Schroders’ head of active ownership, arguing that the UK’s “nine-year rule” for board tenure may be too rigid and could undermine long-term performance. While intended to preserve independence, strict adherence often forces valuable chairs and directors to step down prematurely, limiting continuity and strategic oversight. The piece calls for more flexibility, including resetting tenure clocks for chairs and focusing on overall board composition rather than rigid limits.
AstraZeneca wins shareholder approval for New York listing
The Financial Times reports that AstraZeneca shareholders overwhelmingly backed plans to elevate the company’s New York Stock Exchange listing, with 99% voting in favour. The move, expected to take effect in February, reflects AstraZeneca’s strategic pivot toward the US, where it generates nearly half its revenue and plans to invest over US$50bn in the next five years. While the company will retain its primary London listing and FTSE 100 status, the decision underscores growing pressure on the UK market as firms seek broader access to global capital.
Novo Nordisk’s board revamp tests UK governance standards
The Financial Times published a letter from Bernadette Young, Director of Indigo Independence Governance, arguing that recent sweeping board changes at Novo Nordisk by its majority shareholder highlight the strength of UK corporate governance standards. While decisive action can accelerate strategy shifts, the letter warns that such direct involvement would not be acceptable in UK markets, where board independence is fundamental. It stresses that London should uphold its high governance bar, and resist moves that undermine the principle of independent oversight.
UK watchdog to give green light to share payouts for non-executives
The Financial Times reports that the Financial Reporting Council will update its Corporate Governance Code to encourage London-listed companies to pay non-executive directors in shares. The move aims to make UK boards more competitive globally and address concerns over the widening pay gap with US peers, where share-based remuneration is common. While the code still emphasises independence and transparency, the change could help attract top talent and counter fears about London’s declining appeal as a listing venue.
Germany
BVI publishes its 2025 voting guidelines
The BVI’s updated ALHV 2026 guidelines aim to strengthen corporate governance by setting expectations for AGM voting and promoting dialogue between German fund managers and companies, going beyond legal and DCGK standards. While not binding, capital management firms may reject resolutions that fail to meet these criteria, with new provisions covering board independence, executive remuneration transparency, and succession planning. The BVI also criticises the continued reliance on virtual-only AGMs and calls for regular physical or hybrid meetings to maintain direct shareholder engagement.
DAX companies are staying the course on climate change
Union Investment’s 2025 climate study finds 16 DAX companies leading on climate action, with GEA taking the top spot for aligning emissions with the 1.5°C target. While progress is evident—11 firms now meet Germany’s 2045 neutrality goal—13 companies lag behind, weakening targets or failing to cut CO₂. Almost all CEOs have climate-linked pay, but transparency and Scope 3 reductions remain key challenges.
France
Proxinvest published its report on CEO compensation at top French-listed companies
CEO pay in France dropped sharply in 2020, with SBF 120 executives seeing a 14% decline to €3.2m and CAC 40 CEOs down 11% to €4.6m, mainly due to reduced bonuses amid the health crisis. Shareholder influence remains strong under binding Say on Pay votes, while Proxinvest highlights governance concerns around top earners and praises Rémy Cointreau’s innovative long-term, sustainability-linked plan.
Behind the scenes of the discreet duel at Peugeot for a seat on the Stellantis board
Les Échos reports that the Peugeot family is weighing whether to reappoint Robert Peugeot, 75, as vice-chairman of Stellantis’ board or select his cousin Xavier Peugeot, CEO of DS Automobiles. Both candidates recently presented to family nomination committees, with the winner set to represent Peugeot’s interests as Stellantis’ second-largest shareholder alongside Chairman John Elkann and Bpifrance’s Nicolas Dufourcq.
Netherlands
Eumedion shared its 2026 Focus Letter with all Dutch listed companies
The letter urges transparency on two key themes: geopolitical risk management and responsible AI use. Investors expect clear disclosure on how firms address supply chain disruptions, cyber threats and economic uncertainty, as well as governance and ethical frameworks for AI, including bias, privacy and compliance. The letter also reiterates the need for high-quality sustainability statements aligned with EU reporting standards.
Eumedion welcomes proposed amendments to the ISSB sector-specific sustainability reporting standards
Eumedion announced that supports the ISSB’s proposals to align sector-specific sustainability reporting standards with its existing global framework, promoting consistency and interoperability. In its consultation response, Eumedion emphasised the importance of using SASB standards as the global basis for sector-specific disclosures and improving alignment with ESRS, GRI and TNFD. It also encouraged continued collaboration between ISSB and EFRAG to achieve optimal harmonisation.
