Governance News 2 August 2023

40 minute read + (PDF download) 02.08.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week’s issue has a strong ESG focus. We cover the release of a new guide for directors outlining what they need to know about biodiversity risk and offering insight into how they can engage with management and the team’s latest update on navigating greenwashing risk. On the financial services front we cover the release of APRA’s updated cross-industry remuneration disclosure requirements (in CPS 511) and more….

Diversity Navigation Show below Hide below

Affirmative action unlawful? Fortune 100 companies urged to abandon ‘illegal’ racial quotas following US Supreme Court decision
In Brief | A report tracking trends in the representation of women and underrepresented racial and ethnic groups on Fortune 500 boards highlights that while overall progress towards increased representation continues to be made, progress towards increasing representation of racially/ethnically diverse women is lagging with women in this group holding just 7,8% of board seats

Remuneration Navigation Show below Hide below

Top Story | APRA finalises remuneration disclosure requirements for APRA-regulated entities

ESG Navigation Show below Hide below

Top Story | Navigating greenwashing risks – July 2023 update
Biodiversity as a material financial risk – new guide for directors published
Consultation opens on proposed IFRS sustainability disclosure taxonomy
European Commission adopts ESRS
SEC Chair flags potential adjustments to long-awaited climate disclosure rule
Climate litigation: Global report finds the number of climate cases has more than doubled since 2017 (and Australia ranks second in the world)
New Bill would impose a ‘duty of care’ on decision-makers to consider young Australians when making decisions on projects that could significantly increase GHG emissions
Human capital disclosure: Ceres urges SEC to prioritise mandating more detailed disclosure requirements for public companies
Biodiversity risk: The UK Institute of Faculty of Actuaries outlines commitments
Environmental groups say TNFD has failed to respond to their concerns about the proposed reporting framework
In Brief | Setting ground rules for ‘impact investment’: Japan’s Financial Services Agency (FSA) is has called for comment on ‘Draft Basic Guidelines on Impact Investment’
In Brief | Kraft Heinz has announced a goal to reduce its use of virgin plastic globally by 20% by 2030

Disclosure and reporting Navigation Show below Hide below

Time to mandate digital corporate reporting in Australia?
UK regulator welcomes proposed strengthened corporate reporting requirements, flags plans to issue guidance

Financial Services Navigation Show below Hide below

AFCA complaints spike 34% to record highs: Key takwaways from AFCA’s latest complaints update
APRA to review data collection roadmap
‘Supporting crisis preparedness’: APRA is consulting on plans to remake APS 910
Housekeeping: Consultation launched on minor/technical amendments to Treasury portfolio law
ASIC grants temporary relief for a funeral savings initiative
US regulators consult on proposed rules to strengthen capital requirements for large banks

Risk Management Navigation Show below Hide below

Top Story | AI-pocalypse now? Exploring the broader impact of AI on society
SEC adopts new cyber rules for public companies
Board performance reviews: Chartered Governance Institute releases new (voluntary) Code of practice for board reviewers