• Trends in board composition and governance on FTSE 150 boards: Key takeaways from the annual Spencer Stuart Board Index

• As You Sow reports on the outcomes of engagement efforts over the 2020 proxy season

• ASFA commissioned research finds most super fund members support the idea of funds being more active on ESG issues including climate change
• Market Forces calls on super fund members to push their own funds to match 'the minimum standard of climate action' that the landmark climate settlement established
• Proposed model law for responsible investment: ShareAction calls on UK parliamentarians to enact legislation to strength the legal duties of fiduciary investors
• Global investor groups have urged the US to re-sign the Paris Agreement, US President Elect Joe Biden has confirmed his intention to do so

• BCA backs virtual AGMs and other proposed changes to permanently modernise the Corporations Act

• UK regulator throws its weight behind the development of global sustainability standards
• The UK government has announced plans to roll out TCFD reporting for large companies and financial institutions mandatory by 2025
  
   

• In Brief | AUSTRAC and the United Arab Emirates Financial Intelligence Unit have signed a financial intelligence MOU to facilitate cooperation in the 'development, exchange and analysis of financial intelligence related to suspected money laundering, terror financing and/or other serious crimes'
• In Brief | US firms should be prepared for increased regulatory focus on climate risk: In a recent speech, SEC Commissioner Allison Herron-Lee spoke about how climate risk fits into SEC's mandate.  Commissioner Lee said that climate risk is a systemic risk to financial markets and emphasised the importance of having access to accurate and reliable information about climate-related risks from both a regulatory and investor perspective.  In addition, she flagged other areas where SEC could step up its oversight including: oversight of funds and their advisers, credit rating agencies, and accounting standards

• Top Story | Rolling back 'prescriptive' responsible lending obligations: Draft legislation released for consultation
• Treasury has been tasked with developing draft legislation to strengthen unfair contract terms protections
• Further consultation: ASIC is consulting on further amendments to the draft product intervention order targeting continuing credit contracts
• Payment services reform: Treasury, APRA and ASIC will work to develop a reform package to implement the CFR's recommended changes to the regulation of stored value facilities (eg international money transfers, gift cards, pre paid cards and digital wallets)
• FinTech/RegTech Inquiry: Senate Committee set to focus on longer-term issues including (among others) the potential for non-bank technology companies to become accredited data recipients under the CDR regime and the roll out of the CDR to additional sectors
• Costs of climate risk: Insurers prohibited from declining to renew or cancelling policies for residential properties in areas impacted by the 2020 Californian wildfires for one year
• The FSC will make further changes to the Life Insurance Code of Practice following consultation
• General insurers: APRA consults on revised data collection – cyber insurance and management liability data
•  AFCA seeks ASIC approval of unresolved SCT complaints transition arrangements
• COVID-19: So far funds have paid out $34.8 billion under the government's early release of superannuation scheme, the data indicates that the number of applications coming through is slowing
• Interim arrangements: APRA has advised ADIs of changes to the capital treatment of new or additional equity investments in banking and insurance subsidiaries ahead of the finalisation/implementation of APS 111
• In Brief | ASIC IDR roundtable: The AIST is set to attend ASIC's roundtable on RG 271: Internal Dispute Resolution on 25 November  The discussion will focus on what is required for internal dispute resolution systems to meet ASIC's standards/requirements
• In Brief | CHOICE has given a 'Shonky award' to a funeral insurer who does not display the itemised prices of its funeral services in all states/territories.  CHOICE has called on the insurer to remedy this by publishing the information on its website and is calling on all state and territory consumer affairs ministers to make transparent funeral pricing the norm
• In Brief | UK Business Insurance Test Case:  The FCA has released resources to assist policy holders understand the High Court decision and the status of the appeal.  The FCA comments that none of the information is new, but is instead aimed at assisting readers to navigate the court documents

Climate Risk

• A way forward on climate? Climate Change (National Framework for Adaptation and Mitigation) Bill 2020 introduced
• Prime Minister Scott Morrison has said he would welcome the US rejoining the Paris Agreement
• In Brief | Green led COVID-19 recovery: The NSW government has released a 20 year plan to reduce emissions and grow the state's economy while ensuring cheap and reliable electricity
• In Brief | A Biden presidency won't necessarily mean a huge shift in direction on climate change?
• BlackRock cautions that if republicans retain their control of the US Senate 'big-ticket legislative actions including large-scale fiscal stimulus and public investment, tax, healthcare and climate related legislation would likely face insurmountable hurdles'.  BlackRock predicts that the focus on sustainability will nevertheless increase through regulatory actions, as opposed to tax reform or spending on green infrastructure and through re-joining the Paris Agreement

Cybersecurity, Technology and Privacy

• Protecting infrastructure and systems of national significance: draft legislation released
• In Brief | ACCC plans to propose changes to Australian merger laws in 2021:  ACCC Chair Rod Sims says that the rapid growth of digital platforms is fuelling worldwide debate about the adequacy of existing merger laws

Other Developments

• Not 'fit and proper': The FCA has banned three individuals from working in the financial services industry for non-financial misconduct