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    Governance News 13 July 2022

    40 minute read + (PDF download)  13.07.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue covers several significant financial services developments including APRA's consultation on proposed new remuneration disclosure and reporting requirements for insurers, superannuation funds and banks, the ACCC's first enforcement action for (alleged) non-compliance with CDR Rules and confirmation from the Assistant Treasurer on the government's position on responsible lending, BNPL regulation and regulation of payday lending/consumer leases.  This issue also includes coverage of key ESG, risk and regulatory developments and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    Remuneration Navigation Show below Hide below

    • APRA consults on new remuneration disclosures for APRA-regulated entities
    • The OECD has released an overview of executive/board pay practices in State Owned Enterprises across 36 countries

    Shareholder Activism Navigation Show below Hide below

    • 16.7% of Sainsbury's shareholders back ShareAction's 'living wage' resolution, ShareAction says the resolution has been successful in putting worker pay in the spotlight

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • The 'gold standard' for stewardship? FCA commissioned research finds the revised UK Stewardship Code has had a positive impact
    • Investor coalition pushes the UK's largest 100 listed companies to commit to tackling poor mental health among their workers ahead of the planned launch of a global campaign
    • In Brief | Divestment is the best way? 35 faith institutions have announced their divestment of 20 oil and gas companies, the groups have called on governments and other groups to do likewise to halt the development of new projects and 'keep 1.5 alive'

    ESG  Navigation Show below Hide below

    • CGI Australia event | Climate Governance Forum, 1 August 2022
    • Cutting plastic waste: India implements single use plastic ban, separately California has passed legislation cutting single use plastics and implementing new recycling requirements
    • Global snapshot of climate litigation: New report flags climate cases have doubled since 2015

    Disclosure and Reporting Navigation Show below Hide below

    • There has been a record level of interest in SEC's proposed climate disclosure rule

    Regulators Navigation Show below Hide below

    • IOSCO has published its Crypto-Asset Roadmap for 2022-2023
    • In Brief | Following the release of the UK government's response to the consultation on strengthening the UK’s Corporate Governance, Corporate Reporting and Audit systems, the Financial Reporting Council has released a position paper setting out its planned next steps for corporate governance, corporate reporting and audit reform, including planned changes to the UK Corporate Governance Code

    Financial Services Navigation Show below Hide below

    • Top Story | Consumer protection is key: Assistant Treasurer outlines the government's position on SACCs, BNPL regulation and Responsible Lending
    • APRA consultation on proposed amendments to APS 330 Public Disclosure
    • The ASA and SIAA call for the stamping fee exemption for LICs and LITs to be reinstated
    • ASIC commences proceedings against wholesale AFSL licensee over alleged failure to have adequate risk systems/processes in place
    • Treasury to review the operation of Your Future, Your Super reforms, government announces 12 month pause on the extension of the performance test
    • ACCC issues first infringement notice for an alleged breach of the CDR Rules
    • Reducing risk for victim-survivors of family or domestic violence: ASIC announces temporary no-action position to enable credit providers and consumer lessors to withhold certain credit information
    • In Brief | Hayne case study: The Federal Court has found that an insurer and its agents engaged in unconscionable conduct when selling life, funeral and accidental injury insurance over the phone to vulnerable customers
    • In Brief | AFCA has announced the appointment of Natalie Cameron as its new Lead Ombudsman for Banking and Finance. Ms Cameron has been acting in the role since January 2022. AFCA confirmed that Shail Singh will continue as Acting Lead Ombudsman, Investments and Advice, for the coming 12 months, having taken on this role earlier this year

    Risk Management Navigation Show below Hide below

    • Top Story | WA Parliaments sexual harassment report calls for significant cultural shift in the mining industry
      Governance Institute guide to risk management for directors released

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