Governance news bites – 17 October
A collection of interesting news snapshots and related material from the past two weeks.
Governance is often in the headlines, and the last few weeks have been no exception. Recent news related to governance includes:
Governance is changing in Japan
Governance in Japan tends to fly a bit “below the radar” in our part of the world. For those who have looked into it, the governance approach tends to be “within the family” and extremely collaborative. Recent reporting suggest that this might be changing a little. Shareholders, and proxy advisors, appear to be adopting a more challenging approach, asking more questions of boards and management. In some cases, the shareholders are voting against resolutions proposed by Japan company boards. This doesn’t mean Japanese corporate governance is going anywhere matching the “spills” of corporate boards in Australia. The change in approach is still happening in Japanese cultural context.
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Du Val still in the news
Further to the article in the last Director Download the collapsed Du Val Group property “empire” continues to attract media attention. Some have asked the obvious question: was there a board and who were they? An article this week unpacks these questions (paywalled) – notably there was a board which comprised mostly executives from within the group of companies. Meanwhile, the Du Val founders are seeking legal aid for their impending defence of charges brought by the Financial Markets Authority.
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The long road to a chair appointment
In early September 2024, Watercare, the water management company owned by Auckland Council, had a newly appointed chair. Then it didn’t. A legal challenge brought by the Council’s Independent Māori advisory Panel, Houkura, about the process for the chair’s appointment was successful. Roll on a month into October and Geoff Hunt is again the Watercare chair.
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