https://download.asic.gov.au/media/4778954/rep578-published-27-ju...

https://download.asic.gov.au/media/4778954/rep578-published-27-june-2018.pdf
ASIC's Report 578 dated June 2018 entitled 'ASIC review of proxy adviser engagement practices' said thatOwnership Matters has informed ASIC that its engagement policy includes that:

Ownership Matters(page 11 of ASIC 578)

Ownership Matters:

• engages with companies to probe board decision making and establish commercial context behind director judgements (nope, it didnt with ISX)
• subject to availability, will meet with issuers on governance issues at any time of the year, without ‘blackout’ periods or restrictions
• where factual uncertainties exist, will use best endeavours to contact issuers to resolve them (nope, just made stuff up)
• when considering an ‘against’ recommendation, will use best endeavours to seek any publicly available information or commercial context that might inform its position without selectively revealing its final recommendation
• does not provide pre-publication draft reports to companies for fact-checking but will make a copy of its final report and recommendations available to companies, free of charge, at the same time that the report is published to its client group(nope, it hasnt yet)
• if contacted about a potential error in one of its reports, will immediately issue a correction if there is a material factual inaccuracy but will not issue a correction on matters of differences of opinion or immaterial grammatical mistakes.(nope, multiple errors raised by ISX, no correction)

At no time has Ownership Matters contacted ISX to clarify or verify any of thestatements made in the Report or directly provided ISX with a copy of theReport.

So, what do we have?

An amateur organisation that blatantly misrepresent how it conducts itself toASIC.

Whats the issue? Cant they do as they please? No>>>>>>>>

Proxy advisers are also subject to s1041H of the Corporations Act which states that a person must not engage in conduct, in relation to a financial product or a financial service, that is misleading or deceptive or is likely to mislead or deceive. This applies whether or not the activity is conducted under an AFS licence.

Problem, much? Oh, yes. Dean Paatsch and his team will yet get to live their socialist dream. Be great to see how our system of law redistributes their wealth to us as ISX shareholders.