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    Governance News 21 October 2020

    60 minute read (PDF download)  20.10.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition This issue of Governance News covers: a) key COVID-19 related developments; b) recent AGM results; c) coverage of the release of draft legislation proposing to make temporary changes enabling virtual meetings and electronic execution of documents permanent; d) disclosure and reporting related developments including the growing focus on 'non-financial reporting'; e) financial services, regulatory and risk and ESG related developments and more...

    Full coverage of this weeks content is now available


    Past issues are available

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    Diversity Navigation Show below Hide below

    • Slow to change: New report tracking trends in board composition, director skills and board refreshment at US publicly listed companies calls on boards to take steps to meet shifting investor expectations
    •  JP Morgan has announced a $30m commitment to progress racial equity
    • Starbucks has committed to publicly reporting on progress towards the achievement of its diversity goals and to tying executive pay to the achievement of diversity targets
       

    Disclosure and Reporting Navigation Show below Hide below

    • The FRC has floated proposals to radically rethink corporate reporting
    • Reporting on how stakeholder interests are being factored into company strategy and decision making: The FRC has released 'tips' to guide companies in understanding what information investors are looking for and how to present it in the most effective way
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • ACSI's annual benchmark report on climate disclosure at ASX 200 companies has identified 'significant improvement' but also calls on companies to do better at linking their strategy and actions to their stated commitments
    •  Stepping up pressure for companies to lower emissions: LGIM cautions climate 'laggards' that it will name them publicly
    • In Brief | The University of Tasmania says it will divest from fossil fuel-exposed investment funds by the end of 2021 and make no further investments in companies or funds with exposure to fossil fuels 'effective immediately' to support the creation of a zero-carbon economy
     

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | Permanently allowing virtual AGMs and electronic execution of documents: Draft legislation released for consultation.
    •  Recent AGM results: BHP, CSL, Cleanaway, Origin
    • In Brief | ISS is consulting on proposed changes to 17 discrete voting policies.  Proposed changes include changes in the areas of board diversity, board composition, director accountability, director overboarding and shareholder litigation rights disclosure.  The deadline for submissions is 26 October
       

    Markets and Exchanges Navigation Show below Hide below

    • ASX is consulting on proposed changes to capital requirements for non-bank ASX Clear Participants

    Financial Services Navigation Show below Hide below

    • COVID-19: APRA Chair Wayne Byres identifies seven lessons in operational resilience for Australia's banks
    •  Extension of UCT protections to insurance contracts: Ahead of the commencement of the changes, ASIC has released updated information sheets and flagged that it is engaging with industry to 'gauge how insurers are tracking'
    •  ASIC sets expectations has outlined its expectations for the handling of business interruption insurance claims arising from the COVID-19 pandemic
    •  COVID-19: So far funds have paid out $34.3bn under the government's early release of superannuation scheme, the data indicates that the number of applications coming through continues to slow
    •  APRA reminds RSE licensees and relevant persons of their obligations to meet the controlling stake requirements
    •  Hayne implementation update: Assistant Financial Services Minister says that the compensation scheme of last resort and single disciplinary body for advisers will be legislated by mid-next year
    • Afterpay to offer 'transaction and savings accounts and other cash flow management tools' through Westpac's digital bank-as-service platform from Q2 2021
    •  No further regulatory action: AUSTRAC has finalised its external audit of BNPL provider Afterpay
    • Pre-emptive action, though expensive, is nevertheless the most cost-effective response to the climate challenge says APRA
    •  What credit squeeze? The ABA confirms that 'Australia’s banks remain open for business for small business customers'
    •  In Brief | Boosting SME capital: The Treasurer has announced the formal establishment of the Australian Business Growth Fund and welcomed the appointment of Anthony Healy as the inaugural CEO.  Mr Frydenberg said that the fund, which has an initial investment capacity of $540 million is expected to 'shortly begin engaging with SMEs that are seeking patient equity investment in their business to enable them to grow and expand'
    •  In Brief | The Financial Stability Board has published a global transition roadmap for LIBOR setting out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth LIBOR transition by end-2021
    •  In Brief | Industry Super Australia and Women in Super have called for the government to adjust the Low-Income Superannuation Tax Offset (LISTO) to cover workers earning up to $45,000 to help boost the retirement savings of 1.2 million people, including 700,000 women
    •  In Brief | The Federal Court has imposed a total of $75 million in financial penalties on OTC derivative issuer AGM Markets and former authorised representatives OT Markets and Ozifin following the February 2020 decision which found that they had each engaged in systemic unconscionable conduct while providing over-the-counter derivative products to retail investors in Australia
    •  In Brief | Societe Generale Securities Australia Pty Ltd will pay a total penalty of $30,000 for breaches of client money obligations.  ASIC Commissioner Cathie Armour welcomed the decision commenting that 'ASIC will continue to devote resources to ensure that client monies are dealt with appropriately'
    •  In Brief | Hayne case study: The Federal Court has directed NAB to pay a $15m civil penalty in connection with the introducer program, which was found to contravene s31(1) of the National Credit Act
    •  In Brief | A former financial adviser and Hayne Commission witness has been fined a total of $10,000 after falsely claiming to hold a masters of commerce degree in certain communications with clients and in marketing materials.  ASIC highlights that in handing down the sentence, Magistrate Atkinson noted the need 'for the Court to send a message to the community at large that being a financial advisor is a specialist position. Marketing material and websites, including qualifications, need to be correct'
    •  In Brief |  Keith Skeoch (former non-executive director of the FRC) has been appointed as Interim Chair of the UK Financial Reporting Council  from 12 October 2020 for a period of up to 6 months while a permanent replacement for former chair Simon Dingemans who stepped down in May, is being recruited 

    Accounting and Audit Navigation Show below Hide below

    • The FRC is consulting on proposed changes to strengthen the auditing standard for the auditor's responsibilities relating to fraud

    Risk Management Navigation Show below Hide below

    • The RBA is set to resume work on increasing transparency around payment system outages, banks may be required to publish data on payment systems outages from mid-2021
    • The Reserve Bank of New Zealand is consulting on draft cyber risk management guidance
    • In Brief | In light of the transition to staff working from home and the consequent uptick in the incidence of cyber scams, CBA has released a range of resources for business to raise awareness and increase their understanding of the risk. CBA's Group Chief Information Security Officer Keith Howard called on businesses to: 'ensure they update their operating systems and applications on their computers and phones; ensure all staff are using strong and unique passwords; establish robust payment processes with multiple approvers; train staff on how to recognise suspicious emails; and set expectations with staff on how to handle corporate and customer data securely'
       

    Restructuring and Insolvency Navigation Show below Hide below

    • Top Story | Small business insolvency reforms draft legislation; what you need to know now
    • In Brief | AFSA has encouraged businesses to consider whether the PPSR can 'provide peace of mind': In light of the significant proportion of business debts owed to trade creditors - AFSA data shows that people in businesses who entered into a personal insolvency owed 32% of their debts to a business, sole trader or individual - AFSA has called on businesses to take steps to guard against the risk of providing goods on credit
       

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