• Every board should have courage, curiosity and compassion? A discussion of the top attributes modern boards need and are expected to have 

• Remuneration as a window into what a company values?  Companies and directors are rethinking the way they approach remuneration
• Directors should not receive bonuses for killing or injuring fewer workers: PIRC calls for a rethink of incentive design
• In Brief | FRC report concludes that the volume of reporting around remuneration practices by FTSE 350 companies has generally increased since the introduction of the UK Corporate Governance Code 2018
  
   

• 2021 has already seen a record number of majority votes on shareholder ESG resolutions, Ceres argues it points to a sea change in expectations
• Say on climate: 88.74% of Shell shareholders have voted in support of the company's transition plan, 30% also backed a shareholder wind-down resolution
• 20.7% of BP shareholders back a shareholder resolution calling for the company to set tougher climate targets, BP has said it will continue to engage with shareholders on the issue
• 'Targeting climate lobbying in the utilities sector: 37% of shareholders back shareholder climate lobbying resolution at Sempra Energy
• 98% of shareholders back shareholder anti-deforestation resolution at global agricultural commodity trader, Bunge Ltd
• Successful engagement: As You Sow's campaign to push companies to reduce their use of virgin plastic has succeeded in securing agreement from another company
• A majority of shareholders at Phillips66 and ConocoPhillips back shareholder climate resolutions
  
   

• Call to action: Ceres calls on investors to express their support for climate change disclosure rulemaking by the SEC
• Introduction of mandatory TCFD reporting requirements in the UK: Update on timing, the IA has called for the government to strengthen its approach 
• ASIC issues infringement notice and $66,000 penalty to airline for (alleged) breach of continuous disclosure obligations
• In Brief | Ahead of the 2021 interim reporting season, a review by the UK Financial Reporting Council of the interim reports of 20 entities listed on the main market of the London Stock Exchange, whose interim period ended between June 2020 and September 2020 has highlighted examples of good practice and areas where further improvements are required such as 'providing better explanations on balance sheet movements'

• Regulators' panel discussion provides insights into ASIC, ASX and ACNC key areas of focus 
• In Brief | Treasury is seeking industry views on the proposed industry funding levies for the 2021-22 financial year.  The total funding needed under the 2021-22 levies for all relevant Commonwealth agencies is now $262m (an 18% increase on the 2020-21 requirement).  The deadline for submission is 11 June 2021

• Top Story | Financial services survey: a look to the future
• Hayne recommendations 2.1, 3.2 and 3.3: Financial Sector Reform (Hayne Royal Commission Response—Advice Fees) Regulations 2021 registered
• Hayne Bill will establish the Financial Regulator Assessment Authority, a new oversight body for ASIC/APRA
• Timeshare industry: A complaint to ASIC lodged by CHOICE calls on the regulator to take action to address (allegedly) widespread poor practice and for a parliamentary inquiry into the sector
• APRA has delayed the roll-out of new restrictions for individual disability income insurance to 1 October 2022 to enable more time for the sector to comply
• Preparing for APRA connect: APRA has released further information to assist entities
• In Brief | Financial advice: FASEA has approved new qualifications from Southern Cross University and the Australian Institute of Management which will enable advisers to meet the required education standard
• In Brief | Open banking: The ACCC has released guidance for data holders in the banking sector to support compliance with their obligations under the Consumer Data Right Rules and Standards.  Separately, the ACCC has also released guidance to assist ADIs to identify whether they have data holder obligations in relation to particular brands or branded products they are associated with
• In Brief | AFCA has announced that Professor John Pollaers (Chancellor of Swinburne University of Technology and Chair of the Australian Advanced manufacturing Council) has been appointed the new AFCA Chair, replacing current Chair Helen Coonan, following her term in office
• In Brief | Bill to pause indexation for private health insurance income threshold introduced: The Private Health Insurance Amendment (Income Thresholds) Bill 2021 proposes to extend the current pause on the annual indexation of income thresholds for another two years, and recommence annual indexation thereafter
• In Brief | APRA has written to ADIs setting out its expectations for the market risk modelling of risks not in VAR (RNIV) with the aim of improving 'the consistency of the application, capitalisation and reporting of RNIV for ADIs accredited to use the internal model approach (IMA) to traded market risk'
  
   

• Auditor independence: Duration of two instruments reduced from five to three years

• Expert insights into the role and value of ethics in the boardroom 

Cybersecurity, Technology and Privacy

• US Presidential Order includes a range of measures to strengthen the US government's response to cyber incidents and mandates new rules for government software
• Scam alert: ASIC issues warnings to consumers
• In Brief | Losses to cryptocurrency investment scams up nearly 1000% on the same period last year: The US Federal Trade Commission has cautioned consumers that the number of cryptocurrency investment scams has 'skyrocketed' with almost 7000 consumers reporting losses totalling more than $80m since October 2020
• In Brief | Draft UK Online Safety Bill would impose new duties on providers of internet services, backed by substantial fines, which would (among other things) require them to: a) remove and limit the spread of illegal and harmful content (eg child sexual abuse, terrorist material and suicide-related content); and b) take responsibility for tackling fraudulent user-generated content on their platforms (eg romance scams/investment scams)
• In Brief | US bankers rate cybersecurity as the top threat for the sector in 2021 according to a new report

Climate Risk

• No investment in new fossil fuel supply projects from now on? New IEA report maps out the changes needed to achieve the global goal of limiting global warming to 1.5 degrees, the ACCR has called on ASX listed companies to 'abandon all new fossil fuel projects' 
• The Plastic Waste Makers Index identifies the 'root causes' of the plastic waste crisis and calls for urgent action to address the issue
• 100% recyclable, re-useable or compostable plastic by 2025?  ANPAC Plastic Pact launches with the support of major players across the plastic supply chain
• Private sector climate initiative continues to gain momentum: 20 organisations are now supporting deeper Australian emissions reductions through Climate League 2030
• LEAD on climate 2021 initiative: US business leaders urge lawmakers to take urgent climate action for a third consecutive year
• Tracking global efforts to oppose the financing of fossil fuel projects by banks: New platform launched
• In Brief | Cleaner air Bill:  A private members' Bill – the Protection of the Environment Operations Amendment (Clean Air) Bill 2021 – is currently before the NSW House of Representatives.  The Bill aims to improve air quality in NSW by 'standardising allowable concentrations of emissions of air pollutants from the remaining coal-fired power stations in New South Wales'

• New UK Bill targets 'unfit' company directors who elect to wind up their companies to avoid paying creditors, including avoiding repaying COVID-19 loans

• Should there be a law to stop businesses from acting unfairly?  Consumer group calls for views on the introduction of an unfair business practices prohibition in Australia