The Board of Directors serve a critical leadership role in the CFA Societies by providing strategic direction to carry its mission and vision in Australia by coordinating the needs of society members with the rapidly changing environment of the investment industry.  Its independent voice aims to promote the integrity and efficiency of the capital markets that underpin the investment profession and the broader Australian economy.

CFA Society Sydney

CFA Society Sydney is pleased to announce that Charles Wu, CFA, (a photo is included in the attached document) has been appointed President following the Annual General Meeting. Mr Wu is the Deputy Chief Investment Officer and General Manager Defined Contribution Investments at State Super.

“I am excited for this extraordinary opportunity to serve my fellow members, volunteers and the greater finance community as I begin my term as President of CFA Society Sydney. I look forward to deepening our impact locally and nationally,” said Mr Wu.

New appointments to the Board of Directors include:

• Raj Gohil, CFA, as Vice President. Mr Gohil is the Head of Macquarie Investment Management in Australia.
• James Cowper, CFA as Treasurer. Mr Cowper is the Director, Principle Advisory Services.
• Rein van Rooyen, CFA as Brisbane Director. Mr van Rooyen is the Head of Investment Performance & Operations, Group Governance, Q Super.

CFA Society Sydney would like to express its gratitude to departing board members, Anthony Serhan, CFA, Michael Brivulis, CFA, and Jake Koundakjian, CFA. The Society thanks them for their support while serving on CFA Society Sydney’s Board.

CFA Society Melbourne

CFA Society Melbourne has made the following appointments to the board with experienced industry leaders:

• Brett Elvish, CFA as Treasurer. Mr Elvish is the Founder and Director, Financial Viewpoint.
• Rob Fowler, CFA as Programming Chair. Mr Fowler is the former Chief investment Officer, HESTA.

CFA Society Melbourne thanks departing board members Graeme Bibby, CFA, Thomas Tam, CFA, William Nigro, CFA, and Leila Lee, CFA, for their service on the Board.

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Lisa Carroll

A new survey reveals that just one in four Australian retail investors (24%) trust the financial services industry, down from 31% in 2018, and compared to 47% globally, raising the importance of strengthening enforcement of the best interest duty, according to CFA Societies Australia.

The new data is based on a survey by the CFA Institute of retail and institutional investors in 15 markets globally that measured their level of trust in the investment industry. Their report, “Earning Investors’ Trust: How the Desire for Information, Innovation, and Influence is Shaping Client Relationships,” also reveals that just 37% of Australian retail investors believe their financial advisers always put their interests first, down from 44% in 2018.

Yet Australian investors clearly agree that having a financial adviser can add value. Whereas just 57% of retail investors without an adviser said they have a fair opportunity to profit by investing in capital markets, this jumped to 81% for those investors using an adviser.

“Although there is a lack of trust in the system, most Australian retail investors still believe they have a fair opportunity to profit by investing in the capital markets,” said Lisa Carroll, CEO of CFA Societies Australia. The organisation has developed policy recommendations to and continues to advocate for higher standards to improve levels of trust in the financial services industry.

“CFA Societies Australia continues to promote the importance of access to quality financial advice, particularly in times of market turbulence. We advocate for and support the continuing professionalisation of the industry, including a clear best interest duty and independence of advice,” said Carroll.

 The survey found that, despite the negative news coverage surrounding the financial services industry during the 2019 Hayne Royal Commission, 66% of Australian investors do not plan to make any changes to the way they obtain advice in response to the commission’s findings. Many Australian retail investors, or 40% of those surveyed, believe the commission will lead to improved professional standards in the industry.

According to Carroll, financial advisers can make a crucial difference to whether investors will succeed in meeting their investment goals. “With interest rates at low or negative levels in many places in the world, finding new opportunities to invest will be important to investors meeting their financial objectives, and those with an adviser are better equipped to consider these options,” she said. “Nearly two-thirds of retail investors with an adviser are interested in accessing new investment products, compared with only about one-third of retail investors without an adviser.”

The survey also revealed Australians put less importance on technology when making investments than their global counterparts do, with 62% of investors in Australia (versus 50% of investors globally) preferring to rely on a person rather than a technology platform to navigate investments. Reflecting that, 81% of investors in Australia would trust human advice over that of a robo-adviser (compared to 73% globally).

