The royal commission into financial services and Rio Tinto’s Juukan Gorge disaster in 2020 have also made social licence an important benchmark for investors.
The crisis at Qantas is set to hang over the upcoming flood of annual shareholder meetings, as investors look to dial up the pressure on companies to meet their social and environmental goals while churning out big profits.
He warned that turning around customer and investor perceptions often required more than merely a promise to do better or cosmetic remediation measures. “It can be very difficult to turn around consumer perception of a company after it goes through a very bad period,” Sequeira said. “Social licence should always be a focus for all companies.
“I think when they were faced with pressure, challenges in the community, and impact on staff, customers and supply chains during the pandemic, companies had a rethink of how they managed and worked through those issues,” he said. “The key idea is that the long-term success of an organisation is built on having strong support from all stakeholders. I think increasingly, boards recognise that value, and certainly when it is challenged, it’s a huge concern.
Australian Shareholders Association chief executive Rachel Waterhouse said the focus at many of this year’s AGMs would be remuneration reports, ESG strategies, how companies were looking to operate amid cost of living and inflation pressures, and fair treatment of shareholders.
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