The federal government is considering new laws that could stymie the advent of “woke” corporate policy among Australia’s biggest businesses. On Friday, Treasurer Josh Frydenberg announced consultations around possible new laws—modelled on U.S. and UK legislation—that will force shareholder proxy firms to be more transparent with their decision-making process. Proxy firms work for major shareholders (superannuation funds and institutions) who own stakes in publicly listed companies. The proxy firm carries out research and provide recommendations to shareholders on how to vote on matters at upcoming meetings, including environmental, social, and governance issues. Matters such as climate change and workplace gender equality have taken centre stage in recent years. Australia’s four major proxy advisors are CGI Glass Lewis, ISS Australia, Ownership Matters, and the Australian Council of Superannuation Investors (ACSI). In April, CGI Glass Lewis backed a shareholder in pushing for energy firms, Woodside Petroleum and Santos, to report how they …