While trust in technology is essential for the growth of artificial intelligence and machine learning platforms, investors are wary about how data is used. The survey found 35% of retail investors would leave their firm over a data or confidentiality breach. More than one-third of retail investors in Australia said they were less willing to hand over their personal information on online platforms than they were three years ago.

Australian investors are, however, more motivated to invest according to personal values than their global counterparts. The survey revealed that 58% of investors would invest in investment products adhering to Environmental, Social, and Governance factors to express their personal values or to make a positive impact, compared to 47% of investors globally.

Key findings from the Australian survey

1. Only 24% of Australian retail investors trust the financial services industry, down from 31% since the last survey in 2018.
2. Investors without an adviser are sceptical of news about the markets, with just 39% saying news about financial markets is trustworthy, versus 61% of those with an adviser.
3. Most retail investors (75%) believe their adviser is legally required to put their interest above their own, but only 37% say their adviser always puts client interests first, compared to 35% globally. Among institutional investors, only 25% think their investment firms put clients first. 
4. Performance and fees are important for investors, with 55% of retail investors saying underperformance would be a reason to leave an adviser, while 44% said fees being too high would be another consideration.
5. Perceptions of transparency have fallen over the past two years, with only 40% of institutional investors and 53% of retail investors saying their investment firm is very transparent in how they work overall.
6. Brand is a powerful signal of trust to younger retail investors, with 75% saying globally they would rather work with a firm with “a brand I can trust” than one with “people I can count on”. This compares to 51% of all investors globally. In Australia, on 41% of retail investors put brand above “people I can count on”.
7. Underscoring the need for ongoing education, 63% of institutional investors and 66% of retail investors say they would expect investment professionals acting on their behalf to be able to better manage their portfolios if they undertook relevant continuous professional development each year.

Methodology

The Trust Survey was conducted with 3,525 retail investors and 921 institutional investors in October and November 2019. The markets surveyed were Australia, Brazil, Canada, Mainland China, France, Germany, India, Japan, Mexico, Singapore, South Africa, UAE, UK, US, and Hong Kong SAR, China. Retail investors were aged 25 years or older with investible assets of at least US$100,000, except in India where the minimum was adjusted to 500,000 rupees. Institutional investors included individuals responsible for investment decisions with at least US$50 million assets under management, from public and private pension funds, endowments and foundations, insurance companies and sovereign wealth funds.

Read the report.

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Industry leaders took to the stage during the day to cover the big issues impacting investment management today – from ESG to understanding the financial marketplace of the future, identifying and responding to ethical conundrums and improving transparency and communication with investors.

There was widespread acknowledgement from speakers that disclosure and regulation can only go so far to address challenges highlighted by the Hayne Royal Commission, and agreed that culture change is equally important. This thorny question formed the basis of a robust debate entitled “The future of financial services lies in better culture, not regulation.”

Almost 200 delegates responded and the results marginally favoured culture over regulation in a close-fought battle. 48.5% of attendees said culture change was the future, 39.7% argued for regulation and 11.9% were undecided.

Earlier in the day ASIC Chair James Shipton honed in on fairness in investment management, when he said that the only way to increase trust and ensure good investor outcomes is through a mixture of culture change and effective regulation.

“It’s right that the community has high expectations of the financial services industry and regulators – because the system exists to serve people – collectively, but also individually.

“Professionalism is a combination of competence and conscientiousness, and although we have a lot to be proud of in Australia, we can’t rest on our laurels – we must continually strive to improve standards and fairness,” he said.

Sonia Gandhi, CFA, Director of Ethics Education & Professional Standards for the CFA Institute highlighted how easy it is for clear ethical breaches to remain unrecognised – for reasons including situational influence, or the misguided belief that if everyone else is behaving in a certain way it must be ok.

It was Ms. Gandhi’s very strong view that we have enough regulation, and that what is needed is a robust ethical culture and good corporate practice across all levels of management. Although she agreed with Mr Shipton that the concept of fairness must lie at the heart of all decisions.

“In every interaction we need to ask ourselves three questions – ‘is it legal?’, although this is the easy part – we usually know whether something is legal or not. ‘Is it honest’ is the more important question, followed by ‘is it ethical, or how would I feel if I were on the other side of this action, in my client’s shoes. Would I really think what I am doing is fair, if it were being done to me?’”, Ms Gandhi said.

