Governance News 19 October 2022

45 minute read (PDF) 19.10.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue features coverage of the AICD's latest director sentiment survey, various significant ESG developments including the release of the TCFD's latest annual report on climate-related disclosure, a number of speeches and other statements from ASIC around its core priorities, current areas of focus and key projects and various financial services, risk and regulatory developments.

Boards and Directors Navigation Show below Hide below

Top Story | National survey flags cyber as the chief concern keeping directors up at night

Diversity Navigation Show below Hide below

European Council gives final approval for directive mandating minimum gender representation targets for listed boards

Shareholder Activism Navigation Show below Hide below

Shareholder climate resolutions rejected by CBA shareholders, Market Forces has urged super fund members to push their funds to support similar resolutions filed with three other lenders

Institutional Shareholders and stewardship Navigation Show below Hide below

Say on Climate | Support for upcoming vote at Origin looks to be gaining investor support
In Brief | HESTA has issued its third annual CEO letter (this time directing it to ASX 300 companies), requesting details of how they are planning for and responding to long-term systemic risks including climate change, social inequality, and biodiversity and reiterating the funds expectations

ESG Navigation Show below Hide below

Parliamentary Committee set to inquire into 'Australia's transition to a green energy superpower'
The ClimateAction 100+ initiative's latest benchmark finds progress on making climate commitments is not being matched with 'credible plans'
In Brief | Friends of the Earth has welcomed the UK government's decision not pursue an appeal of the landmark ruling that its net zero strategy is unlawful. The government will now have to revise its strategy to ensure it demonstrates how the UK's legally-binding climate targets will be met by March 2023

Meetings and Proxy Advisers Navigation Show below Hide below

ASIC recommends members' meetings are not held over the New Year 'blackout period'
ASIC reminds companies of content requirements for related party notices of meeting

Disclosure and Reporting Navigation Show below Hide below

ASIC reiterates its expectations for climate-related disclosure
Standing Committee on Economics hears ASIC has a number of greenwashing investigations on foot
TCFD reporting: The TCFD has released its latest annual review of reporting practices
Environmental groups raise concerns that the TFND framework currently under development may open the door to greenwashing
ASIC reiterates the importance of continuous disclosure obligations for unlisted disclosing entities
In Brief | Progress update on global sustainability standards: The ISSB confirms it is aiming to complete discussions on the feedback received on the first two draft Sustainability Disclosure Standards, with a view to finalising the standards for adoption 'as early as possible in 2023'
In Brief | G7 Finance Ministers and Central Bank Governors have issued a statement reiterating their commitment to move towards mandatory climate-related financial disclosures and welcoming the International Sustainability Standards Board's work towards developing global baseline standards

Regulators Navigation Show below Hide below

IOSCO issues guidance to regulators to support them in responding to escalating online risks
ASIC 2021-22 annual report released

Financial Services Navigation Show below Hide below

Top Story | Final decision on COVID-19 business interruption insurance test cases
Consumer Credit | ASIC outlines key focus areas, provides an update on current projects
Consumer Credit | Consumer groups urge the Senate to pass the SACC reforms as a matter of urgency
Consumer Credit | AFIA launches independent review of the BNPL Code of Practice
ASIC Commissioner recaps some the regulator's current priorities and projects
Consumer Groups reiterate calls for the inclusion of individual penalties in the proposed FAR, the expansion of the CSLR
DDO enforcement | ASIC imposes stop orders on three crypto funds
APRA requires RACQ to implement a risk transformation program to address risk governance 'deficiencies', this includes assigning accountability under the BEAR for successful delivery of the program
ASIC issues updated CCIV guidance
The ACCC puts funeral providers on notice following Youpla collapse
In Brief | Scam prevention: Westpac has opened a new 'fraud prevention centre' staffed with 540 'financial crime specialists' in Paramatta. The centre is tasked with protecting Westpac customers from scams and fraud and 'mitigating other financial crime risks'. Assistant Treasurer Stephen Jones has issued a statement welcoming the development as 'exactly what the Albanese government wants to see from our banks' and in particular, welcoming the banks' 'proactive approach to working with others' to prevent scams
In Brief | Assistant Minister for Treasury Andrew Leigh is set to represent Treasury at the upcoming 2022 APEC Finance Ministers' Meeting. Dr Leigh said he intends to 'affirm the importance of sustainable finance in curbing carbon emissions, and digitalisation in making growth more inclusive' and to 'collaborate on areas which require collective action including climate change, sustainable development and digital connectivity'
In Brief | APRA has published its latest annual listing of the physical banking service channels provided to Australians by ADIs

Risk Management Navigation Show below Hide below

Top Story | SOCI: Consultations open for critical infrastructure risk management program rules
Cyber incident reported by Medibank Group, the insurer says there is no evidence that customer data was accessed, requested trading halt
Woolworths reports cyber incident at subsidiary MyDeal, 2.2 million customers impacted
ACCC issues warning to farm businesses about increased scam risk
PJCIS to review (proposed) National Corruption Commission access to retained data
Managing cyber risk in supply chains: ASIC calls on regulated entities to reflect on themes to emerge from recent Roundtable
In Brief | ASIC has issued a 'scam alert' urging investors not to invest in investments offered through the appasiccoin.org website (which the website falsely claims are endorsed by ASIC)

Restructuring and Insolvency Navigation Show below Hide below

Top Story | A director's guide to Australia's insolvency and safe harbour laws

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Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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