Governance News 13 December 2023

40 minute read (PDF download)  13.12.2023 Mark Standen, Siobhan Doherty, Kate Hilder

In our final Governance News update on key ESG, financial services, risk and regulatory developments for 2023, we cover the release of the ACCC's long-awaited final anti-greenwashing guidance and more….

Full coverage of this weeks content is now available.

Past issues are available

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiIyNWViNjc3My1kYWY0LTQ1Y2QtYTk4Ny1kNzk0NDBkOTgzOGIiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczOTA4MDg0MSwiZXhwIjoxNzM5MDgyMDQxLCJpYXQiOjE3MzkwODA4NDEsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMy1kZWNlbWJlci0yMDIzIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTEzLWRlY2VtYmVyLTIwMjMifQ.LeS9BIFq6rKAcY6jJU1TwoD4hsYSZghDyjn5i0AsTeE
https://www.minterellison.com/articles/governance-news-13-december-2023

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Shareholder Activism Navigation Show below Hide below

  • Mercy Investments targets 16 companies with shareholder resolutions on a range of ESG topics ahead of the 2024 proxy season 
  • Political spending disclosure: AT&T releases report in partial exchange for the withdrawal of a shareholder proposal 
    e-Waste: Green Century welcomes moves by Microsoft to extend security support but is pushing for the company to go further 
  • Shareholders turn to court action in escalating dispute with Smith & Wesson over AR-15 rifles

Institutional Shareholders and Proxy Advisers Navigation Show below Hide below

  • Railpen releases updated voting policy for 2024 
  • Updated ACSI governance guidelines set expectations for companies on key ESG issues including nature/biodiversity, climate and board oversight of cyber (among other issues) 

ESG Navigation Show below Hide below

  • Top Story | Landmark ACCC determination on proposed acquisition of Origin Energy 
  • Accelerating shift away from coal in steel production: Global coalition of 67 organisations calls on banks to end financing of new metallurgical coal projects 
  • Supporting sustainability efforts/climate adaption in the Pacific: Australian government announces new measures 
  • Australia takes a step towards phasing out fossil fuel subsidies: Australia joins clean energy transition partnership 
  • Facilitating investment in the net-zero transition: Key takeaways from the Treasurer's third investor roundtable 
  • MAS releases final Code of Conduct for ESG ratings and data providers 
  • In Brief | The Nature Repair Market Bill 2023 (Cth) and Nature Repair Market (Consequential Amendments) Bill 2023 (Cth) which together will establish a framework for a voluntary national biodiversity market passed both Houses on 7 December (with amendments) and now await Assent 
  • In Brief | The latest publicly available version of the COP28 draft agreement drops references to the 'phase out' or 'phase down' of fossil fuels (but negotiations are continuing) 

Disclosure and Reporting Navigation Show below Hide below

  • Top Story | ACCC releases final environmental claims guidance 
  • Top Story | Sustainability collaboration under competition law 
  • Greenwashing | UK regulator launches investigation into consumer goods company as part of broader greenwashing sweep 
  • NBIM supports proposed new global standard for sustainability assurance, ISSA 5000 
  • In Brief | Greenwashing | The Governance Institute of Australia has released a new guide for governance professionals on greenwashing, providing a grounding in what greenwashing is, the many forms it can take and the risks associated. The guide also provides practical insights into how governance professionals can manage these risks 

Financial Services Navigation Show below Hide below

  • Top Story | Quality of Advice Review: Proposed roadmap for implementing the 'second tranche' of reforms released 
  • Top Story | Submission in relation to the Quality of Advice Review 
  • Payment system reform | Second round of consultation on a proposed licensing framework for payment service providers 
  • Payment system reform | 'Winding down' Australia's cheque system 
  • CPS 234 compliance | APRA imposes additional licence conditions on super fund over 'significant deficiencies' in cyber controls 
  • ASIC calls on online trading providers to address the concerns flagged in new report (REP 778) 
  • APRA moves to tighten interest rate risk requirements – opens consultations on further revisions to the framework on interest rate risk in the banking book 

Risk Management Navigation Show below Hide below

  • Top Story | Transforming workplace responses to prevent sexual harassment 
  • In Brief | New AICD/ACSI report offers practical guidance for directors to assist them in meeting their obligations under the new 'positive duty' to prevent and respond to workplace sexual harassment, including suggested targeted questions for directors to ask their management teams to help 'ensure they have active oversight of measures to address workplace sexual harassment and other positive duty conduct' 
  • In Brief | The WGEA has released new guidance for employers around collecting, analysing and reporting information on the prevalence of sexual harassment in their workplace 

Other News Navigation Show below Hide below

  • Bill to implement the government's response to the RBA Review introduced, referred to Committee 
  • Replacement of the AAT with new Administrative Review Tribunal: Bills introduced 

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Contact

Tags

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiIxZjI1ODVjYy1kZDhiLTQxNmQtYTE0OC03N2E4YTc2OTg4ZGEiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczOTA4MDg0MSwiZXhwIjoxNzM5MDgyMDQxLCJpYXQiOjE3MzkwODA4NDEsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0xMy1kZWNlbWJlci0yMDIzIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTEzLWRlY2VtYmVyLTIwMjMifQ.c1cjBJDAVwZj3OEpTrm2DDmDv5c1qFZqTonNsnYgONs
https://www.minterellison.com/articles/governance-news-13-december-2023