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    Governance News 17 May 2023

    50 minute read + (PDF download)  17.05.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue again has a strong ESG focus. We cover a number of key votes on shareholder ESG proposals in US, and in Australia, ASIC's continued focus on tackling greenwashing with the release of REP 763 and ASIC Deputy Chair Karen Chester's 10 May address to the RI Australia Conference. On the financial services front we provide an update on the progress of the long-awaited FAR Bills, ASIC's latest enforcement update, ASIC's court action against an insurer over alleged use of UCT in certain policies and more…

    Full coverage of this weeks content is now available.

    Past issues are available

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    Remuneration Navigation Show below Hide below

    • UK High Pay Centre says recent calls to raise CEO pay are 'tone-deaf' 

    Shareholder Activism Navigation Show below Hide below

    • Berkshire Hathaway shareholders reject shareholder ESG proposals, endorse Warren Buffett as Chair 
    • UPS shareholders reject shareholder ESG proposals, the level of support for GHG targets proposal fell 8% on last year 
    • As You Sow welcomes release of Caterpillar Inc's TCFD-aligned report as a demonstration of the company's responsiveness to last year's majority vote 
    • Shareholder thermal coal resolution filed at Glencore looks to be gaining traction with Allianz Global Investors joining other investors in predeclaring its support 
    • Follow This Scope 3 shareholder proposal filed at Shell 'flagged' by Climate Action 100+ 
    • Shareholder climate lobbying proposal set to go to a vote at Toyota's upcoming meeting 

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Japan to become the first nation to host a GFANZ Country Chapter 
    • In Brief | Church Commissioners (which manages the Church of England’s £10bn endowment fund) has predeclared its intention to vote against directors at the upcoming Exxon, Occidental Petroleum, Shell, and Total shareholder meetings on climate grounds 

    ESG  Navigation Show below Hide below

    • BNP Paribas announces new oil/gas commitments, Reclaim Finance (and other groups) question whether the new commitments go far enough 
    • In Brief | Ahead of COP28, IEA Executive Director Faith Birol has called on the oil and gas industry to 'show the world that it can make a positive contribution to tackling climate change' by committing to making deep cuts to their emissions by the end of the decade. Dr Birol writes: 'The simple facts are already clear: the oil and gas industry has the technologies, the money and the know-how to cut its emissions by 60% by 2030. And it has the responsibility to do so. This is a moment of truth: if the oil and gas industry wants to be taken seriously in climate discussions, it has to clean up its act' 
    • In Brief | The UK High Court has (reportedly) dismissed an action filed by Client Earth against Shell's board on the basis that Client Earth failed to establish a prima facie case that the directors' (alleged) failure to manage climate risk constituted a breach of their duties under the Companies Act to promote the success of the company/act with reasonable care, skill and diligence 

    Disclosure and Reporting Navigation Show below Hide below

    • Top Story | Greenwashing: 35 greenwashing enforcement actions in nine months and counting… 
    • New report finds 35% of public companies now report Scope 3 emissions 
    • ISSB consults on its proposed approach to improving the international applicability of the SASB standards 

    Regulators Navigation Show below Hide below

    • In Brief | New priorities: The 2023 Federal Budget flagged that the frequency of the Financial Regulator Assessment Authority's reviews of the financial regulators has been reduced from every two years to every five years 
    • In Brief | The government has announced that Australia will follow the UK in establishing a formal complaints mechanism to enable consumer and small business advocates to raise 'systemic complaints' (complaints about systemic market issues under the consumer law) with the regulator. The new complaints mechanism is planned to be established within the ACCC from July 2024 

    Financial Services Navigation Show below Hide below

    • Top Story | FAR status update: FAR Bills (still) not passed 
    • 'Predatory lending' in focus: ASIC Regulatory update January to March 2023 
    • Unfair Contact Terms: ASIC takes court action against insurer over alleged use of UCT in certain policies 
    • Fewer complaints than anticipated: AFCA releases complaints data on COVID-related complaints 
    • In Brief | Enforcement of Responsible Lending Obligations: ASIC has commenced civil penalty proceedings against car finance provider over alleged breaches of its RLOs when providing finance for the purchase of second-hand vehicles 
    • In Brief | The government is (reportedly) expected to release its response to the Quality of Advice Review in early June 

    Risk Management Navigation Show below Hide below

    • Continuous disclosure: Managing Director fined $70,000, banned for two years over misleading representations made at overseas conferences 
    • Combatting scams: New national anti-scams centre to open in July, CHOICE has welcomed the announcement 
    • Report finds assurances of staff protection missing in many FTSE 350 companies' Codes of Ethics 

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