'Significant damage': Powerful investor group lashes corporate Australia amid IOOF harassment claims
Sarah Danckert (The Sydney Morning Herald)
One of the nation's most powerful investor groups is calling on corporate Australia to strengthen policies against misconduct following allegations of sexual harassment at wealth manager IOOF.
The Australian Council of Superannuation Investors, which advises big super funds and offshore groups on corporate governance issues, said Australian companies must also increase disclosure of alleged misconduct to investors because such incidents can represent a "non-financial" risk to shareholders.
"Investors expect companies to have measures in place to identify, address and prevent sexual harassment." ACSI chief executive Louise Davidson said. "We have seen plenty of evidence over recent times that companies that fail to manage this issue do significant damage to their social licence to operate."
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