Governance News 15 December 2021

45 minute read (PDF download) 15.12.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This issue includes coverage of several significant financial services developments including coverage of the government's planned actions in response to the three recent reviews into the payment systems regulatory framework, the ALRC's first interim report into the potential reform of the financial services regulatory framework and ASIC's consultation on two proposed product intervention orders targeting certain forms of predatory lending and more…

Diversity Navigation Show below Hide below

Latest Champions of Change Report highlights the progress achieved this year towards workplace gender equity
2021 marks the first year where the majority of non-executive FTSE 150 directors are women according to Spencer Stuart's latest report

Shareholder Activism Navigation Show below Hide below

Exxon again under activist pressure
Facebook (Meta Platforms Inc) targeted by investors over a range of governance and social issues

Disclosure and Reporting Navigation Show below Hide below

What do potential new global sustainability disclosure standards mean for Australian listed entities as things stand currently? ASIC outlines its views
ASIC focus areas for 31 December 2021 financial reports

Regulators Navigation Show below Hide below

Government nominates Gina Cass-Gottlieb as the next ACCC Chair
APRA Chair reflects on the key 'lessons' from the pandemic

Financial Services Navigation Show below Hide below

Top Story | Australia to catch the tail of the crypto and payments tiger in 2022
Top Story | Reforging financial services law
Top Story | Targeting predatory lending: ASIC consults on two product intervention orders
ASIC Commissioner reflects on the key developments for the credit sector in 2021
ASIC is consulting on the possible extension of relief for simple arrangements following a credit hardship notice
Independent Review of the Banking Code Compliance Committee released
APRA is consulting on proposed updates to prudential standards to integrate AASB 17 into the capital and reporting framework for insurers and updates to the LAGIC framework
APRA is consulting on proposed changes to capital and reporting standards for private health insurers
ASIC calls on super funds to 'improve the extent and quality of disclosures to members' relating to IP offsets in default income protection insurance policies
APRA is consulting on 'minor' amendments to Prudential Standard SPS 310 Audit and Related Matters
APRA provides update on APS 220 implementation
SAFAA has welcomed Labor's election promise to roll back mandatory education requirements for advisers
In Brief | ASIC has provided a summary of the outcomes of the 13 matters referred by the Hayne Commission and the 32 Hayne case studies investigated by ASIC as at 9 December 2021 (the date when the last civil proceeding resulting from these matters was filed)
In Brief | APRA has released new FAQs on Prudential Standard APS 210 Liquidity and Reporting Standard 210 Liquidity to clarify the liquidity treatment of certain types of deposits
In Brief | APRA and ASIC have released notes from the latest Superannuation CEO Roundtable discussion. The discussion touched on data governance/management, APRA’s recently released discussion paper Strengthening Financial Resilience in Superannuation and recent court applications made by trustees seeking judgements in relation to charging a fee for remuneration
In Brief | Only 52% of candidates who sat the November FASEA exam passed it. However, FASEA points to the overall high pass rate (91%) as evidence that the exam is 'an achievable exam for competent relevant providers regardless of their area of specialisation'

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New guide aims to assist financial firms to detect and identify potential emergency and disaster payments fraud
Government backed training program aims to lift directors' digital capabilities
In Brief | Analysis from Greenpeace Australia Pacific has found that the Big four banks remain 'significantly exposed to climate risk' through their current fossil fuel lending policies/approach. According to Greenpeace, enabled emissions from the big four banks from 2016-2020 amount to 16.3 billion tonnes which is 33 times Australia’s annual domestic emissions.
In Brief | Planning for the end of coal fired electricity: AEMO's latest draft Industry System Plan (ISP) sets out a proposed 30 year roadmap for the 'optimal development' of the National Electricity Market (NEM) given the earlier than anticipated retirement of coal power stations, which the report flags are closing at a rate of two to three times faster than planned. The due date for submissions on the draft ISP is 11 February 2022