10 minute read
ENGAGEMENT
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ENGAGEMENT
Our senior researchers and leaders participated in numerous webinars and other forums during 2021 to exchange knowledge and ideas with other researchers and key industry partners of Monash Business School. We also collaborated with our industry partners in facilitating industry-oriented research and advising on their investment strategies.
INDUSTRY ENGAGEMENT
REST INVESTMENT COMMITTEE
Deep Kapur served as a member of the Board Investment Committee of the REST industry superannuation fund.
C2ZERO
Deep Kapur was appointed as the Strategic Advisor at C2Zero in April this year. C2Zero is a Sydney-based tech company that uses serialised micro-credit tokens to embed carbon allowances into everyday goods and services.
REVISING THE CORPORATE GOVERNANCE CODE IN JAPAN: WHAT SHOULD WE CONSIDER?
26 JANUARY 2021
Japan is currently examining the global ESG (environment, social, governance) landscape to inform a proposed revision of its Corporate Governance Code. Nga Pham from MCFS spoke to asset managers and investors of the Japan Stewardship Forum about the new edition of the Australian Stock Exchange’s Corporate Governance Principles and Recommendations and Australia’s Modern Slavery Act.
CFA SOCIETY ADVOCACY WEBINAR
18 MARCH 2021
Regulators and investors in Japan are interested to learn about the ESG landscape in other markets and how stakeholder interests are incorporated into regulations and codes. Nga Pham talked about Australia’s Modern Slavery Act (2018).
ESG INVESTING IN THE APAC REGION: THE OUTLOOK FOR 2021
21 APRIL 2021
Bei Cui, based on her detailed research into how Asia-Pacific markets react to negative ESG news about companies, talked about opportunities and challenges in ESG investing in the Asia-Pacific region.
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STUDY SESSION ON HUMAN RIGHTS ISSUES
7 JULY 2021
Nomura Asset Management invited Nga Pham to talk about human rights issues to help investors understand what they should or could do through engagement and proxy voting and the implication for Japanese companies or other regions’ companies.
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RESEARCHER TO INNOVATOR PROGRAM
16 SEPTEMBER – 11 NOVEMBER 2021
Ummul Ruthbah, Nga Pham and Bei Cui participated in the Researcher to Innovator program run by Monash Generator. This was the first team from Monash Business School that went through an accelerator program. Our team was also one of the groups selected for the Generator Showcase, where teams pitch their research commercialisation proposals to venture capitalists.
JAPAN BOARD DIVERSITY NETWORK
17 NOVEMBER 2021
Nga Pham participated in the network’s meeting as an academic/network member and shared her expertise on ESG.
MODERN SLAVERY RESEARCH ENGAGEMENT
After the release of the Modern Slavery Statement Disclosure Quality report in August 2021, the MCFS team participated in meetings with the following companies and investment funds:
• Human Rights Resources and Energy
Collaborative (24 companies including Alcoa,
Alinta, AngloAmerican, AngloGold Ashanti,
ATCO, Blackstone Minerals, BHP, CITIC Pacific,
Fortescue Metals Group Ltd, Galaxy Resources,
Gold Fields Ltd, Iluka Resources, Inpex,
Mineral Resources, Northern Star Resources,
Origin Energy, Perenti Resources, Rio Tinto,
South32, Synergy, Talison Lithium, Wesfarmers,
Wesfarmers Chemical Energy and Fertilisers,
Western Power, Woodside). • Companies: TPG, CIMIC, ANSELL, Scentre,
Cleanaway, Woolworths, QBE, Lendlease,
Kathmandu, South32, Metcash, Telstra, Xero,
Evolution mining, Accenture, Worley, Northern
Star Resources Limited, AusNet Services,
AMP, REA, Commonwealth Bank of Australia,
Aristocrat • Nomura Research Institute. • Investment funds: Invesco, REST Super,
Paradice Investment, Telstra Super. • Other organisations: Walk Free, Australian
Catholic Anti-Slavery Network, Institutional
Shareholder Services.
