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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Finance worker incentive reforms will impact customers

By Grace Ormsby

July 23 2019
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Finance worker incentive reforms will impact customers

By Grace Ormsby
July 23 2019

Existing salary arrangements for financial institution employees could be scrapped under reforms aimed at better incentivising the “right” behaviour of APRA-regulated entities, according to the authority.

Finance worker incentive reforms will impact customers

By Grace Ormsby

July 23 2019
Share

In a new discussion paper released today, the prudential regulator has publicised a draft standard aimed at “clarifying and strengthening remuneration requirements” to better align remuneration frameworks with the long-term interests of entities and their stakeholders.

According to APRA, the reform would introduce heightened requirements on entities’ remuneration and accountability arrangements in response to evidence that existing arrangements have been a factor in driving poor consumer outcomes.

Addressing recommendations 5.1 to 5.3 from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry’s final report, the changes would see Australia stepping into line with “better” international remuneration practice, it said.

According to APRA, a key reform being proposed in the paper is an elevation of the importance of managing non-financial risks, with financial performance measures not to comprise more than 50 per cent of performance criteria for variable remuneration outcomes.

Minimum deferral periods for variable remuneration of up to seven years would also be introduced for senior executives in larger and more complex entities, with boards given scope to recover remuneration for up to four years after it has vested.

Additionally, boards would be required to approve and actively oversee remuneration policies for all employees and need to regularly confirm they are being applied in practice to ensure individual and collective accountability, APRA had explained.

For the prudential regulator’s deputy chair, John Lonsdale, it’s clear that existing remuneration arrangements in many entities have not incentivised the “right” behaviours.

“Remuneration and accountability frameworks play an important role in driving employee behaviour,” he considered.

“Where policies are poorly designed, or not followed in practice, companies may incentivise conduct that is contrary to the long-term interests of the company and its customers.”

In the financial sector, APRA has observed an over-emphasis on short-term financial performance and a lack of accountability when failures occur, especially among senior management, according to the deputy chair.

He noted that this “has contributed to a series of damaging incidents that have undermined trust in both individual institutions and the financial industry more broadly”.

“Crucially from APRA’s perspective, these incidents have damaged not only institutions’ reputations, but also their financial positions,” Mr Lonsdale continued.

“Limiting the influence of financial performance metrics in determining variable remuneration will encourage executives to put greater focus on non-financial risks, such as culture and governance. As our recent response to the industry self-assessments made clear, this remains a weak spot in many financial institutions,” he offered.

Clarifying that APRA “will not be determining how much employees get paid”, Mr Lonsdale said the authority wants to empower boards to more effectively incentivise behaviour that supports the long-term interests of their entities in order to hopefully see better outcomes for customers and higher returns for shareholders in the long term.

According to a statement from APRA, the three-month consultation period will close on 22 October.

The release of the final prudential standard is expected before the end of 2019.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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