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Insights

CBA announces new board appointment

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The Commonwealth Bank (CBA) has announced Lyn Cobley will join its board of directors as an independent non-executive director beginning on 1 October. Ms Cobley has more than 30 years of experience in financial services and was formerly CEO of Westpac Institutional Bank, chair of Westpac’s Asia Advisory Board and group treasurer of CBA. She has also previously held senior positions at Barclays and Citibank throughout her career, and was appointed senior advisor at consulting firm Oliver Wyman earlier in 2022.

“On behalf of the board, I am delighted to announce Lyn’s appointment, and to welcome her breadth of financial services experience in her role as a non-executive director of CBA,” CBA chair Paul O’Malley said in a statement. The bank has also confirmed that current independent non-executive director, Shirish Apte has decided not to offer himself for reelection at the bank’s upcoming AGM in October. Mr Apte originally joined CBA’s board in June 2014 and has been a member of its board audit committee and board risk & compliance committee, and previously served as the chair of the board risk & compliance committee.

The rest of this article can be found at investordaily.com.au.

UniSuper appoints ESG manager

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

The $108 billion fund has announced the appointment of Jodie Barns as ESG manager. Jodie joins the fund from the Australian Council of Superannuation Investors where she has been specialising in climate risk and providing comprehensive research to super funds on how companies approach climate change, decarbonisation and transition plans. Commenting on her appointment, UniSuper’s head of ESG said Ms Barns will be an asset to the fund’s members as it continues to seek opportunities in a decarbonising market. 

“We’re pleased to welcome Jodie. With deep experience in engaging on ESG issues, Jodie strengthens our team, helping all our members to save for a future worth retiring for,” Lou Capparelli said. Ms Barns starts at UniSuper on 12 September. In July, UniSuper announced it is proceeding with its intended merger with Australian Catholic Superannuation (ACS) with the inking of a successor fund transfer deed.

The rest of this article can be found at investordaily.com.au.

HESTA puts emissions-intensive companies on notice

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

The super fund has announced possible divestments.  HESTA has created a watchlist of companies that it deems unconducive to its new goal to halve normalised emissions across its portfolio by 2030. On Tuesday, HESTA announced it has lifted to 50 per cent an interim target it set in 2020 to achieve a 33 per cent reduction in normalised emissions by 2030.

In doing so, the fund has announced heightened monitoring and engagement with key emissions-intensive companies, including AGL, Origin, Santos and Woodside, having identified that all four face “significant” decarbonisation challenges and require a “major shift” in their strategies to offer low-carbon energy products. The fund revealed that it has written to the chairs of all four companies informing them of its decision to place them on watchlist and outlining its heightened concern over the disparity between their strategic targets and a 1.5-degree Celsius transition pathway. Under its engagement escalation framework, HESTA confirmed it has several tools at its disposal, including divestment where it considers there is “inadequate evidence” of progress to address risks and it is in the best financial interests of members.

The rest of this article can be found at investordaily.com.au.

Companies with poor ESG practices underperform over long term

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The trend is consistent across sectors except for two notable exceptions. Research by Federated Hermes on the link between ESG and company performance has found that those with poor practices have historically underperformed over the long-term. According to the firm, companies with leading or improving environmental, social and governance scores perform better than their peers with poor or worsening standards largely due to the underperformance of the laggards rather than the outperformance of the leaders.

“For investors, avoiding the ESG laggards, and those whose standards are slipping, is a crucial way to capture the ESG premium,” suggested Federated Hermes senior global equities portfolio manager Lewis Grant. The investment manager previously concluded that both social and governance factors have had a “meaningful impact” on shareholder returns but the relationship between environmental factors and performance was determined to be weak. However, in the two years following its earlier research, Federated Hermes said it had observed a shift which has seen environmental factors supporting performance on par with social and governance.

The rest of this article can be found at investordaily.com.au.

Franklin Templeton expands fixed income team

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Franklin Templeton Australia has appointed Angela Guan as a portfolio analyst and George Lim as a credit analyst within its Australian fixed income team. Ms Guan was previously a researcher, econometric modeller and data analyst at the University of Melbourne’s Department of Finance. She holds a bachelor of commerce with first class honours from the University of Melbourne and is currently studying for a PhD in finance.

Meanwhile, Mr Lim was most recently at MUFG Bank, where he managed the end-to-end process for new transactions from credit analysis to deal closure. His qualifications include a bachelor of commerce and bachelor of finance from Monash University, with majors in finance, economics and actuarial science. “We are delighted to have Angela and George join our growing team. They will add depth to our analysis of fixed income markets,” commented Franklin Templeton MD and head of Australia and New Zealand, Felicity Walsh.

The rest of this article can be found at investordaily.com.au.

ASX names new CFO

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

The former CFO of Challenger is joining the stock exchange operator. ASX has announced the appointment of Andrew Tobin as its new chief financial officer (CFO) following the departure of current CFO Gillian Larkins at the end of August. Mr Tobin served as the CFO of Challenger between 2012 and 2021, where he was responsible for a number of operational areas including finance, investor relations, treasury, operations and information technology.

He was previously deputy CFO at the investment management firm between 2007 and 2012 and has also held roles at the Commonwealth Bank, MLC and KPMG. “Andrew is an accomplished CFO and executive leader with more than 30 years’ experience in various group finance and audit roles in Australia and Asia. He is an excellent addition to our team,” said ASX MD and CEO Helen Lofthouse. “His ability to think strategically and commercially, his partnership approach, and extensive expertise in financial markets and listed companies will add depth to the executive team and enhance our leadership culture.”

The rest of this article can be found at investordaily.com.au.

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