Governance News 13 March 2024

40 minute read (PDF download)  13.03.2024 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong financial services focus. We cover the release of the long-awaited draft Bill proposing to regulate BNPL contracts as credit contracts and separately the release of key FAR Rules – Minister's Rules, Regulator Rules, and Transitional Rules – essential to enabling the transition from the BEAR to the FAR. On the ESG front, the SEC issued a scaled back version of its climate disclosure rule in final form, the UK government confirmed plans to regulate ESG ratings providers and the Australian government took a significant step towards enabling the development of an overarching national climate adaption plan with the release of the first of two planned National Climate Risk Assessment reports and the launch of a consultation on key design elements of the (planned) national climate adaption plan and more….

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Boards and Directors Navigation Show below Hide below

  • Directors' Duties | UK Institute of Directors calls for overhaul of directors' duties ahead of upcoming general election 

Diversity Navigation Show below Hide below

  • Board gender diversity | Report finds that representation of women on ASX 100 boards is nudging 40%, but women remain underrepresented in Chair roles

Shareholder Activism Navigation Show below Hide below

  • Board diversity (still) in focus | NYC Comptroller pushes GameStop, NextEra Energy to disclose board demographics in continuation of multi-year initiative pushing for increased board diversity 
  • Plastic pollution | Green Century withdraws proposal at Hasbro in exchange for agreement with the company 
  • Coca-Cola Company succeeds in blocking shareholder proposal pushing for the company to shift towards healthy products 
  • Maximus shareholders vote down shareholder freedom of association proposal

ESG Navigation Show below Hide below

  • What are the key physical climate-related risks facing Australia? Government releases first National Climate Risk Assessment
  • Report, opens consultation on key design elements of planned National Climate Adaption Plan 
  • UK to push ahead with regulation of ESG ratings providers 

Disclosure and Reporting Navigation Show below Hide below

  • SEC adopts long awaited (but scaled back) climate disclosure rule, Republican states file legal challenge 

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  • ASIC fines ASX $1m+ following an investigation into its compliance with Market Integrity Rules 

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  • ACCC enforcement priorities: Competition, consumer and product safety issues in sustainability and the net zero transition to remain a priority for the regulator 

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https://www.minterellison.com/articles/governance-news-13-march-2024