Governance News 14 February 2024

45 minute read (PDF Download) 14.02.2024 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong ESG focus. There are signs that investors are sharpening their expectations nature-related risk – PRI launched a new nature-focused initiative targeting 40 companies and NBIM says it divested from 86 companies on ESG grounds in 2023, including eight on nature grounds. Separately, several submissions on the draft Bill to establish a mandatory disclosure regime in Australia support pushing back the proposed commencement date and more…

Shareholder Activism Navigation Show below Hide below

Diverging paths: European asset managers' support for ESG shareholder proposals remains high and steady while US asset managers' support drops
Barclays commits to stop direct financing of new oil/gas projects following multi-year engagement
Shareholder Proposal calling on State Street to review and report on its 2023 proxy voting record withdrawn
Equitable access to healthcare | JB Hunt fails to secure SEC approval to block shareholder proposal from proceeding to a vote
Shareholders vote down all four shareholder ESG proposals at Tyson Foods Inc annual meeting

Institutional Shareholders and Stewardship Navigation Show below Hide below

New investor initiative to push companies to halt and reverse global biodiversity loss by 2030: PRI names 40 'focus companies' to be targeted initially
NBIM divested from 86 companies on ESG grounds in 2023, including eight on nature grounds
Too slow | PFZW sells €2 billion stake in 310 oil and gas companies, including Shell BP and TotalEnergies over slow transition planning
NZOA reiterates expectations of asset managers on key issues including proxy voting, policy engagement, and lobbying activity

Disclosure and Reporting Navigation Show below Hide below

Mandatory climate disclosure in Australia | Support builds for pushing back commencement of the regime
Climate disclosure | US Chamber of Commerce files constitutional challenge to Californian climate laws (Senate Bills 253 and 261)
Greenwashing | Car makers directed by UK ASA to drop 'zero emissions' EV ads over greenwashing concerns
(Provisional) agreement to push back CSRD reporting announced, separately CSDDD vote delayed
In Brief | The Independent Review of recent amendments to continuous disclosure laws under the Corporations Act 2001 (Cth) introduced by Schedule 2 to the Treasury Laws Amendment (2021 Measures No.1) Act 2021 (Cth) is due to deliver its report to the Treasurer 14 February 2024

Financial Services Navigation Show below Hide below

Top Story | What’s needed to ‘optimise the retirement phase of super’? Suggested key priorities for reform
Directors on notice | Predatory Lending a key focus for ASIC in 2024, ASIC says it stands ready to 'hold directors accountable'
When is a crypto-backed product a financial product?

Risk Management Navigation Show below Hide below

Top Story | Whistleblower reform: New report offers suggested blueprint for a central Whistleblower Protection Authority
Modern Slavery | Status update on Modern Slavery Amendment (Australian Anti-Slavery Commissioner) Bill 2023 (Cth)
Overboarding | How many board roles is too many? AICD suggests five relevant factors for directors to consider when determining what's right for them