• Two (possibly 3) activist directors elected to the Exxon Mobil board
• A majority of Chevron shareholders have backed a shareholder resolution calling for the company to reduce scope 3 emissions
• Ending coal financing: 99% of HSBC shareholders have backed a resolution committing the bank to phasing out financing of coal by 2040
• Investors are increasingly backing calls for companies to walk the talk on diversity and inclusion:  As You Sow has welcomed the increased level of support this year for shareholder DEI resolutions
  
   

• Proposed proxy reforms: SAFAA joins proxy advisers is raising concerns
• An early look at emerging trends this proxy season 
• Say on Pay: More willing than previously to vote against executive pay?
  
   

• ASIC has released an information sheet on activist short selling in Australia

• Top Story | Two (plus) years on: Tracking progress against each of the Hayne Commission's 76 recommendations
• Open banking: The ABA and consumer groups oppose the proposed 'opt-out' joint account data sharing model
• COVID-19 has accelerated debit card use according to ABA data
• Product Intervention Power: New Bill proposes to remove 'ambiguity' around ASIC's power to intervene
• Green steel push: Six global banks to develop best practice principles for the continued funding of steel making in line with the goals of the Paris Agreement
• Culture in the superannuation sector: APRA has outlined some examples of what it considers best practice in risk culture
• The RBA has confirmed it has no plans to force BNPL providers to remove their no-surcharge rules (for now)
• AFCA appoints two new Lead Ombudsmen
• In Brief | APRA/ASIC oversight body: The Financial Regulator Assessment Authority Bill 2021 and the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 have been read a third time in the House and are headed to the Senate
• In Brief | Expelled from membership of AFCA: AFCA has published the details of five financial firms that have failed to pay their AFCA membership levy and/or other fees.  AFCA has called on the firms in question to contact AFCA 'to discuss payment options for any outstanding fees and reinstate their membership, if they are still required by law to be an AFCA member'
• In Brief | 'Time is running out': ASIC has again urged firms to prioritise the transition away from LIBOR.  ASIC has also flagged its intention to start a second round of communication with corporations and buy-side firms to 'highlight the urgency of LIBOR transition'

• EU Financial Services Commissioner launches a process to lift the quality of reporting and enforcement in the wake of the Wirecard scandal
• UK Audit Reform: The UK FRC has published updates to its auditing standard on the responsibilities of auditors relating to fraud
  
   

Climate Risk

• A novel duty of care in negligence? Federal Court holds that the Minister for the Environment has a duty to protect young people from the health effects of climate change
• Australia's emissions are at record lows according to the latest National GHG inventory quarterly update
• In Brief | The Hague District Court has ordered Royal Dutch Shell to reduce the CO2 emissions of the Shell group by net 45% in 2030, compared to 2019 levels in a case brought by Friends of the Earth. In a statement welcoming the finding, Friends of the Earth expressed the hope that the judgement will 'trigger a wave of climate litigation against big polluters, to force them to stop extracting and burning fossil fuels'
• In Brief | Canada: New expert legal opinion from Randy Bauslaugh, in collaboration with the Canada Climate Law Initiative (CCLI), concludes that pension fund fiduciaries have a duty to take into account the financial risks and opportunities related to climate change when managing plan assets
• In Brief | New report calls for global investments in nature-based solutions to triple by 2030 and quadruple by 2050 on current levels, in order to tackle urgent climate, biodiversity and land degradation challenges

Cybersecurity, Privacy and Technology

• The Reserve bank of New Zealand has committed to implementing measures to strengthen its cybersecurity systems
• Working to restore systems: JBS foods has confirmed it was targeted by a cyber attack
• In Brief | The risk of cyber attack continues to accelerate and boards are taking notice (but they need to do more): The Australian previews some of the key findings in MinterEllison's sixth annual cyber-risk report

• Litigation funding and the regulation of the class action industry: Consultation on plans to guarantee a minimum rate of return for class action members launched