Governance News 10 August 2022

45 minute read + (PDF download) 10.08.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week we cover the findings of APRA's voluntary climate survey, the key priorities flagged by APRA in its latest corporate plan, the release of the Terms of Reference for the Review of the ASIC Industry Funding Model, the RBA's announcement that it will trial a central bank digital currency and ASIC's roll out of updated guidance and a new information on the Financial Services Credit Panel and more…

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Top Story | APRA concludes that the financial sector is still in the early stages of embedding climate risk
On the way to becoming an 'offshore wind superpower'? The government is consulting on plans for new offshore wind projects
Nuclear energy could potentially play an important role in helping Australia meet its net-zero commitment says Minerals Council
India ramps 2030 emissions reduction commitment to 45%
In Brief | Greenwashing: ASIC Deputy Chair Karen Chester has written an article reiterating the regulator's previous calls on industry to take steps to avoid unintentional greenwashing and pointing firms towards ASIC's guidance (INFO 271) on how to do so. Ms Chester also repeated previous calls for companies to prepare for the 'transition to any future ISSB standards applied in Australia' by adopting the TCFD recommendations and keeping up to date with international standards for climate disclosure
In Brief | The government's Climate Change Bill 2022 and Climate Change (Consequential Amendments) Bill 2022 passed the House of Representatives with non-government amendments on 4 August 2022. The Bills have yet to pass the Senate. The Senate Committee is due to report on both Bills by 31 August 2022 (ahead on the next sitting on 5 September)
In Brief | Landmark US Climate Bill has passed the Senate: The Inflation Reduction Act – legislation which would inter alia make what the White House describes as 'the largest investment ever' in combatting climate change is one step closer to becoming law after narrowly passing the US Senate

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Divest or engage? Australian activist groups Market Forces and ACCR have differing views
Shareholder proxy access proposal secures majority support at Tesla, all seven other shareholder ESG resolutions failed to be carried
As You Sow claims credit for Nike's new commitment to disclose recruitment and promotion data by gender, race and ethnicity

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FSC releases anti-greenwashing guidance for fund managers
Vanguard has released updates to voting policies for Australian and NZ companies

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Climate-related issues a key focus in ISS' latest annual global benchmark policy survey

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Further delay announced: CHESS replacement unlikely to go live 'before late 2024'

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Top Story | GCRA continues to be a key focus for APRA
Terms of Reference for the Review of the ASIC Industry Funding Model released
In Brief | Unlocking the potential of the NZ economy: The RBNZ has released an issues paper outlining key barriers that prevent/make it very difficult for Māori businesses to access capital (eg the reluctance of lenders to lend money for mortgages on Māori land) and calling for feedback on potential measures to address these barriers. The release of the issues paper is intended as a starting point for a broader program of work to address the issues identified in the paper (and/or through the consultation). The due date for submissions is 20 September 2022

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RBA to trial central bank digital currency: The RBA investigating the desirability and feasibility of the potential introduction of a CBDC into Australia
Financial Services Credit Panel: ASIC publishes new information sheet and updated guidance
ASIC calls on super funds to address gaps in IDR processes/systems
APRA super performance tests for choice products deferred
In Brief | UCT reform: In a joint opinion piece Minister for Housing, Homelessness and Small Business Julie Collins and Assistant Minister for Competition, Charities and Treasury Andrew Leigh have reiterated the government's commitment to strengthening and expanding unfair contact protections to more small businesses
In Brief | ASIC has urged clients of Dixon Advisory and Superannuation Services Pty Limited (in administration) who believe they have suffered loss as a result of the misconduct of Dixon Advisory and/or their former Dixon Advisory financial adviser, to consider lodging a complaint with the Australian Financial Complaints Authority (AFCA) as soon as possible in order to optimise their chances of being eligible to qualify to make a claim under a 'potential future' CSLR

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Lifting governance standards in the aged care context: Aged Care and Other Legislation Amendment (Royal Commission Response) Bill 2022 receives Assent

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ASIC prosecuted 73 people in H1 2022 for failure to assist registered liquidators

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Siobhan Doherty

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

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Governance News 10 August 2022

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