JUMP TO
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiIwOWMxZjhmMi1mNzE1LTQ2NmUtOGY3MC0wYzVkZTU1MzFkMDQiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc3MTk5MzY3NCwiZXhwIjoxNzcxOTk0ODc0LCJpYXQiOjE3NzE5OTM2NzQsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyJ9.XIsKI0PNr8UWGNx6b_UgcWKZaVMhWs9_wgKozAUmkrs
    https://www.minterellison.com/articles/governance-news-10-may-2023
    CLOSE
    CONTACT US Search Minter Ellison
    • Post

    Governance News 10 May 2023

    60 minute read + (PDF download)  10.05.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue again has a strong ESG focus. We cover the several significant votes on Climate Action 100+ shareholder proposals, and closer to home, we recap key climate announcements in the 2023 Federal budget.  On the financial services front, we cover the release of ASIC Report 762 – ASIC's initial assessment of how investment product issuers have met their DDO obligations and more...

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI3NWY2YjMyNS04MDE5LTQ4OGYtYjk4OC03NjljNWZmNDBmM2UiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc3MTk5MzY3NCwiZXhwIjoxNzcxOTk0ODc0LCJpYXQiOjE3NzE5OTM2NzQsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyJ9.IjyQxZim-u-CVs1y4OwNfJI5fyL4p431-LU8XFohNDM
    https://www.minterellison.com/articles/governance-news-10-may-2023

    Our most recent top stories

    Receive Governance News in your inbox.

    We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

    Subscribe

    Diversity Navigation Show below Hide below

    • New report highlights a shift in FTSE 350 board appointments away from first-time public board directors toward 'more familiar, traditional profiles of directors' 
    • New initiative launched to track DEI progress in the investment management industry 

    Remuneration Navigation Show below Hide below

    • Time to consider paying UK executives more? London Stock Exchange CEO says attracting and retaining talent in a global market means there needs to be 'constructive discussion' on the issue 
    • Excessive pay? 58% of Unilever shareholders vote down the company's remuneration report 

    Shareholder Activism Navigation Show below Hide below

    • Climate Action 100+ flagged proposal secures 35% at Lockheed 
    • Marathon Petroleum shareholders approve shareholder majority vote proposal, reject two Climate Action 100+ flagged proposals 
    • Imperial Oil shareholders reject two Climate Action 100+ flagged shareholder proposals 
    • Engie SA shareholders reject Climate Action 100+ flagged shareholder-proposed 'Say on Climate' resolution 
    • Alphabet commits to greater transparency on use of carbon offsets in change for withdrawal of shareholder climate proposal 
    • Dutch-led investor coalition calls on companies to urgently prioritise and accelerate action to reduce their dependence on single-use plastic packaging 
    • Investors filed shareholder GHG targets proposals at J-Power, investors predeclare their intention to vote against the company's Vice President on climate grounds 

    ESG  Navigation Show below Hide below

    • Federal Budger 2023 | Key Climate measures 
    • Australian government announces plans to legislate a national Net Zero Authority 
    • Anti-ESG backlash continues in the US 
    • Market Forces says Australia's largest superannuation funds have upped their fossil fuel exposure, calls on fund members to demand their fund shift course 

    Disclosure and Reporting Navigation Show below Hide below

    • Assistant Treasurer says the green transition requires a 'massive shift in investment', outlines some of the measures in place to support this including the development of a sustainable finance taxonomy, introduction of ISSB-aligned disclosure requirements 

    Markets and Exchanges Navigation Show below Hide below

    • FCA proposes changes to Listing Rules to help attract more firms to list in the UK 

    Financial Services Navigation Show below Hide below

    • DDO compliance |  ASIC's calls on investment product issuers to 'lift their game', warns that 'closer scrutiny is coming'
    • Roll out of IDR reporting requirements: Smaller firms given additional preparation time, updates to IDR reporting handbook 
    • Insurance: APRA is consulting on 'minor amendments' to the 'final' reporting standards impacted by the introduction of the AASB 17, LAGIC updates and revisions to the capital framework for PHIs 

    Risk Management Navigation Show below Hide below

    • Top Story | Perspectives on Cyber Risk 2023: the real cost of a data breach 
    • Federal Budger 2023 | Key Cybersecurity and Privacy measures 
    • Whistleblowing | UK Regulator outlines actions to 'improve the confidence of whistleblowers' in reporting issues, including supporting a review of whistleblower legislation 
    • Whistleblowing | Polling suggests most Australians would support the introduction of a whistleblower reward system 
    • Modern Slavery | Latest government statistics suggest the number of potential modern slavery victims in England and Wales reached record highs in Q1 2023 
    • In Brief | Modern slavery: The Federal Budget includes $8 million in funding over four years from 2023–24 (and $2.0 million per year ongoing) to establish an Anti-Slavery Commissioner to support compliance with the Modern Slavery Act 2018 (Cth) 
    • In Brief | Combatting forced labour in supply chains: Canada has passed a new law requiring certain companies to report annually on the measures they have taken to identify, address and prevent forced labour in their supply chains 
    • In Brief | Workplace safety: The Federal budget includes $27.4 million over four years from 2023–24 (and $1.1 million per year ongoing) to 'improve the safety and fairness of workplaces, and continue detailed consultation with key industries'. This funding includes $4.4 million over 4 years from 2023–24 (and $1.1 million per year ongoing) to establish the National Construction Industry Forum which will 'provide advice on major challenges facing the building and construction industry including workplace relations, industry culture, skills and training, safety, gender equality and productivity'

    Corporate Misconduct and L:iability Navigation Show below Hide below

    • UK regulators consult on proposed changes to enforcement policies including plans to incentivise early admissions 

    Receive Governance News in your inbox.

    We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

    Subscribe

    Contact

    Tags

    Governance Newsletter Boards & Directors Corporate misconduct and liability Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Overseas perspectives Regulators Remuneration Risk management Shareholder activism
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJiNDM0OTZiOS0yMTE1LTRiZmYtYTU0NS0zNDUzNTdjY2U2MTciLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc3MTk5MzY3NCwiZXhwIjoxNzcxOTk0ODc0LCJpYXQiOjE3NzE5OTM2NzQsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMC1tYXktMjAyMyJ9.5uNsmtBJvXVreEfgNPpyNPAbBux7d-pr2qds2mN8lHA
    https://www.minterellison.com/articles/governance-news-10-may-2023

    Read Next

    © 2026 MinterEllison