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    Governance News 22 June 2022

    40 minute read + (PDF download)  22.06.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue includes coverage of comments from the ASIC Chair and Deputy Chair on the implementation of recent reforms including DDOs, and ASIC's expectations around compliance.  On the governance front, the issue includes  coverage the UK Institute of Directors' proposal for the introduction of a director Code of Conduct.  Separately we also cover of a working paper advocating for the abolition of the UK Corporate Governance Code 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-22-june-2022

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    Boards and Directors  Navigation Show below Hide below

    • Top Story | UK Institute of Directors calls for a director Code of Conduct following corporate scandals

    Shareholder Activism Navigation Show below Hide below

    • Shareholder Scope 3 emissions reduction resolution secures 87.6% support at the FirstSource AGM
    • 'Ghost guns' shareholder proposal fails to secure majority support at the Mastercard AGM
    • Accountability for meeting climate commitments: ACCR calls on Glencore to provide more detail around how it intends to 'run down' its coal business and meet its climate targets
    • Non-compliance with SEC's consent decree? SOC investment group has called on SEC to direct Tesla Inc to nominate an independent director ahead of the 4 August AGM
    • Share Action has urged shareholders to back its living wage resolution at the upcoming Sainsbury's AGM

    ESG  Navigation Show below Hide below

    • Government to 'move quickly to legislate emissions reduction targets when parliament resumes
    • GFANZ consults on a proposed common framework for developing and implementing credible net zero transition plans, Race to Zero campaign strengthens minimum membership requirements
    • Basel Committee issues principles for climate risk management 

    Other Shareholder News Navigation Show below Hide below

    • Is it time to abolish the UK Corporate Governance Code? Would doing so remove a key disincentive against listing in the UK? A new paper suggests abolishing the Code is not only justified but could be beneficial

    Disclosure and Reporting Navigation Show below Hide below

    • Too prescriptive? Mixed views on SEC's proposed climate disclosure rules
    • In Brief | No question that the SEC has authority to mandate climate disclosure: 30 securities law academics have detailed why they consider the SEC has 'the statutory authority to promulgate the [climate related disclosure] Proposal, and that the climate-related disclosure rules under consideration are consistent with close to nine decades of regulatory practice at the federal level and with statutory authority dating back to 1933 that has been repeatedly reaffirmed by Congress and the courts'

    Financial Services Navigation Show below Hide below

    • Are index providers, model portfolio providers and pricing services in fact providing investment advice (in some circumstances)? SEC has issued a call for comment
    • UK government announces plans to overhaul and modernise existing consumer credit laws
    • Compliance with the DDO regime now expected says ASIC Chair
    • ASIC Deputy Chair offers early insights into how firms have implemented key reforms and ASIC's expectations going forward
    • General Counsel plays a 'critical' role in driving a 'culture of compliance' says ASIC Chair
    • ASIC grants claims handling and settling relief to reduce the administrative burden on authorised representatives appointing claims handling staff
    • APRA is consulting on proposed changes to six general insurance reporting standards on the treatment of reinsurance recoverables
    • ASIC remakes relief on CHOICE superannuation dashboards, PDSs and FSGs
    • APRA has released new FAQs on the YFYS performance test
    • Home Guarantee Scheme to be expanded to 50,000 places per year

    Risk Management Navigation Show below Hide below

    • Top Story | Five data management tips for responding to a regulatory notice
    • Is there a link between good governance and innovation? If so, what governance practices foster innovation? The UK Institute of Directors has called for comment

    Restructuring and insolvency Navigation Show below Hide below

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