A controversy has erupted when a shareholder of the Commonwealth Bank has written to the Australian Securities and Investments Commission regarding a donation to the Yes side of the Voice campaign of $ 2 million. At the annual general meeting, he asked the Commonwealth Bank chair, to name the “relevant section of Corporations Act that authorises the Board to make a political donation to the Voice's YES campaign.” There was no reply to this, as the angry shareholder’s microphone was cut!
Hopefully the matter will be pursued and the ASIC rules that there is no relevant section of the Act allowing the donation. Then, there is a precedence for other shareholders to go after other corporates who did the same thing. Next woke adventure they may all be a bit more cautious, before getting into woke over-load.
