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    Governance News 14 December 2022

    50 minute read (PDF)  14.12.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This issue includes coverage of the government's initial consultation on the design and implementation of a new, internationally aligned, mandatory climate disclosure regime.  We also cover various other ESG, financial services, regulatory and risk-related developments 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-14-december-2022

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    Diversity  Navigation Show below Hide below

    • A 'wakeup call' for employers: The WGEA's latest Employee Census highlights that progress toward closing the persistent gender pay gap in Australia has stalled

    Shareholder Activism Navigation Show below Hide below

    • Activist Bluebell Capital Partners has called on the BlackRock board to replace CEO Larry Fink citing ESG controversies
    • ISS highlights that while a record number of human rights shareholder proposals went to a vote this year at US companies, there was no marked uptick in the level of support
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    • Six shareholder ESG proposals set to go to a vote at the Microsoft Corporation annual meeting
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    • In Brief | The ACCR has welcomed Glencore's decision to cancel a proposed greenfield coal mine which the ACCR submits was made in response to 'snowballing investor pressure' 

    Disclosure and Reporting Navigation Show below Hide below

    • Top Story | Moving closer to introducing internationally-aligned climate reporting requirements in Australia: Initial consultation launched 
    • Sustainability-related disclosures: ASIC flags director oversight of sustainability and governance practices as a key focus 

    ESG Navigation Show below Hide below

    • Vanguard has withdrawn from the Net Zero Asset Managers Initiative 
    • EU Climate Action: Provisional agreement announced on CBAM 
    • In Brief | ShareAction's latest report ranking Europe's 25 largest banks on their climate approach (ie climate and biodiversity governance, climate risks, climate opportunities, biodiversity strategy, and policy engagement and collaboration with stakeholders) concludes banks are 'falling short on climate and biodiversity action'. ShareAction has written to the CEOs of each of the lenders outlining how the group considers they 'can close loopholes in their climate and biodiversity strategies' 
    • In Brief | EPBC Act reform: The government has outlined plans for the overhaul of Australian environmental laws, flagging that legislation is expected to be introduced into the parliament by the end of 2023. The move is being made in response to the 2019 Samuel Review into the Environmental Protection and Biodiversity Conservation Act 

    Regulators Navigation Show below Hide below

    • ASIC's latest regulatory and enforcement update released

    Financial Services Navigation Show below Hide below

    • Top Story | Unlocking the 'byzantine complexity' of corporations and financial services laws: Submission on ALRC interim report B 
    • Simplifying and improving the navigability of financial services and corporations laws: Consultation on new draft Bill 
      DDO compliance | ASIC has called on all lenders to review their TMDs and product governance arrangements 
    • ASIC calls on life insurers to review claims payments systems 
    • Financial regulators release joint letter to life insurers outlining premium increase concerns, request insurers complete review by March 2023 
    • ASIC calls on super funds to 'uplift complaints handling' following review 
    • ASIC takes court action against insurer over alleged non-compliance with its duty to act with utmost good faith 
    • FTX co-founder and CEO facing fraud charges 
    • In Brief | Increasing access to financial services: AUSTRAC has issued guidance for banks and superannuation funds on implementing a 'flexible' approach to verifying the identify of customers in circumstances where the customers are unable to produce standard identification documents 

    Risk Management Navigation Show below Hide below

    • Top Story | Secure Jobs, Better Pay Bill is now law
    • ASIC launches civil proceedings against the Star board and certain executives 
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    • In Brief | UN Global Compact, together with the Maritime Union of Australia, has launched new guidance for Australian businesses on managing modern slavery risk in maritime shipping supply chains

    Restructuring and Insolvency Navigation Show below Hide below

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