Talking about the conference itself, CEO of CFA Societies Australia, Lisa Carroll, said that an important part of CFA Societies Australia’s role is to promote the highest ethical and professional standards in the investment industry, and that the 2019 Beyond Disruption Conference is part of that commitment, in conjunction with research, industry commentary and professional development.

Ms. Carroll pointed to the results of the 2018 CFA Institute Future of Finance’s global survey on the state of investors trust. Entitled “The Next Generation of Trust”, she said the report shows the importance of talking about and improving trust, ethics and professionalism in Australia now.

“Trust in the financial services industry in Australia is among the lowest in the world – only 31% of those surveyed trust the industry, and worldwide, only German investors have less trust (24%) in the financial services industry than we do.

“This may not be particularly surprising, given the Hayne Royal Commission findings, but as an industry we must work together to address it, so I am pleased that so many of the delegates said how engaging and thought-provoking they found the speakers’ presentations.

“The CFA Societies Australia conference offers a forum for industry luminaries and experts to openly and honestly discuss the major issues we face as an industry – and more importantly, to come together to identify potential solutions,” she said.

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These are the words of James Shipton, Chairman of the Australian Securities and Investment Commission (ASIC) who today addressed the CFA Societies Australia Beyond Disruption Conference.

Mr Shipton reminded delegates that financial systems ultimately serve people, both collectively and individually, and that this is why fairness must lie at the heart of what we do – because the human impact of getting things wrong can be so catastrophic.

Mr Shipton pointed to the extensive government support ASIC has been given, including extra funding of $400 million over four years to give the regulator the fire power to really make a difference, post Hayne Royal Commission.

“We want to make significant improvements, but at the same time, I don’t want to create a police state or a nanny state, I want to create an environment where professionalism is rewarded, where there is confidence that consumers are getting a fair outcome,” he said.

Mr Shipton said he is acutely aware of the high community expectations of both the financial services industry and regulators, and that we all need to lean into the challenge of addressing consumer harm.

He highlighted a number of strategic priorities which included high deterrence enforcement, implementing Commissioner Hayne’s recommendations, protecting vulnerable consumers and addressing harms in insurance among other equally crucial factors.

“We are taking a multi-dimensional and multi-disciplinary approach, and we do this in three ways – through close and continuous monitoring, corporate governance reviews, and product intervention powers,” he said.

Mr Shipton went on to acknowledge that his tools are limited, and that it is not possible to rely solely on disclosure to protect consumers.

“Disclosure doesn’t solve complexity, the effects of disclosure vary by person and situation and warnings don’t always work as they are intended,” he said.

Mr Shipton finished by praising the CFA Institute for the work it has done to raise standards and promote professionalism in financial services, something he defined as being a combination of competence and conscientiousness.

“We have a lot to be proud of here in Australia – our industry could be the envy of our region and the world, but we can’t rest on our laurels, we must continually strive to improve both standards and fairness,” he said.

By ASIC Chair James Shipton, addressing the CFA Societies Australia Beyond Disruption Conference

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Recognised as a leading platform for thought leadership in investment and finance, this year’s theme of ‘Going Back to Fundamentals’ highlights the forces that are changing investment markets forever, and asks how investors can identify successful investment strategies in today’s low-growth, volatile global economy.

According to Paul Smith, CFA, president and CEO, CFA Institute, the lineup of international and local speakers are all influential leaders and specialists in their field.

“Delegates will hear from experts across the investment and finance market spectrum including research houses, investment managers and ethics specialists, as well as from Greg Medcraft, Chairman of the Australian Securities & Investments Commission (ASIC); Philip Lowe, Deputy Governor of the Reserve Bank of Australia (RBA); and David Murray, AO, former CEO of the Commonwealth Bank, Chair of the Financial System Inquiry and now Senior Adviser at Credit Suisse.”

“The opportunity to benefit from their experience and insights will be invaluable,” he said.

Mr Smith will himself address the crucial theme of professionalism and in particular how to build a better investment profession. Drawing on his thirty years’ experience in investment and business management in Asia and the United States, he will talk about the need for a robust ethical framework.

“As a profession, we need to be able to better demonstrate to the world at large that we are committed to the highest standards of education, technical competence and professional conduct if we are to engender the essential ingredient we need to succeed, and that is trust,” he said. “CFA Institute has a multi-decade track record in setting global benchmarks for market integrity and ethics; we aim to use that expertise to partner with our industry around the world and in Australia to ensure that ‘best of breed’ practice is instilled as a way of working and on behalf of the community.”

