Governance News 15 February 2023

45 minute read + (PDF download) 15.02.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue covers ASIC's latest regulatory and enforcement update and the regulator's 2023 enforcement priorities. We also cover a number of significant ESG developments in Australia and overseas and more…

Diversity Navigation Show below Hide below

Boosting productivity: Status update on the parental leave and gender pay gap Bills

Remuneration Navigation Show below Hide below

Global Report finds large listed companies, including Australian companies, are increasingly incorporating ESG metrics into executive pay plans
Report finds median ASX 300 CEO total remuneration increased 13.3% over the FY21-FY22 period
Australian shareholder support for remuneration reports increased in 2022

Shareholder Activism Navigation Show below Hide below

New York City Retirement Systems files multiple shareholder labour rights proposals
Investors urge five banks to end direct financing of new oil and gas fields by the end of the year
ADM moves to strengthen no-deforestation policy in exchange for the withdrawal of a shareholder proposal
'Say on Climate': UK investors push FTSE100 to give shareholders a vote on their transition plans
Follow This calls on BP shareholders to supports its shareholder Scope 3 proposal after BP rolls back its Scope 3 ambitions
Green Century secures commitment from Emcor to set science based short term emissions reduction targets following engagement
Tulipshare misses filing deadline to file proposal at Tesla due (it says) to the company's 'discrete announcement' of the date of the meeting
Exposing the company to reputational risk? The ICCR raises concerns with Johnson & Johnson over the company's (alleged) demands for payment for millions of unwanted vaccines

ESG Navigation Show below Hide below

ASCOR project update: Feedback sought on a new framework to enable investors to assess sovereign debt issuers on climate change
GRI has released a new draft sector-specific standard for the mining sector for consultation
ClientEarth has filed a lawsuit against the 11 members of the Shell board over their (alleged) failure to 'manage the material and foreseeable risks posed to the company by climate change'
Anti-ESG backlash continues in the US: Florida Governor seeks to ban consideration of ESG in 'all investment decisions at the state and local level'
Coal mine blocked under Australia's EPBC Act for the first time, Minister says it does not set a precedent for future projects
In Brief | The PRI, UNEPFI and the Generation Foundation have released a report putting forward several policy recommendations to encourage/facilitate sustainable investing in Canada, including by pension funds. A key challenge identified is that 'narrow interpretation of existing laws and reluctance to change established practices' have meant investors 'limit themselves from pursuing sustainability impacts'
In Brief | The UK government has disbanded the existing BEIS and created four new departments including a new department for Energy Security and Net Zero, tasked with 'securing our long-term energy supply, bringing down bills and halving inflation'. The IIGCC has welcomed this development and in particular the prioritisation of net zero, which the group considers sends a 'much needed signal'
In Brief | The BoM's 2022 Annual Climate Statement finds that Australia's national mean temperature was 0.50Â°C warmer in 2022 than the 1961-1990 average, making last year the 22nd-warmest year on record (equal with 2006) since national temperature records began in 1910

Disclosure and Reporting Navigation Show below Hide below

ASIC reminds directors to ensure material risks are 'adequately disclosed' in annual reports
NBIM supports the introduction of ISSB-aligned sustainability reporting standards in Australia for listed and unlisted companies
CDP report finds less than 1% of companies have credible transition plans

Regulators Navigation Show below Hide below

Top Story | ASIC enforcement priorities: ASIC 'warns' firms on greenwashing, predatory lending and misleading insurance pricing promises

Financial Services Navigation Show below Hide below

Parliamentary inquiry into Big Four Banks to continue, Terms of Reference include consideration of banks' 'responses to climate change and supporting Australia's progress towards climate and other sustainability goals'
Senate Committee to inquire into rural and regional branch closures, including the reasons given by banks for such closures and the effect on consumers
The government's changes to expenditure disclosure requirements for super funds have been disallowed
In Brief | ASIC has released its Indigenous Financial Services Framework which together with the regulator's stretch reconciliation action plan, set out ASIC's priorities for 'supporting positive financial outcomes for First Nations people and communicating expectations to industry participants on best practice engagement with Aboriginal and Torres Strait Islander consumers and investors'

Risk Management Navigation Show below Hide below

SMS Scam prevention measure: ACMA to investigate possible models for an SMS sender ID register
Survey finds 60% of large global financial institutions were targeted by cyber attacks last year
The UK Home Affairs Committee has announced a new inquiry into human trafficking the UK

Other News Navigation Show below Hide below

Modernising Business Registers Program: Independent review announced
Productivity Commission to undertake a review into philanthropy in Australia

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 15 February 2023

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