The third way

Australia's big asset managers are ramping up scrutiny of listed company boards. Yet little seems to be changing when it comes to holding individual directors to account for performance: high-profile backlashes against individual directors are still rarities, according to Listed@ASX's Ben Power.

"It's an oversight function and a protection of the interests of shareholders on the downside that's not yet proven to be directly correlated with, say, an increase in dividends or share price appreciation," commented Michael Chandler, Director Corporate Governance, Morrow Sodali Australia. 

"We are so far away we can't even see it," he continued, "The company disclosure regime around board skills and board performance simply does not support it at the moment."

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