In other presentations, issues as diverse as climate change, evolving demographics and the battle between increasing regulatory requirements and the demand for higher standards of ethics will be addressed, along with the likely repercussions on market movements and demand for investment products.

Philip Lowe, Deputy Governor of the RBA, will talk about Australia’s economic fundamentals, including the importance of flexibility. Investment specialists from Invesco, First State Super, Goldman Sachs and BT Investment Management, among others, will give their views on the state of the industry now, highlight future trends and debate whether or not financial bubbles are in fact a necessary evil.

Mr Smith concluded by saying that any investment professional had the opportunity to stay ahead of the game by educating themselves on developments in investment management and by hearing experts’ views on the future of the industry at the Conference.

“The low-growth, volatile global economy is proving challenging for investment professionals everywhere, so understanding how best to respond to the changing landscape, and to adapt traditional thinking to develop forward-looking investment strategies will be crucial for success,” he said.

Please visit CFA Societies Australia’s ‘Australian Investment Conference 2015’ for more information or to register for the event.

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Anthony Serhan

CFA Institute, the global association of investment professionals that sets the standard for professional excellence, is using its second annual ‘Putting Investors First’ (PIF) month to highlight the impact of Australia’s mandated superannuation, which creates a unique financial system where every worker is an investor.

According to CFA Institute, this unique financial system puts greater emphasis on the need for ethical behaviour and doing the right thing by investors. It says more should also be done to build awareness among Australian consumers and to help them understand that their interests should be placed above all others.

CFA Institute is using its PIF month to bring investment professionals together to show such commitment to placing investor interests first, with the Australian CFA societies hosting relevant events throughout May.

Mr Anthony Serhan, President of CFA Society Sydney, said “Mandated superannuation makes Australia a different playing field compared with its global counterparts where private investment is paramount. Ultimately, it can mean financial advice has a greater impact on investors here.”

“Private investors often manage their own wealth and are more sophisticated investors in their own right. They tend to be less dependent on financial advice compared to those who are less aware of what is happening with their finances. And when it comes to superannuation, we know a number of Australians need a better understanding of where and how their money is invested.

“It is our aim to continue the debate in Australia and protect the interests of investors above all else, by instilling high standards of ethics and professionalism in industry executives and firms from the outset,” Mr Serhan said.

One of the major issues when it comes to the relationship between investors and financial advisers is the extent to which their interests are aligned because of conflicted remuneration models and product integration.

“The major legislative reforms currently underway will make significant strides for our profession, however we need a multi-layered approach that instils ethical culture throughout the industry.”

CFA Institute aims to do more than prepare and educate professionals by building partnerships with institutions to raise standards of practice at all levels of the industry.

In light of this, CFA Institute is urging companies to sign the Statement of Investor Rights, a ten point document highlighting what consumers should expect from a financial planner such as objective advice, disclosure of conflicts of interest, and fair and reasonable fees. The Statement is intended to help investors demand that financial professionals abide by these rights.

“By demanding that financial professionals abide by these principles we are building investor trust and ensuring integrity in investment professionals,” said Mr Serhan.

‘Putting Investors First Month’ is part of the CFA Institute Future of Finance initiative, a global effort to shape a trustworthy, forward-thinking financial industry that better serves society.

For more information about the ‘Future of Finance’, ‘Putting Investors First’ month and the ‘Statement of Investor Rights’, please visit www.cfainstitute.org.

CFA Societies of Australia will be running numerous events throughout May including conference focusing on long-term investing in Sydney on 26 May, and events featuring Mr Tony Neoh aimed at industry leaders, employers and charter holders between 19 and 26 May in Melbourne and Perth.

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A strong foundation in ethical principles, together with thorough education and training across the investment space, means CFA charterholders are well placed to fulfil the best interest duty required by financial advisers, according to CFA Societies Australia.

At a time when the conduct of financial advisers is under intense scrutiny, CFA Societies Australia is focusing on improving ethical standards in the financial services industry. This is the motivation behind this week’s first-ever Investor First Week in Australia.

