The Australian Financial Review Newspaper - Accounting and Finance Assignment Help

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The Australian Financial Review newspaper (28/8/15, pp. 1 & 11): Transfield plans fundie tours of Nauru, Manus co-authored by Jenny Wiggins and Sally Rose.
p.1
Some of Australia's top fund managers may get guided tours of asylum-seeker detention centres on Nauru and Papua New Guinea's Manus Island under a plan by Transfield Services to demonstrate it is not committing human rights abuses.
The possible move by Transfield illustrates how seriously the company is taking a push by activists to pressure industry super funds to embarrass the company by publicly announcing that they are selling its shares.
Transfield expects the Department of Immigration and Border Protection to renew a $2.2 billion contract providing operational, maintenance and welfare support services for detention centres before its current contract expires on October 31.
Story continues… p11
Some of Australia's top fund managers may get guided tours of asylum-seeker detention centres on Nauru and Papua New Guinea's Manus Island under a plan by Transfield Services to assure industry superannuation funds that it is not committing human rights abuses.
Transfield expects the Department of Immigration and Border Protection to renew a $2.2 billion contract providing operational, maintenance and welfare support services for detention centres on Manus Island in Papua New Guinea and Nauru within the next few weeks before its current contract expires on October 31.
Chief executive Graeme Hunt said he hoped the new contract would allow Transfield to be "transparent to the maximum extent possible" so it could show investors it was meeting its social and governance obligations.
"Some of the people we have engaged with on this issue have told us they feel sorry for us because we are the meat in the sandwich," he said.
While several human rights groups have visited the detention centres, no investor trips have taken place because of the sensitivity of the locations. The possible move by Transfield illustrates how seriously the company is taking a push by activists to pressure industry super funds to embarrass the company by publicly announcing that they are selling its shares.
Industry super fund HESTA this month said it sold a 3.5 per cent stake, worth some $23 million, citing evidence of human rights violations inside the detention centres.
The $32 billion super fund said the risks associated with Transfield were too high. Other super funds, including NGS Super, have been selling their shares too. Transfield's largest shareholder, funds management firm Allan Gray, welcomed the prospect of seeing the detention centres.
"We would definitely take the opportunity to visit the centres on Manus Island and Nauru," Allan Gray managing director Simon Mawhinney said.
Mr Mawhinney said the visits alone would not ensure confidence in transparency. "Site visits seldom give a true perspective," he said. "You can rest assured that everyone will be on their best behaviour when a known-in-advance site visit takes place.
Allan Gray controls an almost 19 per cent stake in Transfield, worth about $99.7 million.
The Australian Council of Superannuation Investors has been pressing Transfield's board and management for more information on the treatment of asylum seekers for more than a year.
ACSI chief executive Louise Davidson said site visits do help improve transparency. "Disclosure and transparency are crucial in helping investors to determine the level of risk within a company," she said.
Transfield was confident it had the right governance processes in place and was "doing things the right way" at the detention centres, but wanted to better communicate with investors and the public, Mr Hunt said.
"We don't want people reaching the wrong conclusions on the basis of either not engaging with us or not understanding what are the facts as opposed to what speculation and allegations might be," he said.
Transfield acknowledged in its submission to a Senate inquiry into alleged human rights violations that there have been "a number of allegations and complaints of sexual and physical assault" made by detainees at the Nauru centre, including against staff members, but says it has acted "swiftly and appropriately" on complaints and allegations of assault.
The inquiry is due to report its findings on Monday.
Mr Hunt said that while there were questions over whether the Australian government's detention centres complied with international laws, he did not believe the company had broken any Australian laws. "Our very clear advice and position is that we are acting within the framework of the Australian law," Mr Hunt said.

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