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...

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

Contact

Siobhan Doherty

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

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