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    Governance News 16 September 2020

    60 minute read (PDF download)  15.09.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition
    This issue of Governance News covers: a) key COVID-19 related developments including the announcement of further changes to capital raising class waivers; b) remuneration related developments, including the impact COVID-19 has had on executive pay in the Australian context; c) various ESG, sustainability and climate related developments; d) financial services and regulatory developments including the announcement the ALRC is set to conduct a three stage review of the legislative framework for corporations and financial services regulation; e) key risk-related developments including coverage of the Male Champion's of Change report into workplace sexual harassment.  

     

    Full coverage of this weeks content is now available


    Past issues are available

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    https://www.minterellison.com/articles/governance-news-16-september-2020

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    COVID-19 Key Developments Navigation Show below Hide below

    • COVID-19: The rapid adoption of new technology is set to have lasting impacts on a range of governance practices according to a joint AICD/Governance Institute report
    •  COVID-19: ASX has announced further changes to temporary emergency capital raising relief
    • COVID-19: The ACCR has issued suggested guidance for investors on engaging with companies on the issue of workers' rights/protections
    •  In Brief | The Treasurer has registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (no 8) 2020 which extends JobKeeper to 28 March 2021 and introduces changes to eligibility requirements to taper support
    • In Brief | COVID-19: The AICD has issued a statement welcoming the six month extension of insolvency relief, but also called on the government to extend both continuous disclosure and misleading and deceptive conduct relief measures

    Remuneration Navigation Show below Hide below

    • Few Australian companies have reduced executive pay and cuts have been modest? CGlytics has released analysis of announced changes to executive remuneration by ASX 300 companies
    • Remuneration planning for 2021: Semler Brossy reflects on how US companies are tackling the challenge of incentivising executives to deliver in the current tough conditions, while also meeting stakeholder expectations
    • A possible way to tackle pay inequality? The case for rethinking and expanding the role of remuneration/compensation committees
    • In Brief | The AIST reports that APRA intends to commence a second round of consultation on a revised remuneration standard (CPS 511) before the end of the year
       

    Diversity Navigation Show below Hide below

    • Diversity is a 'systemically important issue': State street is looking for companies to improve their approach in five key areas heading into 2021

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Investors have welcomed the executive leadership changes announced by Rio Tinto, but (some) have called on the board to go further
    •  FRC to release an 'early reporting review' of the new UK Stewardship Code
       

    Meetings and Proxy Advisers Navigation Show below Hide below

    • In Brief | ASX has issued a reminder to listed entities that draft notices of meetings (NOMs) provided to ASX need to incorporate amendments made to the listing rules made on 1 December 2019.  ASX comments that 'based on the draft NOMs for annual general meetings received so far by ASX from listed entities with a balance date of 30 June 2020, it appears that a number of listed entities are not aware of the changes'

    Disclosure and Reporting Navigation Show below Hide below

    • The New Zealand Minister for climate change has announced his government's intention to introduce a mandatory climate related financial disclosure regime
    •  New voluntary reporting guidelines to support Australian financial institutions in reporting physical risks released
    • Five global standard setters commit to working towards a comprehensive shared reporting framework

    Regulators Navigation Show below Hide below

    • The ACCC and APRA have signed an updated Memorandum of Understanding committing them to 'a broader model of engagement'
    •  ASIC's approach to compliance with notices to produce and legal privilege
    • US regulators should be building climate risk into their mandates and into their regulatory activities? CFTC subcommittee report calls for immediate action to mitigate the impacts of climate risk on the US financial system
       

    Financial Services Navigation Show below Hide below

    • Top Story | Reframing chapter 7 of the Corporations Act? The ALRC has been tasked with reviewing the legislative framework for corporations and financial services regulation, final report due 30 November 2023
    • COVID-19: So far funds have paid out $33bn under the government's early release of superannuation scheme, the data indicates that the number of applications coming through continues to slow
    • COVID-19: ASBFEO has called on the government to defer the scheduled increase to the superannuation guarantee and cut tax as a means of taking pressure of struggling small businesses
    • An alternative to BNPL: NAB has launched, and separately CBA has announced its intention to launch, interest free credit cards.  CHOICE has welcomed the development as a 'step in the right direction'
    • In Brief | AUSTRAC has fined State Street Bank and Trust Company for over $1.24 million for failure to report international funds transfers
    • In Brief | APRA has written to ADIs outlining its response to its consultation on capital measures and reporting requirements for loans impacted by COVID-19
    • In Brief | The BCCC has issued guidance clarifying the circumstances in which member banks may rely on the temporary exemption for meeting complaints handling timelines under the Banking Code introduced because of COVID-19

    Risk Management Navigation Show below Hide below

    • Top Story | A suggested framework to move the dial on workplace sexual harassment: MCC report calls on corporate Australia to take rapid action

    Corporate Misconduct and Liability Navigation Show below Hide below

    • QLD legislates to make underpayment of wages by employers a criminal offence

    Other News Navigation Show below Hide below

    • Top Story | Agribusiness holds huge potential – Expert insights into trends and investment opportunities in Australia's Agribusiness sector
    • In Brief | Federal Budget date confirmed: The government is set to hand down the 2020-21 Budget on Tuesday 6 October 2020.  Budget documents will be available via www.budget.gov.au from 7.30 pm  on 6 October

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    Governance Newsletter Corporate misconduct and liability Corporate social responsibility & sustainability Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Non-shareholder stakeholders Overseas perspectives Regulators Remuneration Risk management
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