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    Governance News 19 August 2020

    60 minute read (PDF download)  18.08.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition: This issue of Governance News covers: a) key COVID-19 related developments including an article on the challenges for employers in managing a global workforce in the 'new normal'; b) meeting-related developments including the ASA's views on virtual meetings and electronic communication with shareholders; c) trends in executive remuneration in Australia, the UK and the US; d) financial services developments; e) recent developments in shareholder activism; and f) the increasing focus globally on climate risk as a financial and liability risk, despite the pandemic.

    Full coverage of this weeks content is now available


    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-19-august-2020

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    COVID-19 Key Developments Navigation Show below Hide below

    • COVID-19 Global mobility in the 'New Normal' managing a global workforce during COVID-19
    • COVID-19: The government has announced plans to introduce a new automatic recognition scheme
    • Build back better: Australian business groups have called on the government to use the SDGs to inform the policy response to COVID-19
    • In Brief | CBA data shows there was a 'solid improvement in the majority of spending categories' in July prior to the imposition of restrictions in Melbourne
    • In Brief | Minutes from the RBA's most recent monetary policy meeting confirm that the bank considers that its existing COVID-19 policy package is continuing to work broadly as expected and that there no need to make adjustments.  Having said this, members agreed to continue to assess the evolving situation in Australia and did not rule out adjusting the current package if circumstances warranted
    • In Brief | Delayed until 2052? The March quarter Financy Women's Index shows that the disruption caused by COVID-19 will delay gender pay parity by four years

    Remuneration Navigation Show below Hide below

    • Top Story | Trending down: ASX 200 CEO pay at the lowest level in six years
    • United Kingdom | Not much movement? High Pay Centre/CIPD annual report into FTSE 100 CEO pay has identified that there has been very little change in CEO pay between 2018 and 2019
    • United States | CEO pay at 'an all-time high', shareholder support at the lowest level since 2011
       

    Diversity Navigation Show below Hide below

    • Increasing board diversity: Youngest ever ASX 200 independent director appointed to the Telstra board
    • US business groups have called on the senate to pass legislation to boost board diversity
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • The option to participate in shareholder class actions is a 'vital third arm of active ownership' HESTA CEO Debby Blakey tells parliamentary committee

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Note of caution? The ASA has told the Senate Committee that temporary changes to meeting requirements and shareholder communication requirements should not be made permanent unless appropriate safeguards are put in place

    Disclosure and Reporting Navigation Show below Hide below

    • Towards standardised disclosure of non-financial risk? FCLTGlobal in collaboration with Deloitte, EY, KPMG and PwC have put forward a suggested list of metrics designed to be 'assurable by auditors and reflective of actual performance, not subjective forecasts or judgments'

    Shareholder Activism Navigation Show below Hide below

    • Market Forces to push for coal, oil and gas companies to divest or 'wind up' their oil, coal and gas production
    • Activist targets BHP over climate related lobbying and protection of cultural heritage
    • Market Forces has welcomed Bendigo Bank's formal support of the Paris Agreement, but has called on the bank to go further
    • In Brief | The ACCR has filed shareholder resolutions at AGL Energy calling for AGL to bring forward the closure of two coal fired power stations.  The resolutions are set to be voted on at the upcoming AGM on 7 October
       

    Regulators Navigation Show below Hide below

    • COVID-19: APRA has confirmed it will recommence its policy program in four areas

    Corporate Social Responsibility and Sustainability Navigation Show below Hide below

    • Window dressing? One year on, was the business table's statement on corporate purpose just for show? More broadly, is stakeholderism a bad idea?

    Financial Services Navigation Show below Hide below

    • COVID-19: So far funds have paid out $31.1bn under the government's early release of superannuation scheme, the data indicates that the number of applications is coming through is slowing
    • COVID-19: Early release of superannuation scheme targeted by scammers: ASIC confirms it has received referrals concerning 'serious and organised fraud'
      Assistant Minister for superannuation, financial services and financial technology reminds employers of the upcoming superannuation guarantee amnesty deadline
    • Superannuation trustees compensate members incorrectly classified as smokers
    • Signs that measures to address card fraud are working? The Australian Payments Network has found that rates of card-related fraud decreased in 2019, in part due to the introduction of the CNP Fraud Mitigation framework
    • COVID-19: Business interruption test case: The Insurance Council of Australia has confirmed that it has commenced proceedings in the NSW Supreme Court
    • COVID-19: How lenders should approach consumers who cannot resume repayments on their mortgages: ASIC sets expectations for lender behaviour
    • APRA has released a consultation letter seeking feedback on proposed legislative instruments to formalise previously announced ADI capital measures and reporting requirements for loans impacted by COVID-19
    • In Brief | ASIC has reminded responsible entities of their obligation to 'ensure that valuations of their managed fund assets are regular and reasonably current having regard to the nature of the assets' in light of the current environment
    • In Brief | ASIC has encouraged Indigenous consumers to be wary of scams following a 14% uptick in scam reports from Indigenous consumers to the ACCC’s Scamwatch in 2019.
       

    Accounting and Audit Navigation Show below Hide below

    • UK government says it will push ahead with audit reform, including the creation of the new regulator, 'as soon as parliamentary time allows'

    Risk Management Navigation Show below Hide below

    • Recent UK cases have implications for how climate change policies are administered in Australia
    • Guidance for NEDs: MinterEllison and Acclimatise have released guidance to assist NED oversight of physical climate risk management
    • Climate risk as a financial and liability risk in the financial services context: Expert insights from MinterEllison's Sarah Barker
       

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    Governance Newsletter Accounting & Audit Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Markets & Exchanges Meetings & Proxy Advisors Overseas perspectives Regulators Remuneration Risk management Shareholder activism Short and Long-termism
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