Investor First Week is part of CFA Institute’s global Future of Finance initiative, a long-term effort to shape a trustworthy, forward-thinking financial industry that better serves society. The initiative aims to provide the tools to motivate and empower the world of finance to commit to fairness, improved understanding and personal integrity.

Paula Allen, President of CFA Society of Melbourne, said the best interest duty for financial advisers is a critical step towards building greater confidence and trust among investors in financial professionals.

“Investors need confidence that advisers will not only act with integrity and put their interests first, but that advisers also have the knowledge and skills to provide suitable advice.  In Australia, we saw the introduction of the Future of Financial Advice (FOFA) reforms with a greater emphasis on investor protection and the formation of Best Interest Duty to ensure advice provided is in the best interest of the client.

“CFA Societies Australia is supportive of the introduction of the Best Interest Duty for financial advisers. The duty is consistent with the ideals within the CFA Institute Code of Ethics and Standards of Professional Conduct.

“One key element of the Best Interest Duty is adviser competence, which prescribes the need for advisers to demonstrate they have the expertise in the relevant subject matter on which they are advising, for example, superannuation or investment.

“In order to comply with their obligations, advisers need to consider their professional qualifications and training, as well as their knowledge and skills before providing advice. Appropriate investment education is essential for advisers meeting their legal and professional obligations in the area of investment advice,” Ms Allen said.

Ms Allen said the curriculum of the CFA program provides thorough training and investment education needed by advisers to meet their best interest duty to clients.

“The CFA program is robust and reflects the knowledge and skills required by investment practitioners to meet their legislative and professional duties. The curriculum provides a primary source for investment education in the management of investor portfolios, specifically portfolio construction, behavioural finance and risk profiling, which are all essential competency areas for providing investment advice.

“Moreover, the program entrenches the importance of ethics, which represents between 10 to 15 per cent of the CFA program curriculum depending upon the level,” said Ms Allen.

CFA Program is organised into three levels, each culminating in a six-hour exam. Completing the entire Program is a significant challenge that takes most candidates on average 4 years to complete.

To earn the CFA charter, candidates must complete the CFA program and have four years of qualifying investment work experience.  Candidates must also become members of the CFA Institute, pledging to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct on an annual basis.

“More than 3,000 investment professionals in Australia will be sitting for the June 2014 CFA exams. On 7 June, candidates worldwide will be a step closer to earning the CFA charter – a commitment to uphold the highest standards of investment practices and to serve investors by always putting their interests first,” Ms Allen said.

“A strong foundation in ethical principles and standards, together with sound education and training are essential for those participating in financial markets and advising clients on their investment and retirement needs,” she said.

The CFA Institute has more than 122,000 members in 145 countries and territories, including over 112,000 CFA charterholders, with almost 2,000 charterholders in Australia.

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Anthony Serhan

CFA Societies in Australia and New Zealand have kicked off Investor First Week today to encourage investors to assert their rights and demand higher standards of ethical conduct from the financial services industry and finance professionals.

Sydney, Melbourne, Perth and Auckland will join more than 50 cities around the world, where CFA societies represent more than 35,000 investment professionals, to promote greater ethical standards across the global financial services industry and to raise investors’ awareness of their rights.

Investor First Week in Australia and New Zealand is part of CFA Institute’s global Future of Finance initiative, a long-term effort to create a stronger ethical culture in the financial services industry. The initiative aims to encourage financial service providers including banks, asset managers and financial advisers to commit to fairness, improved understanding and personal integrity in dealing with investors.

Anthony Serhan, Managing Director, Research Strategy, Asia-Pacific at Morningstar and Vice President of CFA Society of Sydney, said that during Investor First Week, CFA Societies in Australia and New Zealand will be focusing on several constructive initiatives to improve standards and safeguard investors’ rights, including CFA’s Statement of Investor Rights.

“The Statement of Investor Rights is a set of standards that embraces higher ethical standards, more honesty and greater transparency. We want investors to better understand the conduct they are entitled to expect from financial service and product providers. We will be asking all investors to use the CFA’s Statement of Investor Rights and to present this statement to their financial adviser, banker or broker in any financial dealings with them.

“Trust is the most important attribute investors value when hiring an advisor or investment manager and currently trust in the financial services sector is at an all-time low. There is still a very real need to rebuild the trust of investors in financial advisers, asset managers and other product providers.

