Governance News 16 November 2022

45 minute read + (PDF download) 16.11.2022 Mark Standen, Siobhan Doherty, Kate Hilder

In this week's issue we cover APRA's latest bank risk culture survey, ASIC's latest DDO enforcement action and updates from APRA on its immediate priorities. On the ESG front, we cover key votes at several AGMs, the release of the UN's greenwashing report and more…

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Reminder: 30 November Direct ID deadline

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UK Investment Association urges companies to exercise restraint on executive pay amid rising cost of living pressures
PwC finds FTSE 100 CEO pay increased to nearly £4m in 2022

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AGL shareholders defy board to vote in all four Grok board nominees while also backing the existing board's climate plan
BHP shareholders reject shareholder climate resolutions at 11 November AGM
Market Forces reiterates calls for shareholders to back its climate resolutions ahead of the NAB AGM
Premier nominee elected to the Myer board
In Brief | Shareholder resolutions (coordinated by IASJ) have been filed at Citigroup and Wells Fargo calling on the lenders to report on their 'policies, practices, and performance indicators in respecting internationally-recognised human rights standards for Indigenous Peoples’ rights' in their existing and proposed general corporate and project financing

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UK IoD calls for expanded diversity reporting and expanded representation targets
Increasing gender diverse leadership in Japanese listed companies: ACGA calls for the adoption of new targets in the TSE Listing Rules and Corporate Governance Code
In Brief | The latest Financy Women's Index tracking the economic progress of women in Australia and the likely timeframe to reach gender equality across seven areas - education and expected earnings; employment, underemployment, the gender pay gap, unpaid work, board leadership (ASX 200) and superannuation – projects that it will take139 years to reach gender equality in the education subsector (the largest gap across all seven areas)

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The planet cannot afford delays, excuses, or more greenwashing': UN greenwashing report urges tighter regulation to 'prevent dishonest climate accounting'
New parliamentary inquiry launched into ocean/river plastic pollution
In Brief | In a landmark decision, the UN Human Rights Committee has found that Australia’s failure to adequately protect Indigenous Torres Islanders against the adverse impacts of climate change 'violated their rights to enjoy their culture and be free from arbitrary interferences with their private life, family and home' opening a potential pathway for individuals similarly impacted to assert future claims. The Committee has asked Australia to 'compensate the indigenous Islanders for the harm suffered, engage in meaningful consultations with their communities to assess their needs, and take measures to continue to secure the communities’ safe existence on their respective islands'
In Brief | A global survey has found that investors are continuing to prioritise ESG and impact investing despite concerns about growing inflation and rising rates. For example, when selecting external managers 61% of respondents said that they would be 'unlikely' to hire a manager who is not a PRI signatory, 32% of respondents would be 'unlikely to hire a manager' who has not made a Net Zero commitment and 48% said that they would be 'unlikely to hire a manager' who cannot report on portfolio carbon/GHG emissions

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ASIC's approach to enforcement the key focus of ASIC Chair's opening statement to the Senate Committee

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Top Story | What do changes to unfair contract terms mean for financial service providers?
Top Story | APRA cautions banks against 'complacency' on risk: Key takeaways from APRA's bank risk culture survey
APRA Chair updates the Senate Committee on APRA's three immediate priorities: cyber incidents; housing credit and superannuation
DDO enforcement | Number of interim stop orders issued by ASIC increases to thirteen
CCIVs: ASIC relief instrument registered
ASIC accepts CEU from financial advisory firm after finding the firm did not provide statements of advice to clients
APRA has issued a discussion paper seeking feedback proposals to replace existing SPS 114 Operational Risk Financial Requirement
Superannuation transfer planning: APRA consults on proposed changes
In Brief | Following the collapse of FTX US, ASIC has suspended the Australian financial services licence of FTX Australia Pty Ltd until 15 May 2023 after it was placed into voluntary administration on 11 November 2022

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Google to pay $391m in largest privacy settlement in US history
Latest OAIC report identifies malicious or criminal attack as the leading cause of reportable breaches, with human error the second leading cause

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 16 November 2022

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