Full Federal Court rejects Australian Centre for Corporate Responsiblity's case against CBA

The Full Federal Court today handed down an unanimous decision rejecting the appeal by ACCR against the July 2015 decision (see my note on this (VIEW LINK) that the CBA was justified in its decisions on which resolutions to put on the AGM agenda. I note at paragraph [57] of the judgment that the Court has not expressed a view on the kinds of resolutions companies put to AGMS 'in the interests of transparency and good corporate governance'. These are typically resolutions to grant equity-based incentives to executive directors. ASX Listing Rule 10.14 does usually require shareholder approval of these grants. It is not required if the shares to satisfy the vested awards will be purchased on market (as opposed to issuing new shares). Thus for now shareholders will continue to resort to constitutional amendment resolutions to put climate change issues on the agenda.