melbourne jan 7 reuters breakingviews  australian companies have been given more padding against cranky investors just before christmas the federal government foisted new rules on firms like glass lewis and the australian council of superannuation investors that offer shareholders voting advice at first glance they appear to improve transparency on second they’re too onesided treasurer josh frydenberg’s agency first floated proposed modifications last april the government argued the four major proxy advisory firms in australia require more oversight because they exert outsized influence on voting decisions even though the australian securities and investments commission in 2017 determined existing rules were sufficient standard procedure would be to invite industry comment make adjustments and then pass legislation frydenberg skipped the last part and rammed through the package which includes making proxy firms reapply for their licences one of the worst of the initial suggestions was dumped at least proxy advisers will not be required to provide their research to the affected company five days before releasing it to investor clients which would have tipped the balance too far instead investors and management will get research at the same time pension funds also must disclose how they vote at annual meetings although that’s only applicable to socalled superannuation funds which handle money employers set aside for staff retirement in fact this section of the industry which manages a34 trillion 25 trillion seems to be the actual target of frydenberg’s push the ruling rightwing coalition has never been a fan of the superannuation sector which was set up by the leftleaning labor party before the new rules some 36 superannuation funds had stakes in the asci which few saw as a problem it looks like they will now have to divest there are also worthwhile changes missing for example it is all but impossible for agitating shareholders in australian companies to launch their own resolutions the workaround such as it is requires 75 of fellow owners to vote to amend the company’s constitution to allow them no such measure has ever passed without the target’s support on balance shareholders in publicly traded businesses down under are starting 2022 on the back foot