Governance News 11 October 2023

35 minute read (PDF download) 11.10.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue again has a strong ESG focus. Ahead of the expected introduction of mandatory climate reporting requirements in Australia MinterEllison (together with Deloitte, through the Australian Chapter of the Australian Governance Initiative) has released a practical guide outlining the steps directors can (and should) take now to prepare. On the financial services front, ASIC and APRA have released an initial information pack outlining their approach to joint administration of the Financial Accountability Regime (FAR) and the steps they expect ADIs to take to prepare to transition from the BEAR to the FAR and more….

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Nike shareholders reject shareholder ESG proposals on gender/racial pay gap reporting and supply chain transparency

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Swiss Stewardship Code launched

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Report finds investors globally are increasingly willing to oppose director elections/reelections as a means of communicating concern over a range of ESG (and other) issues
Insights from the US meeting season: (More) confirmation that support for E&S proposals has dipped
Major proxy firms walk back support for shareholder E&S proposals

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ASIC secured over $700,000 in penalties for financial reporting failures in H1 2023
ASIC extends electronic precontractual disclosure legislative instrument pending law reform
Financial reporting relief for stapled entities: ASIC remakes financial reporting legislative instrument

Regulators Navigation Show below Hide below

ACCC seeks feedback on its compliance and enforcement priorities
In Brief | US competition regulator and 17 State Attorneys General are suing Amazon over (allegedly) anti-competitive conduct – it's alleged that 'Amazon violates the law not because it is big, but because it engages in a course of exclusionary conduct that prevents current competitors from growing and new competitors from emerging'

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Top Story | Climate litigation development: Australia leading the pack
Top Story | Mandatory Climate Reporting in Australia: New guide outlines the steps directors can (and should) take now to prepare
Mandatory climate reporting | Californian Governor has signed landmark climate disclosure Bills
Climate Action 100+ | Latest Net Zero Company Benchmark results show Australian focus companies continue to make (slow) progress, but more focus is needed on putting credible decarbonisation strategies in place
Say on Climate | £1.8tn investor coalition calls on heavy emitters to adopt 'Say on Climate' votes ahead of next year's AGM season
NGOs publish list of companies 'blacklisted' by investors/financial institutions on sustainability grounds
UK regulator issues first climate change reporting fine against a pension scheme
Investors consider Nestle is 'falling short' of expectations when it comes to shifting away from sales of unhealthy foods
65% of large Japanese companies have developed human rights policies after the government released non-binding guidelines in 2022
In Brief | Anti-ESG backlash in the US: InfuenceMap says it has uncovered 'evidence of a concerted campaign by fossil fuel, financial, and cross sector groups to apparently obstruct and dilute climate-related financial regulation.in the US' through (successfully) influencing the policy priorities championed by House Republicans
In Brief | Timing of SEC's Climate Disclosure Rule still unclear: SEC Chair tells Committee the Commission is 'focussed on getting things right – based on the economics, the Commission's legal authorities, and promoting the SEC's mission – not the clock', flags potential changes in light of feedback received on the draft Rule
In Brief | The UK government's Transition Plan Taskforce has released the final version of the TPT Disclosure Framework which is hoped to provide 'the gold standard' for private sector companies to develop and report on their climate transition plans

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Top Story | FAR implementation: Initial information pack released by regulators
APRA registers new standard determining updated Prudential Standard CPS 511 Remuneration (CPS 511)
FAAA seeks feedback on policy platform
Responsibility for the Life Insurance Code of Practice transitions to the Council of Australian Life Insurers
Crypto promotion: UK financial regulator issues multiple warnings about crypto ads within the first 24 hours of the commencement of the new cryptoasset financial promotions regime
In Brief | Increasing transparency: APRA is consulting on proposals that 'would significantly increase visibility of how superannuation members’ money is spent and invested' – for example, the regulator is proposing to publish (among other things) total expenses at individual fund level by category, including expenditure for marketing and sponsorships, industrial bodies, related parties, director and executive remuneration, and political donations by payee or service provider. The consultation, which is planned to include two roundtable discussions with trustees and other industry stakeholders, closes on 29 November 2023
In Brief | Tackling a 'harmful lending model…designed to avoid consumer protection laws': ASIC has commenced further court proceedings against two short term lenders and their directors over their alleged engagement in unlicensed credit activity between July 2022 and December 2022 and the (allegedly) excessive fees charged. Taking action to protect consumers from 'predatory lending' practices, is identified in ASIC's latest corporate plan as key focus for the regulator

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In Brief | UK and New Zealand audit authorities have signed a first of its kind agreement to recognise audit qualifications in both the UK and NZ to enable auditors to more easily work between both countries

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Top Story | The long road to Australian privacy reform
In Brief | The Governance Institute has reiterated its previous calls for the government to prioritise action on strengthening whistleblower protections and underlined its continuing commitment to pushing for reform – 'Governance Institute will continue to advocate for this important reform as proper and clear protections for whistleblowers is critical to help identify and stop corporate misconduct.'
In Brief | 'What good governance looks like for directors and boards considering the application of AI within their organisations': The Governance Institute has released a new AI governance guide

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Siobhan Doherty

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- +61 2 9921 4339
- +61 413 187 544

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