The majority voted in favour of a disallowance motion introduced by SA Senator Rex Patrick (Independent), which means it succeeded and the Treasury Laws Amendment (Greater Transparency of Proxy Advice) Regulations 2021 will no longer have legal force.

What do the regulations do?

According to the explanatory memorandum:

The Regulations amend the Corporations Regulations 2001 to specify:

  • circumstances in which voting advice is proxy advice (a kind of financial service); and

  • obligations for financial services licensees who provide proxy advice to:

  • provide any proxy advice to the entity that is the subject of the proxy advice on the same day it is provided to the client; and

  • be independent of their clients.

The Regulations also amend the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) to expand the range of information that Registrable Superannuation Entity (RSE) licensees must make publicly available on the registrable superannuation entity’s website to include a summary of how voting rights attaching to shares in listed companies that the trustee of the registrable superannuation entity holds, or in which the trustee holds beneficial interests, have been exercised.

Motion text

That the Treasury Laws Amendment (Greater Transparency of Proxy Advice) Regulations 2021, made under the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993, be disallowed [F2021L01801].

Votes Passed by a small majority

Nobody rebelled against their party.

Party Votes
Australian Greens (100% turnout) 9 Yes 0 No
Dorinda Cox WA Yes
Mehreen Faruqi NSW Yes
Sarah Hanson-Young SA Yes
Nick McKim Tasmania Yes
Janet Rice Victoria Yes
Jordon Steele-John WA Yes
Lidia Thorpe Victoria Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (60% turnout) 15 Yes 0 No
Tim Ayres NSW Yes
Kim Carr Victoria Yes
Anthony Chisholm Queensland Yes
Raff Ciccone Victoria Yes
Patrick Dodson WA Yes
Katy Gallagher ACT Yes
Karen Grogan SA Yes
Jenny McAllister NSW Yes
Malarndirri McCarthy NT Yes
Louise Pratt WA Yes
Tony Sheldon NSW Yes
Marielle Smith SA Yes
Anne Urquhart Tasmania Yes
Jess Walsh Victoria Yes
Murray Watt Queensland Yes
Catryna Bilyk Tasmania Absent
Carol Brown Tasmania Absent
Don Farrell SA Absent
Nita Green Queensland Absent
Kristina Keneally NSW Absent
Kimberley Kitching Victoria Absent
Deborah O'Neill NSW Absent
Helen Polley Tasmania Absent
Glenn Sterle WA Absent
Penny Wong SA Absent
Stirling Griff SA Centre Alliance Yes
Sam McMahon NT Country Liberal Party Absent
Sue Lines WA Deputy President Yes
Rex Patrick SA Independent Yes
Jacqui Lambie Tasmania Jacqui Lambie Network Yes
Liberal National Party (100% turnout) 0 Yes 2 No
Matthew Canavan Queensland No
James McGrath Queensland No
Liberal Party (66% turnout) 0 Yes 19 No
Wendy Askew Tasmania No
Andrew Bragg NSW No
Michaelia Cash WA No
Claire Chandler Tasmania No
Richard Colbeck Tasmania No
Jonathon Duniam Tasmania No
David Fawcett SA No
Hollie Hughes NSW No
Jane Hume Victoria No
Andrew McLachlan SA No
Greg Mirabella Victoria No
Jim Molan NSW No
Matt O'Sullivan WA No
James Paterson Victoria No
Anne Ruston SA No
Zed Seselja ACT No
Dean Smith WA No
Amanda Stoker Queensland No
David Van Victoria No
Eric Abetz Tasmania Absent
Alex Antic SA Absent
Simon Birmingham SA Absent
Concetta Fierravanti-Wells NSW Absent
Sarah Henderson Victoria Absent
Marise Payne NSW Absent
Gerard Rennick Queensland Absent
Linda Reynolds WA Absent
Paul Scarr Queensland Absent
Ben Small WA Absent
National Party (100% turnout) 0 Yes 3 No
Perin Davey NSW No
Susan McDonald Queensland No
Bridget McKenzie Victoria No
Pauline Hanson's One Nation Party (50% turnout) 1 Yes 0 No
Malcolm Roberts Queensland Yes
Pauline Hanson Queensland Absent
Slade Brockman WA President No
Totals (71% turnout) 29 Yes – 25 No