Italy
European stock markets await the earnings test and banking shake-up.
La Repubblica reports that European stock markets, including Milan’s FTSE MIB, have recently hit levels not seen since 2001, driven by banking and luxury sectors. Despite optimism – 77% of fund managers expect short-term gains and 92% foresee growth over the next year – concerns about a tech bubble and market correction persist. Banks remain central to the rally, supported by stable interest rates, strong capital ratios, and ongoing consolidation, though growth in 2026 is expected to be moderate. M&A deals, such as potential moves by UniCredit and combinations involving MPS or Banco BPM, could act as key catalysts. Risks include geopolitical shocks and economic slowdown. Beyond banking, luxury is highlighted as another sector with upside potential thanks to strong pricing power.
BancoBpm attempts board list: first test for capital law
Il Sole 24 Ore reports that Banco BPM is considering a board-proposed slate for its 2026 board renewal, testing Italy’s new “Legge Capitali” that makes this process more complex than before. The move comes amid a unique shareholding structure: Credit Agricole now holds 20% and seeks ECB approval to rise to 24.9%, aiming for minority representation rather than control. Assogestioni may also present a minority list, while the majority list could come from a consultation pact of foundations and pension funds holding just 6.51%. Without a board list, top executives Massimo Tononi and Giuseppe Castagna risk reappointment via a minority list. The board list could unify institutional investors but faces legal hurdles under the new rules.
Environment and oil & gas companies: ambitious goals, but little transparency on progress and investments.
La Repubblica reports that a new report by IEA, IMEO, and EDF assessing 116 oil & gas companies (covering 80% of global output) reveals the gap between ambitious emission-reduction pledges and transparency on progress and investments. Around 70 firms aim to cut methane and flaring by 2030 and reach net zero by 2050, with 56 of them being part of the Oil and Gas Decarbonization Charter. However, most fail to disclose detailed technical plans, investment data, or comparable annual metrics. The average score across 25 transparency indicators is just 9/25, with Equinor leading at 23, while majors like BP, Shell, and Eni score well on targets but poorly on implementation and reporting. No company fully reports methane-reduction investment data. Experts call for stronger cooperation and disclosure standards to enable verification and reward progress.
Spain
New statement by the CNMV and ICAC to guide companies on sustainability information until the CSRD directive is transposed into Spanish law
The Spanish National Securities Market Commission (CNMV), together with the ICAC, has published the "Second Joint Statement on the transposition of the CSRD Directive and subsequent modifications to the Spanish legal system". In view of the possibility of Spanish law not yet being aligned to EU law by 31 December 2025, the CNMV advises phase-one companies to publish their sustainability report for the financial year 2025 in accordance with the ESRS.
The acceptance period for Inocsa’s takeover bid for Catalana Occidente expires next Friday, 28 November
El Confidencial reports that the board supports the voluntary acquisition proposal, which aims to delist the company and offers shareholders either €49.75 per share or an exchange of one newly issued class B Inocsa share for every 43.9446 Catalana Occidente shares (limited to a maximum of 8 million shares, or 6.67% of capital); the final decision remains with each investor.
Indra’s board approves the purchase of Hispasat and will address the merger with Escribano at its next meeting
El Economista reports that the board of directors of Indra has approved the purchase of nearly 90% of Hispasat, valued at €725 million, at a meeting this Wednesday with a view to completing the acquisition process in November. This transaction (with Hisdesat included within the perimeter) represents a further step for the listed company in its Indra Space division, announced last February.
The Ministry of Economy has given the green light to Bondalti’s takeover bid for Ercros
Expansion reports the green light for the takeover bid launched by Portuguese company Bondalti for the chemical group Ercros. The Ministry of Economy did not consider it necessary to refer the transaction to the Council of Ministers on grounds of public interest, which renders the CNMC’s decision final.
Only 46% of boards of directors in Spain include members with technological profiles
Bolso Mania reports that a RocaJunyent report concludes that only 46% of boards of directors in Spain have technological profiles, despite the rise of AI, regulations (which increase administrative and compliance burdens and penalties), and cybersecurity incidents.
Switzerland
Ethos publishes its voting guidelines for 2026
Ethos has released the 25th edition of its voting guidelines and corporate governance principles for the 2026 proxy season, which underpin all its voting recommendations. The main update clarifies expectations for sustainability reports, introducing two rejection criteria: lack of transparency and insufficient ambition or performance. Ethos also updated rules on appointing sustainability report auditors, emphasising independence and a maximum 20-year term.
