Governance News 19 July 2023

45 minute read + (PDF download) 19.07.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong risk focus. We cover the release of the ACCC's hotly anticipated updated draft guidance for business on what it considers they need to do to avoid greenwashing. On the financial services front, APRA has released its long-awaited cross-industry prudential standard on operational risk (CPS 230) in final form and opened consultation on draft guidance, and the Financial Regulation Assessment Authority (FRAA) has released its Review of the effectiveness and capability of APRA's supervision and resolution work in superannuation and more…

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‘Everyone wins a prize’: Key takeaways from ACSI’s latest CEO pay report

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Top Story | ACCC outlines what businesses need to do to avoid greenwashing in new draft guidance
Top Story | Australian renewables investment breaking records as optimism surges
NZ is considering the introduction of a national biodiversity credit system
IOSCO report includes 12 recommendations aimed at supporting implementation of well-functioning/efficient carbon credit markets across IOSCO’s member jurisdictions
ICAPs Expectations Ladder updated to include deforestation actions for the first time
Greenwashing | The UK has pushed back the planned publication of the Sustainability Disclosure Requirements policy statement

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CHESS update: ASIC to host industry roundtable, directs ASX to establish industry advisory group

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Top Story | ‘Helpful guidance and reinforcement’ of APRA’s existing priorities: FRAA capability review of APRA released
Outgoing RBA Governor Phillip Lowe outlines some (initial) changes being made in response to the Independent Review of the RBA

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Top Story | APRA’s new operational risk standard finalised
Should banks pay for scam losses?
The FSB has finalised the global regulatory framework for crypto-asset activities
DDO enforcement | ASIC issues first stop order for a life insurance product, cautions insurers it is ‘considering further stop orders for other insurance products
Retirement Income Covenant: Implementation review released
Assistant Treasurer issues call for funds and insurers to do better for customers
In Brief | SEC has called on China-based companies to ‘provide more prominent, specific, and tailored disclosures about China-specific matters so that investors have the material information they need to make informed investment and voting decisions’
In Brief | Cyclone pool update: All major insurers are required to join the cyclone pool by December 2023. To date, an estimated 65% of home insurance policies are now covered by the cyclone pool and this is expected to reach 95% by the commencement of the 2023-24 cyclone season in November 2023. Separately, the government has announced the appointment of Julie‑Anne Schafer as new Chair of the ARPC Board and the appointment of new ARPC board members Greg Nucifora, Rod Whithear, Evelyn Horton, Eilis Hurley, Fran Raymond and Oscar Shub