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    Governance News 12 June 2019

    60 mins  11.06.2019 Mark Standen, Siobhan Doherty, Kate Hilder

    Governance News provides a weekly wrap up of key governance and regulatory developments in Australia and overseas.  This week's issue includes (among other things) coverage of Bank of England Executive Director James Proudman's speech on the governance implications of AI in the financial services sector; the release of the TCFD's second status report on climate disclosure practices and APRA's renewed call on insurers to take a proactive approach to risk preparation/recovery planning.

    Full coverage of this weeks content is now available


    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-12-june-2019

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    Diversity  Navigation Show below Hide below

    • Same profile (just better educated)? The AFR reports that leadership at Australia's top 100 companies looks much as it did five years ago
    • An alternative to imposing board gender quotas?  Writing in Harvard Law School Forum, US academics suggest that imposing board term limits could provide a 'more organic route' to improving board diversity on US boards than gender quotas

    Remuneration Navigation Show below Hide below

    • Details of remuneration package for new Bank of Queensland manager director and CEO released
    • In Brief | APRA has finalised its approach to apportionment of variable remuneration for medium and small ADIs under the BEAR.  The final legislative instrument will be published before the BEAR comes into force for medium and small ADIs on 1 July 2019
    • In Brief | No enforcement action? The AFR reports that having conducted a 'thorough investigation,' the Australian Securities and Investments Commission (ASIC) has determined that it will take no enforcement action against the CPA Australia board in relation to its decision to unanimously approve a large (controversial) termination payment ($5.8m) to former CPA head, Alex Malley

    Institutional shareholders and stewardship Navigation Show below Hide below

    • State Street has released a suggested framework for directors (in all sectors) to assist them in better overseeing climate risk and to clarify investor expectations of board members on their responsibilities with regard to climate risk

    Meetings and proxy advisers Navigation Show below Hide below

    • Meeting result: Facebook shareholder proposals defeated (for lack of management support); New York City Comptroller has called for the board to undertake an immediate governance review

    Disclosure and reporting Navigation Show below Hide below

    • Room to improve: The TCFD has released a second status report on current disclosure practices

    Regulators Navigation Show below Hide below

    • Australian regulators lead to world on climate risk supervision? 
    • IOSCO´s Growth and Emerging Market Committee has released a report setting out ten recommendations aimed at enhancing transparency and driving consistency in ESG disclosure

    Corporate social responsibility and sustainability Navigation Show below Hide below

    • The argument for engaging with big tobacco rather than automatically excluding it: Why Robert Eccles (Founding Chair of the SASB) is working with Philip Morris International on sustainability, social impact and investor engagement
    • Royal Dutch Shell can both deliver high returns for shareholders and meet the challenges associated with climate change?
    • QBE has set a target to use 100% renewable electricity by 2025

    Financial Services Navigation Show below Hide below

    • APRA has cautioned insurers against complacency given the risks currently facing the industry
    • Treasury's proposals to increase supervisory levies on financial institutions disproportionately and unfairly impact smaller banks COBA says
    • Cooperate or face (potentially) harsher penalties? The AFR reports that ASIC deputy Chair Daniel Crennan has said firms should adopt a different (and more cooperative) approach to engaging with ASIC in the post-Hayne world
    • ASIC's market manipulation case unsuccessful: Australian Securities and Investment Commission v Whitebox Trading Pty Ltd (No 7) [2019] FCA 849
    • The ABA has defended the decision of two big lenders not to pass on the recent interest rate cut to customers in full, on the basis that the interests of borrowers and depositors are also relevant considerations when determining lending rate
    • In Brief | Lower shareholder returns to be expected post-Hayne? A panel of experts has discussed the impact of the Royal Commission and suggested, among other things, that the shift to a customer focus will result in a lower line of profit for shareholders over the longer term
    • In Brief | ASIC issued a statement confirming that CBA's financial planning arm, Commonwealth Financial Planning (CFPL) has complied with the Court Enforceable Undertaking (CEU) entered into with ASIC in April 2018 regarding CFPL's fees for no service conduct  

    Accounting and audit Navigation Show below Hide below

    • Push for transparency on audit quality gaining pace? EY has reportedly followed PwC in disclosing details of ASIC's latest audit inspections 
    • United Kingdom | PwC has reportedly instituted an operational split of its UK audit business 

    Risk management Navigation Show below Hide below

    • Top Story | The governance implications of AI in the financial services context: The increased automation of systems in the financial services sector poses new governance challenges for boards (and for regulators) cautions Bank of England Executive Director James Proudman
    • Agility/adaptability is key? KPMG's global CEO outlook survey has found among other things, that there has been an overall shift in towards companies electing to actively 'disrupt' their own sector rather than waiting to be disrupted 
    • Unprepared? Two thirds of financial professionals are insufficiently prepared for a future cyber-attack according to Chartered Accountants Australia and New Zealand
    • How leaders around the world build trust with international colleagues across cultures: Harvard Business Review identifies three things top executives do to build trust across cultures

    Other news Navigation Show below Hide below

    • Top Story | MinterEllison's Australian renewable energy investment trends and outlook report 

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