Governance News 2 February 2022

60 minute read + (PDF download)  02.02.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes an overview of APRA's supervisory and policy priorities for the next 12-18 months as well as the regulator's opening statement and submission to the Committee inquiring into the Bills that will implement the proposed FAR and CSLR.  In addition, this issue includes coverage of the concerns raised by the Senate Committee about new regulations introducing various proxy reforms and more…

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Remuneration Navigation Show below Hide below

  • Report finds support for 'Say on pay' resolutions at Russell 3000 companies averaged over 90% in 2021, support for director nominees also remained high

Shareholder Activism Navigation Show below Hide below

  • Lazard has released its latest annual review of global trends in shareholder activist activity
  • Engagement drives progress? Trillium has welcomed the Bank of America's decision to eliminate overdraft fees
  • Follow This renews calls for shareholders to support its climate resolution ahead of upcoming Exxon AGM
  • Climate resolution calling on Costco to set science based emissions reduction targets across all scopes receives 69.9% shareholder support

Institutional Shareholders and Stewardship Navigation Show below Hide below

  • Human Capital Management: Investors push companies to provide paid sick leave to all employees on a permanent basis
  • Vanguard confirms voting policy for US companies: Board members may face voting action to signal concern over a range of issues including climate concerns 
  • In Brief | Why investors should ensure that their portfolio companies are conducting political engagement responsibly: PRI has released a white paper explaining the risk and putting forward principles to guide investors

Meetings and Proxy Advisers Navigation Show below Hide below

  • Top Story | New proxy reforms: Senate Committee flags concerns, calls on Treasurer to provide answers

Disclosure and Reporting Navigation Show below Hide below

  • Taskforce on Nature-related Financial Disclosures is partnering with a multi-disciplinary group of expert science and industry bodies
  • Deadline extended to opt-in to Corporate Emissions Reduction Transparency report pilot
  • In Brief | The IFRS Foundation, CDP and the Climate Disclosure Standards Board (CDSB) have issued a statement confirming that CDSB has now been integrated into the IFRS Foundation (meaning that no further technical work/content will be produced by the CDSB).  CDSB staff as well as core content to support the work of the ISSB are also being transferred.  The CDSB notes that until such time as the ISSB publishes its IFRS Sustainability Disclosure Standards, the CDSB's Framework and recent technical guidance on Water, Biodiversity and Social disclosures, as well as wider resources, will remain relevant/applicable

Regulators Navigation Show below Hide below

  • Top Story | Cybersecurity and risk culture among APRA's top priorities for the year ahead
  • GCRA risk: APRA's latest 'Year in Review' report recaps the steps APRA has taken to lift GCRA standards in 2021
  • ASIC capability review: Submission calls for increased cooperation between the regulators to reduce unnecessary duplication and confusion

Financial Services Navigation Show below Hide below

  • FAR Bill: APRA has outlined the preparatory steps being taken by the regulators in anticipation of the passage of the legislation
  • FSC submission on draft FFSP Bill: Treasury Laws Amendment (Measures for Consultation) Bill 2021: Licensing exemptions for foreign financial services providers
  • Consumer groups have urged ASIC to proceed with proposed product intervention orders
  • ASIC is consulting on proposals to remake relief for business introduction services
  • Big four bank rolls out ESG training for bankers
  • AFCA confirms pause on progressing complaints brought against Dixon Advisory and Superannuation Services

Risk Management Navigation Show below Hide below

  • Rio Tinto releases external review into workplace culture, commits to implement all recommendations
  • In Brief | Governance Review: ASIC has released a slide pack highlighting the key findings from a review of specific aspects of the governance practices of 10 large responsible entities.  This includes (among other things) insights into board composition, director tenure, board performance reviews and skills assessments and board oversight practices.  The report also includes a number of questions 'for consideration' on each of the governance topics discussed

Other News Navigation Show below Hide below

  • Treasurer welcomes BHP's decision to consolidate the company’s dual-listed company structure into a single entity listed on the ASX

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