Governance News 17 February 2021

45 minute read (PDF Download)  17.02.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue features coverage of our report into the key trends from the 2020 AGM season.  The issue also includes coverage of ESG related developments including the growing support for the 'say on climate' initiative in Australia and the US as well as coverage of key financial services and risk-related developments and more…

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https://www.minterellison.com/articles/governance-news-17-february-2021

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We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Diversity Navigation Show below Hide below

  • Norway's sovereign wealth fund flags board gender diversity as an engagement priority
  • Study compares the composition of S&P midcap 400 boards and S&P 500 boards
  • Shareholder sues US company over lack of board diversity
  • In Brief | Providing families up to 12 months paid parental leave at full pay (equally shared) would lead to an increase of $116bn in GDP by 2050 as a result of higher female workforce participation and productivity according to a new report from lobby group the Parent hood
     

Remuneration Navigation Show below Hide below

  • Draft prudential standard CPS 511 Remuneration: The Governance Institute's submission welcomes APRA's less prescriptive approach, but recommends a number of further changes
  • Accountability: Mining executives to forgo incentive payments for the current financial year, three resign
 

Shareholder Activism Navigation Show below Hide below

  • The 'say on climate' initiative continues to gain traction
  • Successful engagement: ACCR withdraws plans to push forward with a COVID-19 'worker rights' shareholder resolution
     

Meetings and Proxy Advisers Navigation Show below Hide below

  • Top Story | Key trends to emerge from the 2020 AGM season
  • What to expect from the US 2021 proxy voting season: Conference board highlights four trends to watch 
 

Financial Services Navigation Show below Hide below

  • Progress update: Financial Sector Reform (Hayne Royal Commission Response No 2) Bill 2020
  • APRA Deputy Chair Helen Rowell calls on funds to focus on lifting board capability
  • Calls for the government to 'recommit' to increasing the superannuation guarantee continue to mount
  • Insurance brokers code of practice: discussion paper and preliminary draft changes released for consultation
  • Banning school banking programs: Choice has welcomed the ACT's commitment  to phase out the programs and has called on other states/territories to follow suit
  • In Brief | FFNS bill tops $1.2bn: As at 31 December 2020, six of Australia's largest financial institutions have paid/offered a total of $1.24 billion in compensation to customers in connection with either fee no service conduct or provision of non-compliant advice
     

Risk Management Navigation Show below Hide below

Cybersecurity, Technology and Privacy

  • WEF calls on business to continue to take a leadership role in cybersecurity heading into 2021
  • In Brief | Cybersecurity to rise up the list of board priorities: Gartner predicts that 40% of all boards will have a dedicated cybersecurity committee by 2025 in
  • light organisations' increasing vulnerability to attack and in light of boards' increasing focus on the issue
  • In Brief | Evaluating responsible corporate behaviour:  ISS considers that disclosure of cyber risk metrics and ESG metrics (including climate disclosure) provide investors with valuable insights into corporate behaviour within an organisation

ESG

  • Paving the way for a new EU law requiring companies to comply with human rights and environmental standards within their value chains
  • APPEA supports net zero by 2050 target: Revised policy principles released

Restructuring and Insolvency Navigation Show below Hide below

  • Treasury seeks feedback on permanently raising the statutory demand threshold

Other News Navigation Show below Hide below

  • Commonwealth Integrity Commission: The Governance Institute has welcomed moves to establish a national anti-corruption body as 'long overdue' but has raised concerns about the proposed approach
  • Treasury is consulting on proposed changes to the governance standards for registered charities
  • Status update: Bill to introduce a mandatory news media and digital platforms bargaining code

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