Governance News 19 April 2023

60 minute read (PDF download) 19.04.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This issue has a strong ESG focus. We cover the progress of a number of shareholder ESG proposals on a range of issues ahead of upcoming meetings. On the disclosure front, we cover the ISSB's update on the planned roll out of the new standards. We also cover a global report into levels of shareholder activism, drawing out key findings for Australian companies. On the risk management front, we cover ACSI's latest assessment of ASX 200 companies' modern slavery reporting, the findings of the ACCC's latest targeting scams report and more…

Boards and Directors Navigation Show below Hide below

Directors' Liability Reform Bill 2022 (WA) received Assent

Diversity Navigation Show below Hide below

Board gender diversity: AICD report highlights that despite overall progress towards increased representation of women on boards there is still room to improve

Shareholder Activism Navigation Show below Hide below

Top Story | Global report finds that levels of shareholder activist activity increased in Q1 2023 overall (just not in Australia)
Japan's largest banks and energy companies targeted with shareholder climate resolutions
Chevron has been successful in its attempt to block two of three shareholder ESG proposals from proceeding to a vote
As You Sow withdraws shareholder political spending proposal filed at AT&T in exchange for new disclosure commitments from the company
Follow This targets BP, Shell, Chevron, ExxonMobil, and TotalEnergies with Scope 3 shareholder resolutions
Citigroup recommends shareholders oppose all four shareholder ESG proposals ahead of upcoming meeting
The Travelers Companies Inc has been unsuccessful in blocking two shareholder ESG proposals
Green Century files supply chain resolution at General Motors
Rio Tinto strengthens its approach to climate advocacy, sets out the policy settings it considers necessary to enable it to decarbonise its operations
In Brief | The ACCR says nine additional institutional investors have publicly backed a climate resolution filed at Glencore, calling for greater transparency on how the company’s thermal coal production aligns with the goals of the Paris Agreement ahead of the company's May meeting
In Brief | Vote no: Majority Action has recommended votes against directors at NRG Energy, Marathon Petroleum, and Valero Energy on climate grounds

Institutional Shareholders and Stewardship Navigation Show below Hide below

Climate Action 100+ 'flags' shareholder climate lobbying proposal at vehicle manufacturer PACCAR Inc
US investor coalition calls on policy makers to protect their ability to invest responsibly
UK investor coalition to push companies to implement 'fair' pay practices to support the lowest paid workers through the cost of living crisis
CalSTRS flags climate action and board diversity among its top priorities this proxy season
Climate accountability: LGIM predeclares voting intentions ahead of upcoming votes
Church of England Pensions Board predeclares its intention to vote 'against' the Volkswagen Board of Management and Supervisory Board on climate grounds
ACF issues call to Australia's largest super funds to 'use their investments to accelerate the transition from fossil fuels to renewable energy, and critically divest from new coal, oil and gas'
In Brief | NYC pension funds' new four point roadmap for reaching net zero emissions in their investment portfolios by 2040 includes 'asking all private markets managers to exclude upstream fossil fuel investments, building on the pension funds' historic divestment of fossil fuel reserve owners'
In Brief | IIGCC has released a new Net Zero Standard for Oil & Gas to help investors to assess the alignment of oil and gas companies’ transition plans with a 1.5C climate scenario

Disclosure and Reporting Navigation Show below Hide below

Global sustainability standards: ISSB announces transition relief
In Brief | HKEX is consulting on proposed new mandatory ISSB-aligned disclosure requirements. In terms of timing, HKEX proposes the new requirements would apply from 1 January 2024, with an extra two years before certain disclosures (eg Scope 3 emissions) apply

Financial Services Navigation Show below Hide below

Consultation opens on proposed 'experience pathway' for financial advisers
APRA to push back implementation date of the proposed new cross-industry operational risk management standard (CPS 230)
ASIC cancels crypto exchange's AFS licence, flags that addressing consumer harms in connection with crypto is a priority
ASIC successful in securing permanent ban on finfluencer preventing them from carrying on a financial service business in Australia
In Brief | The AFCA board has reappointed Chief Ombudsman and CEO David Locke for a second five year term starting 28 June 2023

Risk Management Navigation Show below Hide below

Top Story | An emerging Australian system to prevent sexual harassment and hostile workplaces
Top Story | Only incremental improvement: ACSI finds modern slavery reporting by ASX 200 companies lacks detail in key areas
Total reported losses to scams topped $3bn in 2022 (and this is unlikely to represent the true total) according to ACCC report
In Brief | ASIC Commissioner Danielle Press reiterates ASIC's call for 'all directors' to consider whether there is scope to improve their oversight of whistleblower programs, including reviewing the better practices identified in ASIC's recent whistleblower review

Other News Navigation Show below Hide below

Top Story | ACCC pushes for major merger law reforms
Asia report: Year in Review

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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