Governance News 21 April 2021

60 minute read (PDF download)  21.04.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes a brief update on the implementation of the DIN regime, two separate reports looking at trends in 'say on pay' voting behaviour and the release of joint updated guidance from the Governance Institute, the AICD, the AIRA and the Business Law Section of the Law Council of Australia on navigating the ongoing uncertainty around holding virtual AGMs and electronic execution.  The issue also includes coverage of key financial and regulatory developments including the release of ASIC's latest enforcement update, the BCCC's latest report on compliance with the Banking Code, and the release of draft legislation proposing to implement the government's response to Hayne Commission recommendation 2.10 (the establishment of a new disciplinary system for financial advisers.   

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Boards and Directors  Navigation Show below Hide below

  • DIN update: New legislative instruments registered 

Remuneration Navigation Show below Hide below

  • Say on pay: Equilar's analysis suggests we may see a spike in pay revolts this year
  • Say on pay: Semler Brossy's analysis finds that the levels of dissent are far higher than last year

Diversity Navigation Show below Hide below

  • Targets missed: Singapore's largest 100 listed companies are yet to crack 20% female board representation (boards blame the pandemic)
  • How do America's largest employers measure up on racial equity? New report provides a snapshot of the actions/commitments being taken by America's largest 100 employers

Meetings and Proxy Advisers Navigation Show below Hide below

  • Joint updated guidance on navigating the ongoing uncertainty around holding virtual AGMs and electronic execution released
  • Not carried: Market Forces has welcomed the increased level of support for shareholder 'wind-down resolutions' at Santos and Woodside
  • In Brief | Say on Climate: Nestle shareholders have voted to endorse the company's roadmap for achieving its net-zero emissions by 2050 target

Corporate Social Responsibility and Sustainability Navigation Show below Hide below

  • Should UK directors be legally obligated to consider stakeholder (not just shareholder) interests in their decision-making? The Better Business Act Coalition is urging changes to s172 requirements

Financial Services Navigation Show below Hide below

  • Implementation of Hayne recommendation 2.10: Draft legislation to establish a new disciplinary system for financial advisers has been released for consultation
  • Suggestions to improve the accessibility and affordability of advice: The Financial Services Council is consulting on preliminary financial advice proposals
  • Financial advice: ASIC extends record of advice relief measure to 15 October 2021
  • BCCC report into compliance with the Banking Code released identifies that the number of reported breaches has increased (but that this does not signal that compliance has slipped)
  • Insurance claims handling: Regulations confirming exclusions from 'financial service' registered
  • Clearer rules needed: FinTech Inquiry Chair says there is an urgent need to resolve the existing policy/regulatory uncertainty around digital assets

Regulators  Navigation Show below Hide below

  • Top Story | Keeping up the pressure (despite COVID-19): ASIC's latest enforcement report released
  • In Brief | The ACCC, the UK's Competition and Markets Authority and Germany's Bundeskartellamt have issued a 'landmark' joint statement highlighting the importance of rigorous and effective merger enforcement from a competition perspective and as a means of safeguarding the interests of consumers

Risk Management Navigation Show below Hide below

  • Top Story | Liability Risk and Adaption Finance
  • Businesses representing $3 trillion in annual revenue have called on the Biden administration to reducing GHG emissions by 50% by 2030
  • McDonalds has released new global standards to stamp out harassment and discrimination in its workplaces
  • In Brief | Call to mandate the disclosure of emissions: Apple has urged the SEC to issue rules requiring companies to publicly disclose 'third party audited' emissions information covering all aspects of emissions

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