Governance News 16 June 2021

45 minute read (PDF download) 16.06.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes our key takeaways from a recent panel discussion on tackling workplace sexual harassment. The issue also features coverage of several key financial services developments including recent FFSP developments and more…

Diversity Navigation Show below Hide below

Unlocking access to skilled workers in Australia: Separate reports suggest that providing access to flexible work could be the answer
In Brief | Growing support for gender balanced leadership: 10 new ASX listed companies have signed on to the investor led 40:40: 20 Vision Initiative. Signatory companies have committed to achieving gender balance (40% women, 40% men and 20% open) in their executive leadership by 2030. They have also committed to publicly setting interim gender targets for 2023 and 2027, disclosing their plans for meeting these targets and to reporting annually on their progress

Remuneration Navigation Show below Hide below

Indications that UK companies are leading the US on tying pay to ESG goals (at least for now)?
Gender Pay Gap: CA ANZ report identifies that the gender pay gap in accounting widens with seniority

Shareholder Activism Navigation Show below Hide below

47% of shareholders back ESG resolution at Caterpillar

Institutional Shareholders and Stewardship Navigation Show below Hide below

Evaluating Say on Climate proposals, Vanguard outlines its approach
457 global investors have called on governments to step up their action on climate change, including incentivising private investment in new technologies
Led by Ceres, a coalition of investors, companies and not for profits have expressed their strong support for the SEC to mandate climate risk disclosure
Investors call on UK supermarket chain to follow its rivals in setting sales based health targets

Disclosure and Reporting Navigation Show below Hide below

Committee hears opposing views on the need for changes to continuous disclosure obligations
Continuous disclosure: ASIC commences proceedings against shipbuilding company and its former CEO

Financial Services Navigation Show below Hide below

Top Story | FFSP transitional relief extended
COVID-19: ASIC's five key focus areas for financial reporting
ASIC's review of 31 December 2020 financial reports flags the need for directors and auditors to focus on impairment of non-financial assets
Hayne recommendation 2.1: Temporary relief from new fee disclosure reporting obligations for financial advisers
Hayne implementation: ASIC has issued a new information sheet on ongoing fee arrangements and separately has updated RG 175
Elder financial abuse: ABA calls for awareness of the issue, says banks stand ready to assist customers
In Brief | The Financial Services Council and the Australian Financial Complaints Authority have jointly appointed Jan McClelland (current Deputy Chancellor of the University of New England) as Chair of the Life Code Compliance Committee, the independent body responsible for overseeing compliance with the FSC Life Insurance Code of Practice
In Brief | APRA's test environment for the new data collection solution, APRA Connect will be available from 17 June 2021 to give users an opportunity to become familiar with it before they need to submit data in the APRA Connect production environment from 13 September 2021
In Brief | Rethinking BNPL regulation in the UK context: University of Leeds academic argues that to effectively protect BNPL consumers, regulation of BNPL providers needs to be tailored to the 'unique nature of these lenders, their service and the risks'. It's argued that effective regulation should include a duty to inform consumers of the 'psychological biases' the services 'take advantage of' coupled with 'a new professional body dedicated to overseeing this form of lending'
In Brief | Australian Consumer group cautions that use of BNPL services appears to be on the rise, especially among vulnerable consumers who are accessing the services to 'make ends meet' following the withdrawal of COVID-19 support measures. CHOICE has said it intends to 'further examine the industry code of conduct and consumer group's calls for further regulation' of BNPL providers

Risk Management Navigation Show below Hide below

Top Story | What does it take to ensure a respectful working environment? Insights from an expert panel
A suggested starting place for directors: Global experts suggests six core cyber-risk governance principles

Other News Navigation Show below Hide below

Modernising document execution: Agreement to work towards a common approach across all States and Territories

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

Trending

Fair Work Act: reasonable redeployment and genuine redundancies

Statutory tort for serious invasions of privacy comes into force

CPS 230: Your roadmap to compliance

Governance News 16 June 2021

Our most recent top stories

Contact

Mark Standen

Siobhan Doherty

Tags

Read Next