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    Governance News 13 September 2023

    45 minute read (PDF download)  13.09.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue features coverage of the Governance Institute's latest Ethics Index which offers insights into how ethical Australians perceive business, our institutions and our society to be and the key ethical challenges facing the country.  We also cover OAIC's latest notifiable data breach report, NBIM's statement on AI and a report suggesting that while Australian businesses are rushing to embrace AI, governance/oversight may not be keeping pace and more...

    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-13-september-2023

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    Boards and Directors  Navigation Show below Hide below

    • New report offers insights into ASX 300 board composition, remuneration, tenure and independence

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    • APRA has released its initial assessment of CPS 511 

    Diversity  Navigation Show below Hide below

    • DEI is a growing area of investor focus: Survey finds 66% of investors plan to increase their engagement on diversity over the next 12 months

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Responsible use of AI: NBIM's public statement 

    Shareholder Activism Navigation Show below Hide below

    • As You Sow releases 2023 Shareholder impact review 

    Meetings and Proxy Advisers Navigation Show below Hide below

    •  ISS reports on 2023 proxy season trends 

    ESG Navigation Show below Hide below

    • Mandatory climate disclosure in Australia | Investors tell Treasurer 'further steps' are needed to support entities to produce 'credible transition plans' 
    • Mitigating the risk of carbon leakage: Professor Frank Jotzo to lead review, review set to report by 30 September 2024 
    • Survey finds that the majority of Australians believe that the impacts of climate change are exacerbating the current cost of living crisis and support the introduction of new taxes on fossil fuel producers 
    • ShareAction calls on the UK government to mandate ethnicity pay gap reporting, flags engagement plans on the issue 
    • In Brief | Mandatory climate disclosure in California is another step closer after the first of two Bills - Climate Bill SB 253 which will require companies that do business in California and earn at least $1 billion report annually on emissions across their supply and value chains (Scope 3 emissions) - passed the Senate. The Bill is now set to go to the Governor for final approval 
    • In Brief | How to drive down Scope 3 (supply chain) emissions: The We Mean Business Coalition has launched a suggested framework/approach – the supplier cascade - to assist businesses to accelerate supply chain decarbonisation 
    • In Brief | Climate Action 100+ has released a new tool for investors – the Net Zero Standard for Diversified Mining – which aims to provide both the metrics needed to enable effective assessment diversified minters' transition plans and a basis for engagement discussions 

    Financial Services Navigation Show below Hide below

    • Top Story | A welcome development (but room for refinement): Submission on the draft FFSP Bill 
    • APRA consults on proposed changes to Reporting Standard ARS 180 Capital Adequacy: Counterparty Credit Risk 
    • APRA finalises 'minor administrative updates' to Financial Claims Scheme standard APS 910 Financial Claims Scheme (APS 910) 
    • DDO interim measures extension: ASIC Corporations (Amendment) Instrument 2023/706 registered 
    • Simplifying and improving the navigability of Treasury portfolio laws: Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 has passed both Houses 
    • UK financial regulator to review treatment of 'politically exposed persons' 
    • ASIC sues BNPL provider over alleged unfair contract term in contract with small business account holders 

    Risk Management Navigation Show below Hide below

    • Top Story | Cost of living, privacy and AI top the list of ethical challenges facing Australia 
    • The rush is on: Australian business is embracing AI, but a new survey suggests governance/oversight is lagging 
    • OAIC H1 2023 Notifiable Data Breach report: Human error still a major cause of breaches 
    • UCT reforms: ACCC urges business to review their standard form contracts ahead of November changes 
    • In Brief | Whistleblower reforms: More than 70 organisations and individuals have signed an open letter to the government calling for an end to the prosecution of whistleblowers and for whistleblower protections to be strengthened 
    • In Brief | Undertaking human rights due diligence: New report offers practical guidance for businesses on how to undertake effective human rights due diligence in line with the UN Guiding Principles on Business and Human Rights 

    Other News Navigation Show below Hide below

    • Statutory Declarations Amendment Bill 2023 (Cth) introduced 

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