Australian giants’ ESG failures to trigger industry changes

Bringing in a European with a record of turning around businesses at the top may not solve the Australian investment and insurance group's credibility problem, say industry observers.

Revelations of malpractice by the Australian investment and pensions firm will reverberate across Asia, where it has a big base of clients and partners. The group is tipped to be split up.

Unless Asian institutions insist on better corporate governance, companies they invest in are unlikely to deliver it. That's the upshot of a report showing a surprising lack of engagement by asset owners.

A culture of opaqueness and underperformance prompts a government-led inquiry to recommend a radical overhaul of superannuation.