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…

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

Top Story | AI and scraped data: Data protection implications

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

Contact

Mark Standen

Consultant, Sydney
- +61 2 9921 4902
- +61 412 104 902
Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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Governance News 10 April 2024

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