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    Governance News 15 November 2023

    45 minute read (PDF download)  15.11.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week the government opened consultation on a draft Bill proposing to implement its response to several recommendations of the Quality of Advice Review.  Separately ASIC released the results of its recent cyber pulse survey (REP 776).  On the ESG front, we cover Australia's pledge to provide climate adaption and mitigation support to Tuvalu, the release of the Carbon Leakage Review's consultation paper and more…

    Full coverage of this weeks content is now available.

    Past issues are available

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    • National survey (again) flags cyber as the chief concern keeping directors up at night 

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    • 'Falepili Union': Australia’s pledge to Tuvalu for climate adaptation and migration support amid rising sea levels 
    • Sectoral decarbonisation plans: Consultation opens on Agricultural and Land Net Zero plan 
    • Progress of Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 (Cth): A step towards mandatory climate disclosure in Australia 
    • Carbon Leakage Review: Phase one of the consultation seeks feedback on the proposed approach to the review including the desirability of an Australian CBAM 
    • Indirect nature-related dependencies: Shareholder proposals target Chemours and Sherwin-Williams over ecosystem concerns 
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    • Anti-ESG backlash continues in the US: Texas Comptroller publishes updated Texas fossil fuel divestment list 
    • Nature-related risk: Major bank faces legal action brought by shareholder over its (alleged) lack of transparency around its management of climate and nature-related risk 
    • In Brief | Fidelity International has pledged to begin voting against companies that fail to meet expectations on deforestation-related practices and disclosure from 2024 

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    • 2023 AGM season: Shareholders continue to 'strike' on pay 

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    • Quality of Advice Review | Consultation opens on draft Bill to implement the 'first tranche' of planned reforms
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    • 2020 General Insurance Code Under Review
    • UCT reforms have commenced: ASIC has released updated guidance 
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    • In Brief | ASIC says it 'has been in court somewhere in Australia almost every business day this year': ASIC's latest enforcement update covering the period July to September 2023 underlines the regulator's continued commitment to taking court action, flags ASIC 'will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector' 
    • In Brief | AFCA has announced the appointment of two new industry directors - Raylene Bellottie and Yien Hong - to its board. The new two directors will take up their positions from 1 January 2024 replacing current AFCA board members Claire Mackay and Andrew Fairley 

    Risk Management Navigation Show below Hide below

    • Top Story Privacy Commissioner cracks down on late notification of data breaches 
    • ASIC's cyber pulse survey identifies 'alarming' gaps in the 'cyber capabilities of corporate Australia'

    Restructuring and Insolvency Navigation Show below Hide below

    • Insolvency Safe Harbour: AICD’s Feedback on ASIC’s Proposed Changes to RG 217

    Other News Navigation Show below Hide below

    • Allowing electronic and digitally verified execution of statutory declarations: Statutory Declarations Amendment Bill 2023 (Cth) has passed both Houses 
    • Australia signs joint statement in support of the OECD’s Crypto-Asset Reporting Framework for tax evasion prevention 

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