Governance News 20 July 2022

40 minute read + (PDF download) 20.07.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week we cover ACSI's latest report tracking ASX 200 CEO pay, and separately a report tracking changes in the level of shareholder activist activity and trends in activist demands globally. The issue also includes coverage of SEC's proposed changes to the rule enabling companies to block shareholder proposals. On the financial services front, we cover the two new product intervention orders now in force targeting predatory lending practices and more….

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ACSI report finds CEO pay has rebounded to record highs
In Brief | Why do we have a gender pay gap? New report identifies gender discrimination as the 'single largest contributor' to the persistent gender pay gap in Australia, as well as identifying other industry-specific drivers of the gender pay gap in five key sectors: health/social assistance; education and training; retail trade; manufacturing and accommodation and food services

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Top Story | Global report finds shareholder activist activity is yet to bounce back to pre-pandemic levels
US SEC consults on proposed changes to the rule enabling companies to block shareholder proposals
Green Century proposal prompts packaged foods giant Congara to agree to set a target for eliminating deforestation from its supply chains
Acting on a majority vote: US Foods to set science based emissions reduction targets, Green Century says the action only partially implements shareholder demands
ACCR calls on mining companies to utilise new technologies to more accurately measure, report and take action to reduce methane emissions

Institutional Shareholders and stewardship Navigation Show below Hide below

Too prescriptive, not addressing a 'material gap or failure by the board': Why Vanguard did not support living wage resolution at Sainsburys

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SEC rolls back (in part) Trump-era proxy advice changes, ISS and CII say the changes while welcome are not enough to head off their legal challenge

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Fallout from West Virginia v EPA: The AGs of 24 Republican States have again called on SEC to abandon its proposed climate disclosure rule (or expect a legal challenge)
Business Roundtable urges SEC to rethink its proposed climate disclosure rule
US regulator extends deadline for providing comment on potential options to strengthen its oversight of climate-related financial risk
In Brief | Better internal climate reporting for banks: As part of its TCFD Pilot Project for banks, the United Nations Environment Programme Finance Initiative (UNEP FI) together with the Global Association of Risk Professionals (GARP) have released a paper setting out a suggested framework for banks to create 'decision-useful, board-level climate dashboards'

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'Shocking': Latest five yearly State of the Environment Report provides an overview of the extent to which Australia's environment has already deteriorated, flags the need for urgent action
Climate Action 100+ accused of being a 'climate cartel'? Arkansas Senator demands BlackRock 'provide answers' about its involvement in Climate Action 100+
Japan's FSA has released final 'Supervisory Guidance on Climate-related Risk Management and Client Engagement'. The guidance is intended to serve as a 'baseline for supervisory dialogues between the FSA and financial institutions to promote better practices at financial institutions'

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Top Story | Targeting predatory lending: Two new product intervention orders now in force
Increased protection against scams: ABA launches PayID public awareness campaign
APRA finalises new centralised definition of SFI, plans to publish a list of SFIs for all industries on the APRA website 'later this year'
APRA removes capital penalty on insurer after being satisfied that governance concerns addressed
Treasury is consulting on proposed changes to super members' meeting notice
requirements
APRA has finalised changes to SPS530 Investment Governance
In Brief | ASIC has released a report - REP 732 Pump and dump of micro-cap securities – outlining the findings of its review into a series of 'pump and dump events' in listed equity markets in 2020-21, the actions ASIC took in response and 'good practices to help market participants detect, prevent and respond to pump and dump activity'

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FRC seeks assurances from audit firms and professional bodies on exams cheating

Risk Management Navigation Show below Hide below

Top Story | SOCI equivalent incident reporting and asset register obligations now in effect for Telcos
ASIC issues a 'timely reminder' to directors on cyber risk

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 20 July 2022

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Mark Standen

Siobhan Doherty

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