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….

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)

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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