Financial Standard journalist Michael Hobbs was the runner-up at this year's Australian Council of Super Investors (ACSI) Media Award, an award that recognises outstanding work on reporting corporate governance issues.

Hobbs' submission, "Cents and Sustainability" (Issue 3, March 2), looked at how widespread poor governance practices and unethical behaviour were at the root of the global financial crisis. In the article, Hobbs spoke to the super funds fed up with seeing long-term shareholder wealth destroyed due to excesses in the industry.

Adele Ferguson and Gary Hughes from The Australian were named joint winners of the award for their investigative series entitled "Underbelly Inc." The article exposed weaknesses in Australia's corporate governance regime that were used by underworld crime figures to manipulate the stock market and seize control of legitimate businesses.

"This award encourages good journalism and allows us to reward work that highlighted issues within our governance regime that may require further attention," said Ann Byrne, ACSI's chief executive.

The ACSI Media Award was established in 2007 to pay tribute to work by journalists which have contributed to increasing awareness and understanding of governance.

Previous award winners were Michael Evans from the Sydney Morning Herald in 2007 and Greg Hoy of the ABC in 2008.

This year, ACSI also received submissions from the Sydney Morning Herald, the Australian Financial Review and the Ethical Investor.