“Investors are still not knowledgeable about their rights and entitlements. The statement provides investors with the confidence to ask the right questions and is a helpful way for them to better understand how they should be treated. Together, investors holding their financial services providers accountable for professional and ethical behaviour and an investor-first mind set from providers, will help to restore trust and confidence in finance,” Mr Serhan said.

This week, CFA Societies Australia is also focusing on raising awareness of effectively dealing with the issue of mis-selling by advisers

“We will be highlighting the rights of investors to be informed of any existing or potential conflicts of interest that their financial service providers may have.

“The changes introduced by the Future of Financial Advice (FOFA) are designed to bring improved transparency to the financial services industry. CFA Societies Australia endorses any action that improves access to high quality financial advice benefiting retail investors. We also encourage and endorse any reforms intended to improve the trust and confidence of Australian retail investors in the financial planning sector.

“In Australia, the industry has been making headway in reducing the level of mis-selling. This is through increased fee disclosures and the banning of commissions including volume-based incentives.

“However, the full impact of the changes introduced by FOFA will take many years to fully assess and it is important we monitor progress by paying particular regard to lessons from other jurisdications whilst also contributing our learning to this issue.

“CFA Societies Australia is pleased that ASIC is taking steps to improve the quality of advice offered to retail clients by enhancing the minimum training standards required under RG 146. In particular, we hope that ASIC includes education and training on ethics, as proposed in its Consultation Paper last year. This has not been part of the standards before and represents an important step forward, ” Mr Serhan said.

“CFA Societies Australia is an advocate for greater investor education and targeted advisor training to truly raise the quality and standard of advice,” he said.

The Statement of Investor Rights provides that:

When engaging the services of financial professionals and organizations, I have the right to…

1. Honest, competent, and ethical conduct that complies with applicable law;
2. Independent and objective advice and assistance based on informed analysis, prudent judgment, and diligent effort;
3. My financial interests taking precedence over those of the professional and the organization;
4. Fair treatment with respect to other clients;
5. Disclosure of any existing or potential conflicts of interest in providing products or services to me;
6. An understanding of my circumstances, so that any advice provided is suitable and based on my financial objectives and constraints;
7. Clear, accurate, complete, and timely communications that use plain language and are presented in a format that conveys the information effectively;
8. An explanation of all fees and costs charged to me, and information showing these expenses to be fair and reasonable;
9. Confidentiality of my information;
10. Appropriate and complete records to support the work done on my behalf.

Click here for a printable copy of the Statement of Investor Rights.

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CFA Societies Australia will be highlighting the importance of putting investors’ interests first during its upcoming Investor First Week from 12 – 16 May.

Investor First Week is part of CFA Institute’s global Future of Finance initiative, a long-term effort to shape a trustworthy, forward-thinking financial industry that better serves society. The initiative aims to provide the tools to motivate and empower the world of finance to commit to fairness, improved understanding, and personal integrity. Sydney, Melbourne, Perth and Auckland will join more than 50 cities around the world, where CFA societies representing more than 35,000 investment professionals will mark the global initiative during May.

During Investor First Week, CFA Societies Australia will be focusing on several constructive initiatives in the Australian market to improve standards and safeguard investors’ rights, including a code of conduct for asset managers, and a statement of investor rights.

Anthony Serhan, Managing Director, Research Strategy, Asia-Pacific at Morningstar and Vice President of CFA Society of Sydney, said, “Investor First Week is about emphasising that all participants in the financial sector, globally and in Australia, should put investors first – a prerequisite for improving investors’ trust in the financial system.

“More focus on ethical principles and standards is essential across the financial services industry to regain the trust of investors, particularly in the provision of advice.

“At a time when the concepts of best interest and reasonable basis have been hotly debated in the context of the Future of Financial Advice reforms in Australia, Investor First Week highlights the need for the industry as a whole to hold up both of these principles.

“A fully functioning and efficient market is built on trust. Clients rely on advisers, advisers rely on analysts and asset managers and they, in turn, rely on issuers of securities. A lack of confidence in any one area can have a meaningful impact on others. That is why the principles attached to the Future of Finance remain an important backbone of the industry fabric.” Mr Serhan said.

To help launch Investor First Week, Michael Woodford, Former President and CEO of the Olympus Corporation will speak to CFA members and the investment community in Australia next week about the importance of governance and ethical principles.

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