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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

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    • Activist Bluebell Capital Partners has called on the BlackRock board to replace CEO Larry Fink citing ESG controversies
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    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    • Vanguard has withdrawn from the Net Zero Asset Managers Initiative 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' 
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    • ASIC's latest regulatory and enforcement update released

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    • 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 
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    • 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 
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    • 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
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