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MEMBERSHIP AND PROFESSIONAL SERVICES
Nga Pham became co-chair of the new Financial Capital Committee of ICGN on 2 September 2021. She has also been a member of the Disclosure and Transparency Committee of ICGN since July 2019, participating in quarterly committee meetings to decide on the committee priorities and its annual work plan. In addition, she contributed to drafting the following ICGN works to represent investors’ views on important issues for capital markets:
• December 2021: ICGN 2021 Yearbook: Modern
Slavery: Why should investors care? • September 2021: ICGN’s letter to International
Accounting Standards Board on Agenda
Consultation • September 2021: ICGN’s letter to the Financial
Accounting Standards Board (FASB) on Agenda
Consultation • June 2021: ICGN’s letter to respond to the UK
Department for Work and Pension consultation calling for evidence on consideration of social risk and opportunities by the UK’s occupational pension schemes. • March 2021: ICGN’s letter to the Australian
Senate Standing Committees on Economics regarding Treasury Laws Amendment (2021
Measures No. 1) (Bill 2021) [Provision]: • July 2020: ICGN’s letter to the International
Auditing and Assurance Standards Board’s (IAASB) consultation on Proposed Guidance:
Extended External Reporting Assurance • Commented on other ICGN’s letters to regulators and standard setters.
THE CFA INSTITUTE AND THE CFA SOCIETY MELBOURNE (CFASM)
Nga Pham, as a member of the University Outreach Committee of the CFASM and a volunteer for various other activities of the CFA Institute:
• Co-organised “Your Career in Finance Day (28
September 2021) for Monash students (online) together with the CFASM • Was CFA Institute’s exam grader (January 2021 and January 2022) • Was named “Volunteer of the Year” by CFASM.
INVESTOR GROUP ON CLIMATE CHANGE
Ummul Ruthbah, Nga Pham and Bei Cui, as members of the Working Group, participated in quarterly meetings and other activities.
RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA
Nga Pham presented MCFS research on modern slavery to group members on 14 September 2021.
Ummul Ruthbah, Nga Pham and Bei Cui participated in quarterly meetings and other group activities.
As a member of the Advisory Board of the MCGPI, Nga Pham organises semi-annual board meetings, reviews project reports and participates in communication activities. She has been working on the project since 2018.
THE MONASH/C2ZERO REAL CARBON PRICE INDEX
Ummul Ruthbah, Nga Pham and Bei Cui partnered with carbon market specialists C2Zero and SparkChange to construct the first global Carbon Price Index and engaged with World Bank to develop a global carbon price benchmark.
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INTERNAL ENGAGEMENT
CLIMATE CHANGE RESEARCH WORKSHOP
02-03/12, Ummul Ruthbah participated in the two-day workshop and was one of the five representatives from Monash Business School.
COLLABORATION WITH THE MONASH DATA FUTURES INSTITUTE (MDFI)
Collaborating with the MDFI to develop the NLPbased capacity for scoring the disclosure quality of Modern Slavery Statements (December 2021).
MEDIA ENGAGEMENT
• Wall Street Journal: Australian companies struggle to assess modern-slavery risks - WSJ • The Australian Financial Review: Major
Australian companies failing at slavery disclosure • The Australian Financial Review: ASX 100 companies report on modern slavery • Inside Retail: “It’s disappointing”: Why retailers should do more to tackle modern slavery • The Sydney Morning Herald: ‘This is alarming’:
Major Australian companies fail at slavery disclosure • SmartCompany: Australia has long been complicit in modern slavery. It’s time boards addressed these risks • Ausbiz Interview: Identifying modern slavery among Australia’s largest companies • Bloomberg: Biggest Australian companies ranked in addressing modern slavery • SBS On the Money Vodcast: Modern slavery supply chain risks + markets • SBS On the Money: SBS On the Money:
Australian companies report on modern slavery | SBS News • 3CR Radio (with Claudia Craig): Collingwood
College meets Regan Lamble, Workers host alternative Covid press conference, Afghan solidarity, corporate responsibility for modern slavery • Medianet: Identifying modern slavery: An analysis of Australia’s largest companies • Probono Australia: Woolworths leads the way in tackling modern slavery in supply chains • The Market Herald: Mixed quality in the first round of ASX100 modern slavery statements • Business News: Fortescue Wesfarmers submit top modern slavery statements • The West: Andrew Forrest’s Fortescue Metals
Group, Woolworths leads big business charge against modern slavery • Inside Retail: Woolworths, Wesfarmers rank high in modern slavery reporting investigation –
Inside Retail • Banking Day: Guidance needed on modern slavery disclosure • Today, Headline: Michael Pascoe: Useful idiots – the accessories to Morrison’s big climate lie • Carbon Pulse: New index aims to show cost of carbon allowances in global context • Noel Turnbull: New index helps Track climate performance and puts Australia last • Money Management: SMSF investors failing to beat market • Bloomberg: Major Australian companies failing at modern slavery disclosure • The Australian Financial Review: Industry banking on academic learning • YourLifeChoices: You think you have enough?
