Governance News 17 November 2021

60 minute read (PDF download) 17.11.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes coverage of significant financial services and regulatory developments including an update on progress towards implementation of the 76 Hayne Recommendations. The issue also covers other key risk and ESG developments and more…

Boards and Directors Navigation Show below Hide below

Expert panel discusses the implications of COP26 for Australian boards

Diversity Navigation Show below Hide below

Increasing diversity a top board priority according to Spencer Stuart's 2021 US board index

Meetings and Proxy Advisers Navigation Show below Hide below

Meetings/electronic execution reform Bill: ACSI suggests different rules should apply for listed companies

Disclosure and Reporting Navigation Show below Hide below

A PR driven approach to disclosure: Federal Court upholds ASIC's case against GetSwift
FRC releases guidance on the treatment of climate-related matters in annual financial reporting
In Brief | A framework for net-zero target setting: The Science-based Targets initiative has launched a new Paris Agreement compatible, net-zero emissions standard for businesses which is intended to provide a framework for setting science-based net-zero targets consistent with limiting global temperature rise to 1.5°C. The 'central focus' of the new standard is on the achievement of 'rapid, deep emissions cuts' ie reducing value-chain emissions by 90-95%
In Brief | ASX confirms that new reporting requirements in the ASX Listing Rules for Oil and Gas companies are planned (subject to the necessary regulatory approvals) to come into effect on 1 July 2022. ASX intends to issue updated guidance 'well before the transition date of 1 July 2022'. ASX encourages entities who wish to do so, to 'early-adopt the changes'

Regulators Navigation Show below Hide below

Consultation on proposed changes to the UK regulatory framework for financial regulators
Basel Committee plans to consult on principles for the management/supervision of climate-related financial risks

Financial Services Navigation Show below Hide below

Top Story | Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
Inquiry into the Sterling Income Trust hears that ASIC is 'satisfied that the judgments made were reasonable' and that the introduction of Product Intervention Powers and Design and Distribution Obligations have changed the game
APRA has released an information paper explaining its macroprudential policy framework
APRA is consulting on proposed additions to APS 220 Credit Risk Management
Inquiry into Housing Affordability and Supply hears that APRA's approach to regulating residential mortgage lending is focused on ensuring banks 'are making sound credit decisions' not on targeting house prices
APRA Chair outlines changes to the 'architecture for ensuring bank resilience in Australia'
Hayne Implementation: APRA finalises revisions to SPS 250 and SPG 250
Superannuation portfolio holdings disclosure: Regulations registered
CFR to review derivative use by superannuation funds
In Brief | Draft remediation guidance released for consultation: ASIC is conducting a further round of consultation on a draft remediation guidance. In response to industry feedback, the revised draft includes additional examples. The due date for submissions is 11 February 2021
In Brief | More information available, but super members remain disengaged? APRA has called on super members to 'more actively engage' with their super after the regulator's analysis found that only 7% of members have taken action to move their savings elsewhere following the recent MySuper performance test. Executive Board Member Margaret Cole said 'Increased transparency is a powerful tool for regulators to bring about improvements in superannuation fund performance, but members should never forget they also have the power to make decisions that will better secure their future in retirement'

Accounting and audit Navigation Show below Hide below

In Brief | The UK FRC has published an audit 'blueprint' outlining the regulator's expectations for delivery of a 'high quality audit'. FRC CEO Sir John Thompson said the report is the 'first time, the FRC has set out its expectations of what good looks like'

Risk Management Navigation Show below Hide below

(Still) time for business to prioritise ethics: The Governance Institute has released its latest annual Ethics Index
FTSE350 boards rank climate ahead of cyber risk as the top risk facing firms
ASIC reiterates calls for companies to review their whistleblower policies and supporting processes

Governance Theory/Principles Navigation Show below Hide below

The problem with 'stakeholder supremacy'? Elliott Management's Paul Singer reflects on the role of 'owners'

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 17 November 2021

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