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    Governance News 10 March 2021

    60 minute read (PDF download)  10.03.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This issue includes: a) coverage of several reports into the progress being made toward gender parity on boards and more broadly in both the Australian and global contexts; b) coverage of several reports into the key ESG and other issues likely to be top of mind for investors heading into the 2021 proxy seasons; c)  updates on recent activist campaigns; d) coverage of Lord Hill's much anticipated UK Listing Rules Review; e) recent regulatory and financial services related developments including ASIC's new 'express investigation' approach to enforcement 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-march-2021

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    Diversity Navigation Show below Hide below

    • Yet to crack 40%: ACSI has called on boards to maintain their focus on achieving board gender parity
    • Global study finds Australian companies 'dominate' the top 100 gender equality rankings
    • The latest quarterly Financy Index predicts that financial gender parity is 101 years away
    • Federal Opposition leader Anthony Albanese has announced that if elected, a Labor government would enact gender pay gap legislation
    • UK gender pay gap: London School of Economics research finds that Black women are the least likely group to be among the UK's top earners
       

    Shareholder Activism Navigation Show below Hide below

    • Activist Cevian Capital has called on European public companies to integrate appropriately rigorous ESG metrics into executive compensation plans
    • Board changes are not enough: Investors call on Exxon to do more
    • Obesity resolution: Tesco has announced a range of actions in response to a shareholder resolution, but ShareAction says concerns remain
    • Danone splits combined CEO/Chair role following engagement with shareholders and other stakeholders
     

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Supporting active stewardship: PRI to issue voting guidance to signatories

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Urgent action required: BCA calls for certainty on AGM requirements to avoid businesses being placed in an 'impossible position'
    • Better AGMs? ShareAction outlines a suggested alternate framework for AGMs to better meet the needs of all interested stakeholders
    • ISS report identifies racial/ethnic diversity and inclusion, climate risk and executive compensation among the key concerns for investors globally'
    • Proxy Season Preview – Glass Lewis flags ESG as the headline issue
    • Global report predicts investor focus on ESG and in particular, on climate risk, will continue to intensify
       

    Disclosure and Reporting Navigation Show below Hide below

    • Responding to increased stakeholder focus on HCM: Semler Brossy finds more US companies are providing HCM disclosure than previously

    Markets and Exchanges Navigation Show below Hide below

    • Hill Review: UK Listing Rules Review releases recommendations for the reform of the current listing regime

    Regulators Navigation Show below Hide below

    • Top Story | ASIC's new 'express investigation' approach to enforcement 
    • Fee hike: Industry associations have expressed concern about the increases in the ASIC industry funding levy and have called for a review of the current funding model
    • Law reform: In a speech marking the ten year anniversary of the ACL, ACCC Chair Rod Sims called for further reform'
    • APRA reiterates climate plans
    • SEC Climate and ESG taskforce to zero in on 'material gaps or misstatements' in disclosures

    Corporate Social Responsibility and Sustainability Navigation Show below Hide below

    • In Brief | Surge in responsible investment: Data from the UK Investment Association shows that responsible investment funds under management now total over £56bn, an uptick of 66% over the past 12 months (vs 7% across funds overall)

    Financial Services Navigation Show below Hide below

    • Insurance in super: APRA sounds a warning bell on premiums

    Risk Management Navigation Show below Hide below

    • NSW has announced a $750 million plan to reduce emissions and drive investment in green technologies
    • In Brief | The Federal government has appointed Dr Alan Finkel to serve in the newly created role of Special Adviser for Low Emissions Technology
    • In Brief | High alert: The Australian Cyber Security Centre has confirmed 'extensive targeting' and 'confirmed compromises' of Australian organisations using Microsoft Exchange.  The ACSC comments that if left unpatched, it may be possible for an 'unauthenticated attacker' to upload web shells to 'maintain persistent access' to systems and 'to write files and execute code with elevated privileges'.  The ACSC has urged businesses to urgently deploy the necessary security patches and to undertake specific detection steps outlined by Microsoft
       

    Restructuring and Insolvency Navigation Show below Hide below

    • Top Story | Webinar: How funds and financiers can take advantage of distressed debt opportunities
    • In Brief | ASIC has issued a reminder to businesses about the 31 March 2021 deadline to apply for temporary restructuring relief
       

    Other News Navigation Show below Hide below

    • Cultural review: The AHRC has been tasked with conducting an independent Review into the workplaces of Commonwealth parliamentarians
    • Grattan Institute report finds women has been disproportionately impacted by the COVID-19 downturn
       

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    Governance Newsletter Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Overseas perspectives Regulators Risk management Shareholder activism
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