Governance News 2 November 2022

30 minute read + (PDF download) 02.11.2022 Mark Standen, Siobhan Doherty, Kate Hilder

Climate disclosure is a key theme in this week's issue. We cover ASIC's first greenwashing enforcement action, the FCA's proposed anti-greenwashing rules and more. On the financial services front, we cover ASIC's first report on the new Reportable Situations Regime (REP 740), the findings of APRA's Insurance Risk Management Review and more…

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SEC mandates new listing standards for clawback of executive bonuses awarded in error, together with new disclosure requirements to ensure transparency around this process
Seven West reissues its remuneration report over an error in executive pay

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The level of support for Market Forces' capital protection resolution at Whitehaven gained ground in its third year, but fell well short of securing majority support

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Singapore flags plans to 'enhance' its NDCs ahead of COP27, launches national hydrogen strategy
GFANZ issues net zero transition planning guidance, issues call to G20 governments to up their climate commitments ahead of COP27
GFANZ clarifies members are not required to align with Race to Zero's updated criteria
Greenpeace has called on Australia to join other nations in advocating for the International Court of Justice to provide an advisory opinion on the human rights impacts of climate change
SOC investment group has called on the Hyundai board to address labour rights concerns
Amazon says its new fulfillment centre is 'on track' to become the first in the world to achieve ILFI Zero Carbon Certification
Apple has flagged plans to track supplier emissions, aims for its supply chain to be 100% carbon neutral by 2030
In Brief | The Insurance Council of Australia has released a paper outlining how insurers can achieve net zero emissions for their operations by 2030 and across the entirety of their activities by 2050 including 'a pathway…to undertake the more difficult task of reducing emissions associated with underwriting activities, the claims supply chain, and investments'
In Brief | MSCI's latest Net Zero Tracker tracking the collective progress of the world’s listed companies toward keeping global temperature rise within 1.5 degrees above preindustrial levels flags that currently only 16% of companies are aligned with this goal. At present rates, MSCI projects that companies globally will burn through their share of the global carbon budget to achieve the 1.5 degree target by the end of next year and put the world on a path to 2.9 degrees of warming by the end of the century
In Brief | The IEA has released its annual update to the World Energy Outlook, the first to be released since Russia's invasion of Ukraine. The report includes an update to the Net Zero Emissions by 2050 (NZE) Scenario which the IEA considers is 'still achievable' with 'a large increase' in investment in clean energy. The IEA makes clear that: 'The path to success requires policy makers to do much more to provide signals on the demand side, to develop the clean technology supply chain as a whole, to ensure that supply chains are diverse and resilient, and to promote the coordinated growth of different parts of particular supply chains'

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Woolworths shareholders wave through remuneration report, director elections

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ASIC has taken its first enforcement action for greenwashing
APRA Deputy Chair provides an update on key climate disclosure projects, flags that APRA expects to release the aggregated results of the Climate Vulnerability Assessment in November 2022
UK Regulator consults on proposed rules to tackle greenwashing
In Brief | ASX 200 not ready? PwC has released analysis of the extent to which climate disclosure by ASX 200 companies measures up to the draft sustainability standards currently under development by the ISSB. The key takeaway is that 'disclosure levels will need to be significantly enhanced to meet the proposed standards…particularly in quantifying the financial impact of risks and opportunities'
ESG

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APRA leadership changes announced, regulator flags shift in allocation of industry responsibilities
Parliamentary Joint Committee to inquire into ASIC's 'capacity and capability'

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Breach reporting | ASIC has released its first report on the new Reportable Situations Regime (REP 740)
APRA releases insights from the Insurance Risk Management Review, calls for boards to table it for discussion in their next meetings
CDR | ABA urges caution on progressing 'action initiation' too quickly in light of cyber and other concerns
Update on the new Life Insurance Code of Practice set to commence from July 2023

Risk Management Navigation Show below Hide below

Top Story | Risky business – Australia’s competition and consumer laws set to shift
Top Story | Secure Jobs, Better Pay Bill introduced to Parliament
Top Story | New privacy bill proposes tougher penalties and powers for serious privacy breaches
ACL notifies of a cyber incident impacting 223,000 patients and staff

Contact

Mark Standen

Consultant, Sydney
- +61 2 9921 4902
- +61 412 104 902
Siobhan Doherty

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

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Governance News 2 November 2022

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