UBS chair talked to Scott Bessent about moving bank to US
The Financial Times reports that UBS chair Colm Kelleher has held private talks with US Treasury secretary Scott Bessent about relocating the bank’s headquarters to the United States. The discussions come amid Swiss plans to impose stricter capital requirements that UBS argues would add US$26bn in costs and undermine its global competitiveness. While UBS says it prefers to remain in Switzerland, activist investor Cevian warns the proposed rules could make operating from the country “not viable,” adding pressure to ongoing negotiations.
Norway
Novo Nordisk shareholders approve new chair, board members
The Wall Street Journal reports that Novo Nordisk shareholders have approved a major board overhaul, appointing Lars Rebien Sorensen as chair and Cees de Jong as vice chair, alongside new members Britt Meelby Jensen and Stephan Engels. The changes follow pressure from the controlling Novo Nordisk Foundation to accelerate transformation after losing ground in the obesity-drug market. Sorensen, who also chairs the foundation, will hold both roles temporarily while overseeing restructuring efforts, including leadership changes and workforce reductions.
North American developments
United States
Elon Musk's US$1 trillion Tesla pay plan wins shareholder approval
Reuters reports that Tesla shareholders approved Elon Musk’s record-breaking compensation package, valued at up to US$1 trillion over the next decade, with more than 75% support. The vote underscores investor confidence in Musk’s ambitious vision to transform Tesla into an AI and robotics leader, despite concerns over cost, governance, and his polarising political rhetoric. The package aims to retain Musk and incentivise performance milestones tied to Tesla’s future growth, including robotaxi production and AI chip development.
US regulator will permit companies to exclude shareholder proposals from proxies
The Financial Times reports that the SEC will allow companies to omit shareholder proposals from proxy materials without seeking prior approval, marking a significant shift in US governance practices. The policy change, which removes the long-standing “no action” review process, follows the rollback of Biden-era guidance that had eased submission of ESG-related resolutions. Investor advocates warn the move could weaken governance standards and reduce shareholder influence, while companies face greater legal risk without SEC backing.
US antitrust regulator launches probe into ISS and Glass Lewis
The Financial Times reports that the Federal Trade Commission has opened an investigation into proxy advisory firms ISS and Glass Lewis over potential antitrust violations related to their influence on shareholder voting. The probe follows pressure from the Trump administration and corporate leaders concerned about the firms’ market dominance and perceived ideological influence on governance. The FTC is expected to examine whether their practices restrict competition, while both advisers have said they are cooperating with document requests.
Union Pacific, Norfolk shareholders approve US$85 billion merger
Reuters reports that Union Pacific investors have voted to approve the company’s acquisition of Norfolk Southern, clearing a major hurdle for one of the largest rail mergers in recent history. The deal, aimed at expanding network reach and improving operational efficiency, still faces regulatory review from the Surface Transportation Board and antitrust scrutiny before closing.
Why Coinbase is leaving Delaware for Texas
The Wall Street Journal Opinion section features an article by Coinbase’s Chief Legal Officer explaining the company’s decision to reincorporate in Texas. The move reflects frustration with Delaware’s increasingly unpredictable Chancery Court rulings and a desire for greater legal certainty. Texas offers a more business-friendly environment through recent reforms, including codifying the business-judgment rule and establishing a specialised business court, positioning the state as an emerging hub for corporate governance and innovation.
APAC developments
Japan
Takaichi signals shift from shareholder primacy to wage growth in Japan
The Japan Times reports that Prime Minister Sanae Takaichi criticised Japanese companies for focusing too heavily on shareholders and not enough on raising wages, saying she plans to revise the corporate governance code so firms distribute resources more fairly between investors and employees. Her comments, made in parliament amid persistent pressure on household incomes from inflation, mark a potential shift away from the shareholder-friendly reforms championed by her mentor Shinzo Abe, whose 2015 governance code helped attract activists, boost capital efficiency, and drive record stock gains and deal-making. Investors worry the new tone could signal backsliding on reforms, especially as activist funds have poured into Japan, making it the second-largest market for campaigns after the US While a government panel is now debating how to rebalance governance priorities — with some experts emphasising wages and investment, and others still focused on return on equity — Takaichi has criticised firms’ large cash hoards and urged them to use capital for wage hikes and broader social contribution. With real wages having fallen for over three years and voter frustration over inflation contributing to the downfall of her predecessors, companies now face uncertainty over whether to prioritise government calls for higher pay or investors’ demands for continued shareholder returns.
