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    Governance News 1 December 2021

    50 minute read (PDF download)  01.12.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This issue includes coverage of several significant financial services and regulatory developments including the launch of the inaugural review of ASIC by the new regulator oversight body, the Financial Regulator Assessment Authority.  This issue also covers several key ESG developments including the release of ASIC's final climate risk management guidance (CPG 229) and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-1-december-2021

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    Diversity Navigation Show below Hide below

    • Gender Equality: 48% of men in 'white collar' roles are 'fatigued' by the discussion

    Remuneration Navigation Show below Hide below

    • Investment Association cautions UK companies over pay decisions
    • PwC finds FTSE100 CEO pay dropped in 2021

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Global report finds companies are facing an uphill battle to convince investors to trust their ESG commitments
    • In Brief | The FRC's latest review of reporting against the UK Corporate Governance Code concludes that reporting has improved slightly, but that there is 'still room for further improvement' in a number of areas including disclosure around how companies are applying the Code's principles and explanations for non-compliance as well as disclosure on board appointment, succession planning and diversity

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Progress update: Meetings and Documents Bill amended in the House

    Disclosure and Reporting Navigation Show below Hide below

    • ASIC to extend deadlines for 31 December 2021 unlisted entity financial reports

    Regulators Navigation Show below Hide below

    Financial Services Navigation Show below Hide below

    • Top Story | Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
    • Hayne implementation: The ALRC has released its first interim report as part of its Review of the Legislative Framework for Corporations and Financial Services Regulation
    • Performing well, but scope to improve: Treasury's independent review of AFCA makes 14 recommendations to support improvement in AFCA's processes/approach, the government has endorsed the recommendations
    • APRA has finalised the new bank capital framework
    • Bill to establish CCIVs and introduce the Retirement Income Covenant introduced
    • SAFAA supports proposed changes to the wording of Standard 3 (conflicts) in the Financial Planners and Advisers Code of Ethics
    • Internal Audit can and should play a key role in the successful implementation of recent reforms says ASIC Commissioner Sean Hughes
    • ASIC flags its main priorities for superannuation for FY21-22
    • APRA flags: performance, governance and member engagement are key focus areas in the superannuation context

    Accounting and Audit Navigation Show below Hide below

    • Work to do: ASIC reports on audit inspection findings for 12 months to 30 June 2021

    Risk Management Navigation Show below Hide below

    • APRA has finalised its guidance on managing the financial risks of climate change
    • In Brief | The Law Society of NSW has released a briefing paper providing a high level overview of emerging trends in climate-related litigation in Australia and globally, as well as insights into the future direction of such litigation. A headline message is that the volume of climate-related litigation in Australia is likely to continue to increase
    • Jenkins Review released: The independent review into parliamentary workplace culture was tabled on 30 November 2021

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    https://www.minterellison.com/articles/governance-news-1-december-2021

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