Certain executives of Australian companies might have to wait seven years to have their bonuses paid out under proposed changes to executive remuneration introduced by the Australian Prudential Regulation Authority designed to limit the risk of misconduct and align executive pay with long-term performance.
The settlement of the Discovery Metals investor class action against KPMG has experienced another setback, after scheme administrator Grant Thornton flagged a potential conflict of interest in acting as a costs contradictor over Piper Alderman’s controversial $3.5 million legal bill.
Blue Sky Alternative Investments has reached a confidential settlement of its case against three former directors and two investment firms over an alleged raid on the fund manager’s confidential database.
Fitch Ratings has agreed to settle the last of the investor class actions in Australia flowing from the global financial crisis, a court heard Friday.
The corporate watchdog has proposed a complete ban on unsolicited telephone sales of life insurance and consumer credit insurance, as an urgent placeholder ahead of wider reforms recommended after last year’s banking royal commission.
Veritas Advisory liquidator David Iannuzzi has admitted to “quite significant deficiencies” in his conduct as a liquidator and agreed to a 10-year ban from serving as an insolvency practitioner.
The Australian Prudential Regulation Authority will be given a raft of new disqualification powers over inappropriate directors and senior executives, after a report criticised the financial regulator’s preference to engage with regulated entities “behind the scenes”.
Lawyers for IOOF chief financial officer David Coulter have dismissed APRA’s allegations that he breached his superannuation duties as commercially “naïve”, “absolutely desperate” and a “most egregious example” of impulsive regulatory enforcement action.
The former directors of troubled fund manager IOOF have slammed APRA for bringing a “truly hopeless” disqualification case against them, telling a court the prudential regulator’s “Stalinist” approach was deterring “good people and good companies” from participating in the superannuation industry.
A judge has refused to approve Piper Alderman’s $3.5 million in legal fees charged for running a class action against KPMG, appointing Grant Thornton as contradictor and giving the auditor the ability to seek assistance from the court for any future disputes about the controversial bill.