Governance News 14 June 2023

60 minute read + (PDF download) 14.06.2023 Mark Standen, Siobhan Doherty, Kate Hilder

In this week's issue we cover the release of the government's long-awaited response to the Quality of Advice Review. On the ESG front, the ISSB sustainability standards are set to be launched on 26 June, the ASIC Chair has urged firms to prepare now for the expected introduction of new sustainability requirements and the government has included climate risk in APRA's statement of expectations for the first time. Looking further afield, the UK advertising watchdog has taken action to ban several advertisements over greenwashing concerns, Climate Action 100+ has announced it will sharpen its focus on implementation of climate transition plans and more…

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Report finds C Suite pay has jumped significantly in Australia over the past year
Netflix shareholders vote down 'Say on Pay' proposal at Netflix

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Shareholder lobbying proposal (just) falls short of passing at the McDonalds shareholder meeting
Church of England to support shareholder lobbying proposal at Toyota

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Top Story | Firms should be preparing now for ISSB-aligned reporting requirements says ASIC Chair
ISSB standards to launch on 26 June 2023
Greenwashing: UK watchdog moves to ban ads from three large energy companies over greenwashing concerns

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45 governments endorse IEA goal of doubling global energy efficiency progress by 2030
Australia and NZ agree to work together to maximise the financial opportunities flowing from the net zero transition
New tools for climate engagement launched: IIGCC and TPI Centre launch new Net Zero Standard for Banks and Net Zero Banking Assessment Framework
ICCR releases open letter to members of US Congress, urging them to safeguard institutional investors' freedom to consider ESG
ISS is 'not an activist or advocacy organisation' says President and CEO
Climate Action 100+ sharpens focus on climate action, tightens signatory requirements
A 'smoke signal' to US Banks? NYC Comptroller Brad Ladner calls on major banks and insurers to commit to climate action

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Government mandates APRA consider climate risk

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Top Story | Government response to the Quality of Advice Review
Assessing borrowing capacity: APRA cautions that exceptions to the 3% serviceability buffer are expected to be 'limited and clearly justified'
Deceased estates: BCCC identifies 'widespread poor practices and noncompliance' by banks, three banks under ongoing investigation
CDR | Assistant Treasurer provides a CDR status update, highlights areas of focus following the statutory review
Insurance | ASIC grants relief from certain transaction confirmation requirements
Planned overhaul of the payments system | Cheques to be phased out by the end of the decade (subject to consultation on timing)
In Brief | 'Experience pathway' Bill introduced: Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 was introduced on 14 June 2023. Schedule 2 to the Bill proposes to implement the government's election commitment to 'better recognise the experience of existing financial advisers as equivalent to tertiary study'
In Brief | Crypto crackdown: SEC Chair says crypto investors and issuers are no 'less deserving of the protections of our securities laws' than other investors. Cautions SEC will continue to enforce existing laws to protect consumers

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US regulator wants auditors to take a more active role in detecting (potential) fraud and other forms of legal noncompliance
In Brief | An independent review of the conduct and disciplinary framework for accountants, commissioned by CA ANZ, makes various recommendations to tighten accountability for misconduct in line with community expectations, including instituting a fivefold increase in maximum fines for certain misconduct

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Cyber resilience: Regulators highlight four 'lessons learnt' from recent cyber attacks
ASIC Cyber pulse survey: ASIC invites regulated entities to complete a voluntary, multiple choice cyber self-assessment survey
ACMA warns businesses that spam law breaches 'won't be tolerated'
In Brief | AI global summit: The UK government has announced plans to host the first global summit on Artificial Intelligence in 'autumn' this year. The summit will consider 'the risks of AI, including frontier systems, and discuss how they can be mitigated through internationally coordinated action' as well as providing a platform for countries to 'work together on further developing a shared approach to mitigate these risks'

Contact

Mark Standen

Consultant, Sydney
- +61 2 9921 4902
- +61 412 104 902
Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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Governance News 14 June 2023

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