Governance News 21 July 2021

60 minute read + (PDF download)  21.07.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong financial services focus and covers several significant developments connected with the Hayne Commission including (among others) the consultation on draft legislation proposing to implement the long-awaited Financial Accountability Regime (FAR) and separately, the consultation on the government's proposed approach to establishing a Compensation Scheme of Last Resort (CSLR).

This issue also includes coverage of other key financial services, regulatory, risk and ESG developments and more…

Full coverage of this weeks content is now available.

Past issues are available

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https://www.minterellison.com/articles/governance-news-21-july-2021

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Remuneration Navigation Show below Hide below

  • Say on pay: Approval of say on pay resolutions dips to a five year low

Shareholder Activism Navigation Show below Hide below

  • General Electric sets net-zero by 2050 'ambition' following majority climate vote

Institutional Shareholders and Stewardship Navigation Show below Hide below

  • In Brief | BlackRock's voting record for the 12 months to 30 June shows it supported more than twice the number of shareholder proposals than it did in the previous year
  • Walking the talk on climate action? New York State Common Retirement Fund outlines its 'unprecedent support for climate actions' during the 2021 proxy season
  • Why Blackrock didn't support the shareholder climate proposal at MUFG

Financial Services Navigation Show below Hide below

Financial Services Royal Commission developments

  • Top Story | Consultation on draft legislation to establish the Financial Accountability Regime
  • Top Story | Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
  • Hayne implementation: Consultation on draft legislation to establish a Compensation Scheme of Last Resort
  • Hayne implementation: The government has released ASIC's report into industry's efforts to end payment of grandfathered conflicted remuneration
  • Hayne implementation: Consultation on draft regulations proposing to implement deferred sales model class exemptions
  • Hayne implementation: ASIC releases reference checking and information sharing protocol
  • In Brief | ASIC is consulting on draft guidance to support the implementation of the anti-hawking reforms in Hayne recommendations 3.4 and 4.1 .  The due date for submissions is 17 August 2021.  ASIC plans to release final guidance in September 2021 ahead of the commencement of the reforms on 5 October 2021.  

Other Developments

  • Top Story | Why remediation should be purpose-led – and how you can make it happen
  • APRA has launched a review of insurers' risk management frameworks
  • Retirement Income Covenant position paper released for consultation
  • IDR reporting: ASIC releases pilot documents ahead of the commencement of RG 271
  • COVID-19: APRA will grant temporary relief to banks for deferred loans
  • Consumer Credit - Cigno appeal:  ASIC is seeking judicial clarification from the Full Federal Court on the operation of key obligations under the credit legislation
  • Ceres outlines five recommendations to strengthen US financial regulators' collective approach to climate risk
  • In Brief | COVID-19: ASIC has released an example record of advice to assist financial advisers when providing advice under the temporary COVID-19 relief measure: ASIC Corporations (COVID-19 - Advice-related Relief) Instrument 2021/268
  • In Brief | Eight major insurers and reinsurers have pledged to eliminate greenhouse gas emissions from their underwriting portfolios by 2050 as part of a new Net Zero Insurance Alliance

Accounting and Audit Navigation Show below Hide below

  • FRC data shows challenger audit firms are gaining a toehold in the FTSE 250 audit market

Risk Management Navigation Show below Hide below

  • In Brief | How to audit risk culture: The Institute of Internal Auditors Australia (IIA-Australia) has released a practical ten step practical guide for internal auditors on auditing risk culture

Restructuring and Insolvency Navigation Show below Hide below

  • ASIC has updated INFO 29 to reflect recent insolvency reforms

Other News Navigation Show below Hide below

  • Australian Merger Control: Change in uncertain times
  • COVID-19: Common employment issues following increased NSW restrictions
  • Update: All construction sites to pause in Greater Sydney until 30 July 2021

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