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    Governance News 20 January 2021

    50 minute read (PDF download)  20.01.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    Our first issue for 2021 features coverage of key ESG and sustainability related developments including the release of BlackRock's updated global principles and guidelines and discussion of the 'say on climate' initiative.  In addition, this issue includes an expert summary of recent largescale insolvency reforms as well as coverage of key financial services and regulatory developments and more…

    Full coverage of this weeks content is now available

    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-20-january-2021

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    Diversity Navigation Show below Hide below

    • Keeping the focus on board gender diversity: Glass Lewis has released its 2021 Proxy Voting Policy Guidelines for Australia

    • State Street flags racial/ethnic diversity and climate transition risk as its two main stewardship priorities for 2021

    • 50/50 Women on Boards has set a new target for the boards of Russell 3000 Index companies to achieve gender balance

    • In Brief | The Council of Institutional Investors (CII) has backed Nasdaq's proposed new board diversity requirements for companies listed on the exchange in a letter filed with the Securities and Exchange Commission (SEC)


       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Top Story | BlackRock has released updated global principles and voting guidelines for 2021
    • ShareAction analysis shows that large asset managers remain slow to support shareholder ESG resolutions
    • The ClimateAction 100+ Annual Progress Report finds gains have been made with 43% of focus companies now having set/made net zero commitments
     

    Other Shareholder News Navigation Show below Hide below

    • Modernising business communications: Consultation launched

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Lessons from the 2020 AGM season: Survey of European companies finds shareholder rights were negatively impacted by the rapid switch to virtual meetings

    Disclosure and Reporting Navigation Show below Hide below

    • COVID-19: ShareAction reports a significant uptick in the number of companies electing to disclose workforce data
    • Gaining traction? Calls to implement a 'Say on Climate' appear to be gaining support, but questions have been raised about the likely effectiveness of the measure
    • In Brief | TCFD reporting requirements: The UK Financial Conduct Authority has released a policy statement, final rule and guidance on how it will oversee new climate disclosure requirements for UK premium listed companies.  The rule will apply for accounting periods beginning on or after 1 January 2021, meaning the first annual financial reports subject to our rule would then be published in spring 2022

    Regulators Navigation Show below Hide below

    • All KPIs met (overall): APRA's self-assessment report released
    • Heavy price: Australian banks second only to the US in terms of the total amount of fines imposed last year
    • In Brief | Let ASIC get on with it: Writing in The AFR, Professor Dimity Kingsford Smith argues strongly against calls to break up and/or narrow ASIC's remit arguing instead that now is the time to support the regulator is carrying out its remit.  'Since the Hayne royal commission, ASIC has its marching orders, new powers and better funding. It is time to support it to do its work, independently and expertly' she writes
       

    Financial Services Navigation Show below Hide below

    • Consumer credit reforms: Consultation on proposed licensing regime for debt-management firms launched
    • Implementing Hayne recommendation 2.10: New financial advisers disciplinary body announced
    • Technical updates to RG 246 Conflicted Remuneration
    • Deferred Sales Model for add-on insurance: Consultation on possible exemptions to the new requirementsCOVID-19: ASIC has approved changes to the Banking Code
    •  Member Outcomes: APRA's refreshed MySuper heatmap shows the MySuper sector is 'delivering sound outcomes to members' but with 'much room for improvement'
    • Complementary obligations: ASIC and APRA have written to superannuation trustees to help explain the interaction between member outcome obligations and product design and distribution obligations
    • COVID-19: Funds have now paid out $35.9 billion under the government's early release of superannuation scheme
    • Improving member outcomes: ASIC has released a report (REP 675) offering insights into how superannuation trustees can better quantify and assess the value members are receiving for default insurance
    •  In Brief | Following consultation ASIC has released its final principles-based guidance - Regulatory Guide 271 Design and Distribution Obligations - on forthcoming product design and distribution obligations as well as a response document outlining its response to submissions to the consultation
    • In Brief | A win for policyholders: The UK Supreme Court delivered its judgment in the FCA's business interruption insurance test case.  The Court substantially allowed the FCA’s appeal on behalf of policyholders
    • In Brief | Passage of Hayne omnibus reform Bills : The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 and the Corporations (Fees) Amendment (Hayne Royal Commission Response) Bill 2020 which implement the government's response to multiple Hayne recommendations received Assent on 17 Dec 2020
    • In Brief | The Financial Sector Reform (Hayne Royal Commission Response) (Regulation of Superannuation) Regulations 2020 were registered on 11 December 2020.  The regulations remove certain exemptions from the requirement to hold an AFSL and make other minor amendments to support the reforms to the roles of the superannuation regulators made by the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
    • In Brief | Responsible lending reform Bill: The National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 which proposes to implement changes to responsible lending obligations was introduced into the House of Representatives following consultation, on 9 December 2020 and has been referred to the Senate Economics Legislation Committee for report by the 12 March
     

    Risk Management Navigation Show below Hide below

    • The cyber incident at the RBNZ has been contained, but the full impact is yet to be determined: The Reserve Bank of New Zealand is investigating a breach of a third party file sharing service used by the bank to share and store data

    Restructuring and Insolvency Navigation Show below Hide below

    • Top Story | Small business insolvency reforms commence on 1 January 2021
    • In Brief | Targeting phoenix activity: The Australian quotes the new interim head of ASIC's anti-phoenix investigations, ASIC Commissioner Diana Steicke, as saying that the regulator will target 40 surveillances in FY21 of 'high risk company directors and pre-insolvency advisers at risk of illegal phoenixing'
       

    Other News Navigation Show below Hide below

    • COVID-19: Treasurer welcomes moves by some companies to pay back JobKeeper but emphasises that companies have no legal obligation to do so

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    Governance Newsletter Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Non-shareholder stakeholders Overseas perspectives Regulators Restructuring and insolvency Risk management Shareholder Engagement
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