China
China enters a ‘Golden Age’ of ESG disclosure reform
Sustainable views reports that China is steadily building a comprehensive, phased ESG disclosure regime that will expand from large, listed companies to a much broader universe of corporates by 2027. Stock exchange rules in Shanghai and Shenzhen already require the biggest issuers to publish ESG reports by 2026, helping drive a record 1,193 ESG reports on the SSE in 2024, while new guidelines detail how firms should disclose emissions, energy use and water data in line with evolving global standards such as the ISSB. At the national level, the Ministry of Finance has introduced corporate sustainability standards that will underpin a unified ESG disclosure system covering climate risks, governance, strategy and impacts, with the aim of aligning corporate transition plans with China’s dual-carbon goals and attracting global green capital. State-owned enterprises and financial institutions are leading on ESG reporting, supported by earlier green finance rules, SOE reporting mandates and incentives for green bond issuance, resulting in disclosure rates that far exceed the market average. Although many companies still face capacity and data challenges, and international regulatory uncertainty—such as recent EU developments—remains, pressure from global investors and supply chains is sustaining momentum. As a result, China’s policymakers and regulators see ESG development since 2024 as having entered a “golden age”, reinforcing the country’s ambition to strengthen its role in global supply chains and as a key destination for climate-related investment.
Hong Kong
Hong Kong positions itself as a global hub for AI-driven finance
China Daily HK reports that a new report, The Global AI Competitiveness Index Part 4 by Deep Knowledge Group, highlights Hong Kong as an emerging international leader in AI-driven finance and AI-finance governance. Leveraging its role as a global financial hub, Hong Kong is promoting the sustainable and responsible use of AI in the financial sector and is characterised in the report as “finance-oriented AI”, in contrast to Dubai’s “urban AI innovation”. The report notes that Hong Kong’s key strength lies in its leadership in AI for finance and regulatory technology, with the Hong Kong Monetary Authority and the Securities and Futures Commission jointly pioneering frameworks for AI-enhanced financial compliance, fraud detection and risk assessment, reinforcing the city’s position as a regional leader in AI and data science.
Australia
Australia’s 50 highest-paid CEOs in 2025 revealed
The Australian Financial Review reports that Mining executives dominated Australia’s CEO pay rankings in 2025, with Bill Beament (Develop Global) realising a AU$58m windfall from options as gold prices surged. Other big winners included Paul Savich (WA1 Resources) with AU$20m and Raleigh Finlayson (Genesis Minerals) with AU$14.9m, reflecting soaring valuations in the resources sector. Meanwhile, Shemara Wikramanayake (Macquarie) retained the top spot for reported pay at AU$29.3m, highlighting the growing gap between statutory and realised remuneration.
Small and mid-cap boards must lift their game on murky governance
The Australian Financial Review reports recent governance controversies at DroneShield, Simonds Group, Humm, and IperionX underscore the risks of investing in small and mid-cap ASX companies. Issues include insider share sell-downs, remuneration strikes, and allegations of misleading disclosures, highlighting weak board oversight and poor governance practices. Experts warn that rigorous scrutiny of board independence and succession planning is essential, as many smaller firms fail to meet the same standards expected of larger listed companies.
CEOs are having pay docked. They still may be getting off lightly.
The Australian Financial Review reports that ANZ’s former CEO Shayne Elliott lost AU$13.5m in pay after a damning review of risk culture but retained AU$8.6m in unvested equity, a lighter penalty compared with peers at CBA, NAB and Westpac who forfeited all equity for similar failures. The case highlights ongoing tension between investor expectations and board decisions on remuneration, despite new APRA rules (CPS 511) aimed at enforcing accountability. Macquarie’s Shemara Wikramanayake exemplifies this shift, with pay docked four years running for compliance breaches, signalling growing transparency and pressure for tougher consequences.
White tears up at WiseTech AGM as investors deliver first strike
The Australian Financial Review reports that WiseTech Global’s AGM saw shareholders deliver a first strike against its executive pay report, with nearly 50% voting against remuneration amid concerns over governance and succession planning. The meeting came weeks after ASIC and AFP raided WiseTech offices over alleged insider trading linked to co-founder Richard White, who sold AU$229m worth of shares during a blackout period. Despite the controversy, WiseTech reaffirmed FY2026 earnings guidance, though its share price remains more than 50% below its 12-month high.
Shareholders rebuke NextDC for CEO’s AU$112m bonus plan
The Australian Financial Review reports NextDC shareholders delivered a first strike against its remuneration report, with 72% voting against a controversial AU$150m bonus plan that could make CEO Craig Scroggie one of the ASX’s highest-paid executives. The package, designed to retain talent amid fierce competition in the global data centre sector, would grant Scroggie over AU$112m if NextDC’s share price more than doubles in five years. Despite strong opposition from proxy advisers, the company defended the plan as essential for growth, while shares fell over 5% on the day.