15 Oct ASIC UPHOLDS SHAREHOLDERS RIGHT TO PROD DIRECTORS; SUPPLY CHAIN ISSUES ATE MY HOMEWORK
Welcome to this week’s business and media intelligence update.
GOT A QUESTION? ASIC UPHOLDS SHAREHOLDERS RIGHT TO PROD DIRECTORS
As we gear up for the start of the AGM season, ASIC has warned companies that even on a “virtual” or remote meeting, shareholders must still be allowed to ask questions verbally instead of just in writing.
The regulator ruled at the start of the pandemic that companies were allowed to host their AGMs virtually to prevent large groups gathering in person, and some companies have since tried to extend these provisions to make virtual AGMs a permanent phenomenon.
While virtual AGMs have seen an increase in shareholder participation and engagement rates, there are concerns that companies may try to limit uncomfortable questions by requiring shareholders to submit their questions in writing for approval before the AGM.
You can read more about the debate here.
SUPPLY CHAIN ISSUES ATE MY HOMEWORK
Remember this image?
Source: AP
It’s from March of this year, when the Ever Given got stuck in the Suez Canal, causing a six-day blockage that spawned a thousand memes.
Well, it’s just one of several factors having a disastrous impact on the global supply chain – the complex network of ports, roads, factories, and workers that ensures the shoes, make up, or brand new Tesla you might have ordered last week arrives at your doorstep on time.
The global supply chain is a well-choreographed ballet, and even at the best of times, minor disruptions can quickly balloon into major delays further down the line.
Pandemic related closures, coupled with a miscalculation of customer demand post-COVID have thrown a giant spanner in the works, delaying the delivery of everything from cars to furniture.
So, what does it all mean? Expect to hear the words “supply chain” crop up a lot more in earnings calls from now till 2023. Yes, that’s right – 2023.
Read more about it here. But maybe order that iPhone first if you want it in time for Christmas.
WILL WFH GET IN THE WAY OF PROMOTIONS?
With NSW’s 106-day lockdown now all but over, at least for those fully vaccinated, the question is: will workers return to their CBD offices in a hurry?
Well, there may be good reasons to do so, apart from replacing joggers with proper pants.
According to economist Professor Edward Glaeser, working from home may slow down promotions.
Read more here.
Feel free to share these updates with colleagues or friends. They can sign up here to receive our daily newsletter.