Governance News 10 June 2020

60 mins (PDF download)  09.06.2020 Mark Standen, Siobhan Doherty, Kate Hilder

COVID-19 Special Edition

In this special COVID-19 edition of Governance News, we feature coverage of key COVID-19 related developments including coverage of the Governance Institute's calls for temporary changes to the Corporations Act put in place because of the pandemic to be made permanent. 

This issue also includes: a) our case note on ASIC's UCT test case: ASIC v Bendigo and Adelaide Bank Ltd 2020 FCA 716; b) coverage of the FPA's proposal to overhaul the AFSL regime; c) coverage of the ACCR's latest report into the voting behaviour of Australian superannuation funds; and e) coverage of the AHRC's report into the prevalence of sexual harassment in Australian workplaces and the recommended changes to the current approach. 

 

Full coverage of this weeks content is now available


Past issues are available

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https://www.minterellison.com/articles/governance-news-10-june-2020

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COVID-19 Key developments Navigation Show below Hide below

  • COVID-19: Debt restructuring in uncertain times
  • COVID-19: Board refreshment is top of mind for UK listed company boards? Research from New Street Consulting group has found that the turnover rate on UK listed boards has increased
  • COVID-19: The pandemic has seen support for WFH arrangements increase, especially among parents according to WEF research
  • In Brief | COVID-19: EY research (commissioned by WWF) has found that a renewable led COVID-19 recovery package will deliver nearly three times as many jobs per dollar than a plan based on investment in fossil fuel projects
  • In Brief | COVID-19: The AFR reports that there is pressure from some quarters to make the list of companies using the government's JobKeeper scheme public in light of 'growing evidence' that some companies may be deliberating manipulating their cash flow to 'game the program'
  • In Brief | Early end to JobKeeper? The ABC reports that the Treasurer has not ruled out further changes to the JobKeeper scheme, following the government's decision to end support for child care workers from July

Diversity Navigation Show below Hide below

  • In Brief | ANU research has found that 75% of Australians, regardless of their ethnicity, religious views, occupation, or level of education, hold an unconsciously negative view of Indigenous Australians.  Commenting on the findings, Siddharth Shirodkar (PhD researcher based in the ANU College of Arts and Social Sciences) said that the study is 'stark evidence of the solid invisible barrier that Indigenous people face in society.  But the data is actually not about Indigenous Australians, it's about the rest of us'

Remuneration Navigation Show below Hide below

  • COVID-19: Woolworths has awarded staff shares in the company in recognition of their 'extraordinary efforts and contribution' during a year of 'unprecedented challenges'

Institutional Shareholders and Stewardship Navigation Show below Hide below

  • ACCR research has found that Australian superannuation funds are less inclined than previously to support shareholder ESG resolutions

Meetings and Proxy Advisers Navigation Show below Hide below

  • Top Story | COVID-19: Why not make the changes permanent? The Governance Institute has called for the government to bring the Corporations Act into the 21st century

Corporate Social Responsibility and Sustainability Navigation Show below Hide below

  • In Brief | COVID-19: A report into how the world's 100 largest publicly listed companies are responding to the interests of their stakeholders during the pandemic has found that overall, COVID-19 appears to have accelerated the shift away from shareholder primacy toward 'stakeholder pluralism'

Financial Services Navigation Show below Hide below

  • Top Story | Fundamental structural changes to the Australian foreign investment rules
  • Top Story | The Federal Court has found certain standard form contract clauses to be unfair, ASIC has called on insurers to take note
  • Consolidation of payment platforms? The NPPA board has announced a process to consider the consolidation of existing payment platforms BPAY, eftpos and NPP Australia into a single organisation
  •  The CBA has announced a crackdown on financial abuse: 'we can see you and we won't tolerate the use of our digital banking platforms to facilitate abuse'
  •  The FPA has called for a major overhaul of the AFSL system to separate the regulation of products from the regulation of financial advice
  •  COVID-19: AFCA has received more than 3100 complaints relating to COVID-19 and has urged firms to work harder on their communication with customers
  •  The cost of insurance claims from a summer of natural disasters tops $5.19bn according to the ICA
  •  Early release of superannuation scheme: 1.8 million payments worth a total of $13.5bn have been made since inception of the scheme
 

Risk Management Navigation Show below Hide below

Human capital management

  • AHRC report confirms sexual harassment is endemic in Australia's workplaces and makes 55 recommendations to improve the current approach
  • In Brief | COVID-19: Reuters reports that an Amazon employee is suing the company for failing to provide a safe working environment after she contracted COVID-19 at work and subsequently infected several members of her family, one of whom has since passed away

Other developments

  • CBH Group has announced a review of its governance structure

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