Governance News 11 August 2021

45 minute read + (PDF download)  11.08.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue features coverage of several developments connected with implementation of the Hayne Commission recommendations.  We also include an expert breakdown of the key findings in the latest IPCC report.   This issue also includes a summary of the key amendments made to the long-awaited TLA 1 Bill and more…

Full coverage of this weeks content is now available.

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Diversity Navigation Show below Hide below

  • Boosting diversity: SEC approves Nasdaq's proposed Listing Rules changes

Shareholder Activism Navigation Show below Hide below

  • Say on Climate: Origin is the latest in a line of ASX companies to grant shareholders an advisory vote
  • Climate lobbying resolution: ACCR has filed a climate-lobbying resolution at BHP

Institutional Shareholders and Stewardship Navigation Show below Hide below

  • New House Committee on Economics inquiry into common ownership announced
  • In Brief | Stepping up engagement efforts and pushing specific action: Climate Action 100+ has launched a new initiative to accelerate decarbonisation efforts in specific industry sectors.  The initiative will see the release of global 'sector' specific strategies for transition planning which will inform engagement efforts.  The first Global Sector Strategy specifically for the steel industry has already been released.  Global sector strategies for the Food and Beverage, Electric Utilities, Trucks and Diversified Mining sectors are planned to be released in the 'coming months'

Meetings and Proxy Advisers Navigation Show below Hide below

  • Top Story | A welcome measure of certainty on meetings and electronic execution: TLA 1 Bill passes both Houses
  • A 'bad day for retail shareholders': Passage of the TLA 1 Bill has not been universally welcomed

Regulators Navigation Show below Hide below

  • SEC Chair calls on Congress to grant the regulator additional scope and resources to regulate cryptocurrency markets

Financial Services Navigation Show below Hide below

  • Top Story | Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
  • Changes to DDO flagged ahead of 5 October 2021 commencement
  • Hayne Implementation: Financial services breach reporting regulations registered
  • Hayne implementation: Views sought on the operation of the (proposed) new single disciplinary body for financial advisers
  • Hayne implementation: Regulations setting out exceptions to anti-hawking provisions registered
  • Your Future, Your Super Regulations registered
  • ASIC's review of the first round of super fund annual members' meetings found there is scope to improve members' meeting experience
  • COVID-19: ASIC review of managed funds' illiquid asset valuation practices concludes there is no need to adjust existing regulatory settings
  • Major financial institutions have paid $1.86 billion in financial advice-related compensation according to ASIC
  • Changes to capital adequacy prudential standard finalised
  • APRA publishes further information to assist entities to prepare for APRA Connect
  • In Brief | COVID-19 lockdown support:  The ABA has issued a reminder to customers to contact their lender if they are experiencing financial hardship.  According to the ABA, more than 20,0000 customers have received hardship assistance during recent lockdowns, including 15,000 repayment deferrals on home and business loans loan deferrals

Risk Management Navigation Show below Hide below

Climate Risk

  • Top Story | The science is in – so what now? Implications of the new IPCC report for corporate and government decision-makers

  • AIST suggests three improvements to APRA's draft climate guidance

Other Developments

  • Respect@Work implementation: Committee paves the way for the passage of the Sex Discrimination and Fair Work (Respect at Work) Amendment Bill 2021

  • OAIC investigates Telco over privacy concerns

Restructuring and Insolvency Navigation Show below Hide below

  • Consultation: Views sought on the potential introduction of an automatic moratorium on credit claims during formation of a creditors' scheme

Other News Navigation Show below Hide below

  • COVID Bill No 2 passes without JobKeeper transparency requirements

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