Here’s why you’re probably wrong
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PODCAST
i3 PODCAST: MACHINE LEARNING, CRISIS AND TAIL RISKS
3 FEBRUARY 2021
Deep Kapur was interviewed for the Investment Innovation Institute’s i3 podcast on machine learning, the effect of the COVID-19 pandemic on markets and other topics.
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INVESCO INCLUSIVE PODCAST: FEAR FACTOR SERIES
21 SEPTEMBER 2021
Deep Kapur was interviewed for an Invesco Podcast episode titled “Factor investing and ESG are perfect partners”.
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THE RETIREMENT PUZZLE
The Retirement Puzzle is a podcast series that explores current and future trends in the pension sector and how they can impact us all. In six episodes, researchers at MCFS take turns hosting and welcoming guests from across the world to talk about living longer, retirement strategies and making money last.
At the macro level, we discuss issues related to the design of retirement income systems, such as the superannuation guarantee and housing savings, universal age pension, pensions and housing.
PREVIEW: INTRODUCING RETIREMENT PUZZLE WITH UMMUL RUTHBAH, NGA PHAM AND BEI CUI
Australia’s superannuation system isn’t immune to challenges. Follow researchers from the Monash Centre for Financial Studies as they explore critical trends in the pension sector and their impact on us all.
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EPISODE 1: WHY EQUITY IS AT THE CENTRE OF EVERY GOOD RETIREMENT SYSTEM: SPEAKING TO DR STEPHEN KING
When Australia’s Retirement Income Review presented its proposals, a heated debate ensued – particularly questions of equity between higher and lower-income earners, renters and homeowners, savers and non-savers, and those who can minimise tax and those who cannot. MCFS Research Fellow Ummul Ruthbah speaks to Dr Stephen King, a commissioner at the Productivity Commission, about these trade-offs.
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EPISODE 2: ROGER COHEN SAYS IT’S TIME TO CONSIDER THE UNIVERSAL AGE PENSION SERIOUSLY
Dr Ummul Ruthbah talks to Dr Roger Cohen, the founder and principal of Portable Beta, about the ‘retirement trap’ and why giving everyone a pension makes sense.
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EPISODE 3: IT IS A ‘ONE-POT’ THING: THE SINGAPOREAN EXPERIENCE ACCORDING TO JOSEPH CHERIAN
The ‘four pillars’ of Singapore’s unique compulsory savings and pension system – home ownership, retirement income, healthcare savings and insurance and building savings – support its ranking in the top 10 in the world, according to the Mercer CFA Institute Global Pension Index. MCFS Research Fellow Nga Pham talks about its features with Professor Joseph Cherian of the National University of Singapore.
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EPISODE 4: WHAT WE CAN STILL LEARN FROM GRATTON AND SCOTT’S THE 100-YEAR LIFE
Published in 15 languages, the multi-awardwinning 100-Year Life struck a global chord when it argued that our three-stage life – ‘education, work, retirement’ – was increasingly redundant. Dr Nga Pham of MCFS chats to one of the authors, Professor Andrew Scott, about how to fund a ‘multi-stage life’.
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EPISODE 5: ‘THEY DO NOT BEAT THE MARKET’: THE UNPALATABLE TRUTH ABOUT SELF-MANAGED SUPER FUNDS
Despite having $A728 billion assets under management – about 25 per cent of our total super assets – strangely, little is known about the performance and preferences of self-managed superannuation fund (SMSF) investors. Retirement Puzzle co-hosts Dr Nga Pham, and Dr Bei Cui delved into eight years’ worth of day-to-day domestic portfolio trading data from SMSF investors with their co-host Dr Ummul Ruthbah. What they found was less than reassuring.
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EPISODE 6: DOES THE SUPERANNUATION GUARANTEE DISCOURAGE PRIVATE SAVING?
The Super Guarantee’s primary purposes are to ensure that households have sufficient savings for retirement and to reduce the burden on the government budget from the Age Pension. Has it achieved these goals? And how does it affect household saving behaviour? MCFS researcher Dr Bei Cui talks to fellow researchers Dr Nga Pham and Dr Ummul Ruthbah.
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