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    Governance News 14 October 2020

    60 minute read (PDF download)  13.10.2020 Mark Standen, Siobhan Doherty, Kate Hilder
    COVID-19 Special Edition This issue of Governance News covers: a) key COVID-19 related developments; b) coverage of key measures announced in the Federal Budget; c) coverage of developments and trends in shareholder activity; d) recent AGM results; e) financial services. regulatory and risk and ESG 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-october-2020

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    Diversity Navigation Show below Hide below

    • HESTA has launched a gender diversity campaign arguing that lack of gender diversity in leadership is a financial risk
    • Mercer finds that despite the fact that 80+% of Australian businesses report being focused on gender parity and pay equality, they're still falling short
    • Please explain: US regulator asks Microsoft to explain why its recent diversity in leadership commitments do not constitute unlawful discrimination on the basis of race
    •  Women make up more than a third of all board members across the FTSE 350 for the first time
    • Female board representation at the FRC is now at 40% (exceeding the 33% target), but more work is needed to increase female representation at ExCo level
    •  In Brief | The FSC has released voluntary guidance (Guidance Note 38) setting out various suggested policy recommendations, processes and approaches to assist fund managers to improve gender balance in investment management teams 

    Shareholder Activism Navigation Show below Hide below

    • Shareholder activism Q3 2020: Activist Insight's latest report tracking global trends in activist activity has found that overall activity is well-down on 2019, though Asia is bucking the trend
    • Evidence of impact: As You Sow has highlighted several examples of instances in which companies have changed their behaviour as a result of As You Sow's campaigns
    • ACCR withdrew its cultural heritage protection resolution at the request of the First Nation's Heritage Protection Alliance 24 hours prior to BHP's AGM
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Climate League 2030, an initiative backed by 16 institutional investors, commits to supporting action/taking action to reduce emissions

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Federal Budget: The government's Digital Business Plan includes commitments to consult on making changes to the Corporations Act to permanently enable electronic meetings and electronic execution of documents
    • What is/isn't OK?  The Governance Institute has released an expert opinion on the current legal requirements around virtual meetings and electronic execution and storage of documents
    • Mixed report card: The FRC's review of a sample of AGMs held over the first half of 2020 concludes that though the 'best organised' electronic meetings enabled increased shareholder participation, retail shareholders at other companies were left disenfranchised
    • Recent AGM results: AGL, Brambles, Telstra and CBA
    • Newcrest shareholders asked to approve updated constitution: proposed updates include amendments to enable the company to hold meetings electronically and to facilitate direct voting
       

    Markets and Exchanges Navigation Show below Hide below

    • ASIC and the RBA outline their expectations for the replacement of the outdated CHESS system

    Regulators Navigation Show below Hide below

    • APRA too roll-out a new supervision risk and intensity model
    •  Supervision of the insurance sector: APRA has advised that it has elected to commence work to align its prudential standards/practices with the ComFrame framework
    • In Brief | APRA has released its annual report for FY 19/20.  In his foreword to the report, APRA Chair Wayne Byres writes that APRA remains committed to meeting the government and the community's expanded expectations, despite the disruption caused by the pandemic, in line with the strategic objectives outlined in the regulator's corporate plan
    • In Brief | The AICD has released a recording of an interview with ASIC Chair James Shipton in which he discusses the regulator's priorities for the year ahead including the regulator's approach to insolvent trading enforcement and culture
       

    Financial Services Navigation Show below Hide below

    • Top Story | MinterEllison report: A New Financial Services Landscape
    • Responsible lending: The government has announced plans to roll back responsible lending obligations
    • Responsible lending (car finance) action settled
    • 2020 Federal Budget: Four point 'Your Future Your Super' reform package announced
    • APRA deputy Chair says Your Super, Your Future reforms are aligned with APRA's ongoing work
    • COVID-19: So far funds have paid out $34.1bn under the government's early release of superannuation scheme, the data indicates that the number of applications coming through continues to slow
    • APRA calls on superannuation trustees to move beyond a 'tick box' approach to implementing SPS 515
    • The FPA has reiterated calls for the term 'general advice' to be replaced with a more accurate descriptor in the interests of protecting consumers
    • Targeting short term lending (again): ASIC commences proceedings in the Federal Court
    • APRA resumes market intervention into IDII
    • In Brief | LIBOR transition: The International Swaps and Derivatives Association has announced that it will launch the 2020 IBOR Fallbacks Protocol and associated Supplement to the 2006 ISDA Definitions on 23 October 2020.  ASIC, with the support of the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA), 'strongly urges Australian institutions to adhere to the ISDA Protocol and Supplement'  
       

    Risk Management Navigation Show below Hide below

    • Top Story | Is competition law a roadblock to sustainability initiatives?
    • In Brief | ASIC Superannuation Senior Executive Leader Jane Eccleston has reminded superannuation trustees of their obligations to support and protect whistleblowers and implement a whistleblower policy

    Restructuring and Insolvency Navigation Show below Hide below

    • Top Story | Insolvency Law Reforms for small business
    • In Brief | ASIC has identified that the 'significant decline' in insolvency activity continues to gain momentum: In April activity was down 33% on the same month last year, by August insolvency was down 63% on the same month in 2019
       

    Other News Navigation Show below Hide below

    • Top Story | Federal Budget Highlights: 2020-21
    • In Brief | Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 passed both Houses on 9 October without amendment.  The measures in the Bill include measures relating to: personal income tax cuts; temporary loss carry back; increasing the small business entity turnover threshold; the research and development tax incentive; and expensing of depreciating asset
    • In Brief | The Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Amendment Rules 2020 were registered on 9 October and are now in force.  The amendments introduce an alternative 'decline in turnover' test where companies do not have an appropriate comparison period in 2019

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