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…

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