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    Governance News 10 April 2024

    50 minute read (PDF download)  10.04.2024 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG focus.  We cover the release of the long-awaited Bill to establish a framework for Australia's (proposed) mandatory sustainability reporting regime, we provide our key takeaways from several sessions from the AICD 2024 Governance Summit,  we cover two significant greenwashing enforcement actions and a significant decision from the European Court of Human Rights Verein KlimaSeniorinnen Schweiz and Others v. Switzerland (sometimes referred to as the Swiss Grandmothers Case) 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-10-april-2024

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    Boards and Directors  Navigation Show below Hide below

    • ASIC Chair urges directors to see the benefit (not just the burden) in new obligations
    • Director ID | ASIC commences proceedings against director over (alleged) failure to have a DirectorID

    Diversity Navigation Show below Hide below

    • Why aren't ASX300 boards shifting their mindset on who makes a good director? 

    Shareholder Activism Navigation Show below Hide below

    • Preliminary vote results indicate that Disney shareholders have backed their existing board, rejected Trian and Blackwells candidates 
    • Vote no | ACCR-led campaign against energy company Chairs continues ahead of 24 April AGM 

    Disclosure and Reporting Navigation Show below Hide below

    • Mandatory climate reporting in Australia | Landmark Climate Disclosure Bill introduced 
    • Mandatory climate disclosure | SEC has temporarily paused enforcement of its new climate disclosure rule 
    • Greenwashing | ASIC successful in first-ever greenwashing court action 
    • Greenwashing | UK regulator sets new 'benchmark' expectations for the fashion sector, issues renewed call on the whole of the sector to review their green claims 
    • ISSB-aligned disclosure | Japan consults on proposed ISSB-aligned sustainability disclosure standards 
    • TNFD adoption | Kellanova to report on its nature impacts from next year in response to shareholder pressure 
    • AI risk disclosure | S&P 500 boards are beginning to disclose (limited information) about AI board oversight arrangements 

    ESG Navigation Show below Hide below

    • How are APRA-regulated entities managing climate-related risk? APRA to open (voluntary) self-assessment survey to all APRA-regulated entities 
    • Should we be talking about GSE (not ESG)? 
    • Continued push for expanded climate disclosure | Three North American banks have agreed to NYC Comptroller and
    • NYC Public Pension Boards' demands for Energy Supply Ratio disclosure 
    • CalSTRS to step up pressure to act on methane emissions 
    • Nature/biodiversity loss | Chemical company Chemours, and paint carriers Sherwin-Williams and Home Depot successfully block shareholder nature proposals from proceeding to a vote 
    • Nature loss | SEC greenlights deep sea mining proposal to proceed to a vote at Tesla 
    • Australia's energy transition | Net Zero Economy Authority Bills introduced 
    • BlackRock Chair says the energy transition is a 'mega force' that is being further amplified by the demand for energy security 
    • Court finds Article 8 of the European Convention on Human Rights encompasses a right to effective protection by State authorities from the adverse effects of climate change 
      Do nation states have a legal duty to safeguard people from the impacts of climate change/nature loss? | ICJ is another step closer to issuing a landmark advisory opinion 
    • Sustainability assurance | IAASB remains on track to finalise global sustainability assurance standard (ISSA 5000) in September 2024 
    • Driving climate action through engagement | Climate Action 100+ announces initial list of 'flagged' votes for 2024 
    • In Brief | Carbon offsets: ANU study into the impact of 182 forest regeneration projects (which dominate Australia's carbon offset scheme) concludes they have 'negligible impact on woody vegetation cover and carbon sequestration' 

    Regulators Navigation Show below Hide below

    • ACCC designated complaints function: Treasury consults on details following the passage of the Bill 

    Financial Services Navigation Show below Hide below

    • New parliamentary inquiry will examine the role of banks and government agencies in preventing, detecting and responding to financial abuse 
    • Hayne reform | CSLR commences 
    • Status update | Senate Committee paves the way for the passage of the Bill proposing to legislate an 'objective' for superannuation 
    • New parliamentary joint inquiry into wholesale investor and wholesale clients tests launched 
    • In Brief | QAR Reform Bill now before parliament: Following consultation, the government has introduced a Bill - Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 (Cth) – into the House of Representatives which if enacted, will legislate the first stage of its planned response to the Quality of Advice (QAR) Review. 

    Risk Management Navigation Show below Hide below

    Other News Navigation Show below Hide below

    • The Treasurer has announced what he described as the 'biggest reforms to merger settings in almost 50 years' including the introduction of: a new (mandatory) requirement for merger parties to notify the ACCC of proposed acquisitions (for mergers above certain thresholds) and a prohibition on merger transactions proceeding without receiving ACCC or Tribunal clearance. The ACCC has welcomed the government's announcement. Government announces sweeping reforms to merger control law in Australia

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    Governance Newsletter Boards & Directors Corporate misconduct and liability Corporate social responsibility & sustainability Directors and officers duties and liabilities Disclosure and Reporting Diversity Executives Secretaries and Officers Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Overseas perspectives Regulators Risk management Financial services Board & governance
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