Governance News 1 March 2023

45 minute read + (PDF download) 01.03.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week we cover the release of a new guide for directors outlining what is known about the new ISSB-aligned reporting requirements set to be introduced in Australia, the questions yet to be determined by government, and the steps boards can take now in preparation. On the financial services ASIC has again underlined its focus on making sure insurers meet their pricing promises. On the risk front, we cover a number of significant cyber-related developments and more…

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What boards can do now to prepare for the introduction of new ISSB-aligned standards in Australia, new guide released

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(Still) a 'handbrake on women's ability to make ends meet': Australia's national gender pay gap falls to 13.3%

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'Say on Climate': Report finds Australian shareholders' opposition to say on climate resolutions in 2022 was substantially higher than the global average
Board succession planning in focus | SOC calls on Starbucks shareholders to back its calls for 'more vigorous succession planning' at the company ahead of 23 March meeting
NextEra and CocaCola successful in blocking shareholder ESG proposals on procedural grounds
Petrobras has set a new methane emissions reduction target in response to ClimateAction 100+ engagement
In Brief | How to file successful shareholder resolutions: Principles of Responsible Investment has released a report offering guidance to investors on how they can use shareholder resolutions to drive improvements at investee companies on ESG issues together country-specific guidance on the legal and technical requirements for filing shareholder resolutions in Australia, Canada, France, Germany, Japan, The US and the UK

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Responsible investment: ShareAction report finds four of the five largest managers globally lag others when it comes to responsible investment practices

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Anti-ESG backlash continues in the US: Republican senators demand information from SEC Chair on proposed climate disclosure requirements
'No excuse': The IEA's 2023 global methane tracker flags that methane emissions rose to a near record high in 2022
In Brief | The Australian government intends to consult on plans to triple the size of the Macquarie Island Marine Park, which the Minister described as 'a remote wildlife wonderland – a critical habitat for millions of seabirds, seals and penguins'. The planned expansion would bring Australia's marine parks to 48.2% of Australian oceans. Separately, the government also plans to consult on a new management plan for the South-east Marine Parks Network (as the current ten year plan is due to expire at the end of the year)
In Brief | French NGOs - Friends of the Earth (Les Amis de la Terre) France, Notre Affaire à Tous and Oxfam France – have commenced legal proceedings against BNP Paribas over its continued financing of new fossil fuel projects which the groups allege is contrary to the bank's legal obligations under French law

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Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022: AICD 'strongly supports' proposed measures to further modernise business communications

Disclosure and Reporting Navigation Show below Hide below

Continuous disclosure: ASIC sues company, ex CEO and CFO over (alleged) disclosure failures
ASIC launches its first ever greenwashing court action

Regulators Navigation Show below Hide below

Parliamentary joint Committee on Corporations and Financial Services: Key takeaways from ASIC's opening statement to the Committee

Financial Services Navigation Show below Hide below

An 'industry wide issue': ASIC calls on insurers to make sure they are delivering on their pricing promises
ASIC commissioner tells ASFA cyber, scams, IDR and member experience are key areas of focus
Macroprudential policy update: APRA says 'existing policy settings remain appropriate based on the current risk outlook'
APRA has reissued its 2022 MySuper Heatmap
In Brief | Banking Code Compliance: The BCCC's latest report monitoring compliance with the Banking Code of Practice found there was a 38% reduction in breaches of the Code for H1 2022 with most (14 of 18 banks, including the big four) reporting a decrease in breaches. In addition, fewer customers were impacted. However, the report also flags that the overall financial impact of breaches increased to $72.5 million in H1 2022 (up from $69.4 million in the preceding period)
In Brief | The government has announced that from 2025-26 the concessional tax rate applied to future earnings for superannuation balances above $3 million will be 30% (up from 15% currently). The move has been welcomed by Super Consumers Australia
In Brief | The ATO says lost and unclaimed superannuation has reached $16bn (up $2.1 billion since last financial year). The ATO has urged people to check whether they have unclaimed super via MyGov. The ATO also reminded people to keep their contact information and bank account details to assist the ATO to consolidate super accounts

Accounting and Audit Navigation Show below Hide below

Government reappoints CADB Chair for further year, appoints new part time member

Risk Management Navigation Show below Hide below

Top Story | Risk Management Program requirements now in effect
Top Story | The most sweeping reforms to Australian privacy law in over twenty years
Cybersecurity | Making Australia the 'most cyber secure nation by 2030': Government kicks off discussion on new cybersecurity strategy
Twitter, TikTok, Google, Twitch and Discord face questions from eSafety Commissioner about the measures they have in place to address online child abuse
In Brief | Meta-data retention: The government has released its response to the 2020 Parliamentary Joint Committee on Intelligence and Security Review of the Mandatory Data Retention Scheme. The Attorney General states that the government has accepted all 22 of the Committee's recommendations with the exception of one, which it has accepted in part, and another which has been noted because its implementation would require support from the states and territories. The Attorney General has signalled that the government will 'work to implement the Committee's recommendations as soon as practicable'
Modern Slavery Act Review | ACSI submission supports the establishment of an Anti-Slavery Commissioner and tougher enforcement of MSA compliance
In Brief | ASIC has commenced proceedings against a listed QLD coal company, its managing Director, Chief Commercial Officer, former Deputy Chair and former Chair over alleged breaches of the whistleblower provisions. This marks the first time the regulator has taken court action of this kind

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Top Story | Game, Set-off, Match: the High Court's judgment in Metal Manufactures v Morton
ASIC has prosecuted 81 people over the past six months for failing to discharge their obligations to assist registered liquidators
In Brief | ASIC, the ATO and Treasury (among others) are set to appear before the Parliamentary Joint Committee on Corporations and Financial Services inquiry into corporate insolvency public hearing on 1 March 2023

Other News Navigation Show below Hide below

Independent Review of Modernising Business Registers program | Further details released
Attorney General names new expert advisory group to guide the government on the planned replacement of the AAT

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Siobhan Doherty

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- +61 2 9921 4339
- +61 413 187 544

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