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    Governance News 23 February 2022

    60 minute read (PDF download)  23.02.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong risk focus and covers various developments evidencing the increased stakeholder focus on HCM risk and climate risk in particular, as well as APRA's recent call for boards and senior management to step up their focus on compliance risk management.  In addition, we cover a new Bill - Treasury Laws Amendment (Modernising Business Communications) Bill 2022-  proposing to enable the use of technology in business communications and 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-23-feb-2022

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    Diversity  Navigation Show below Hide below

    • Glass Lewis report flags a marked uptick in the number of S&P 500 companies disclosing board diversity information
    • Just Capital finds over half of the largest US companies now share workforce diversity data
    • NYS pension fund to vote against boards lacking diversity
    • UK report calls on the government to act to address the persistent underrepresentation of women (and lack of representation of women of colour) in key leadership roles
    • Making (slow) progress on workplace gender equality: Latest WGEA Report Card released

    Shareholder Activism Navigation Show below Hide below

    • Climate change and DEI the two main areas of shareholder concern heading into 2022: ICCR has released a 'guide' on the 400+ shareholder ESG resolutions filed or co-filed by ICCR members as at 16 February 2022
    • Stop underwriting new oil and gas projects: Activists to target insurer
    • Climate activists target Royal Bank of Canada
    • Pushing for action to curb plastic waste: Coca-Cola sets goals for reducing its use of plastic packaging, As You Sow has applauded the announcement (but has not yet withdrawn its resolution)
    • Second energy company flags plans to accelerate planned coal station closure following 2021 shareholder resolution
    • A market shift? AGL board rejects non-binding takeover bid, ACCR says it signals the market has moved 
    • In Brief | Market Forces and ACCR dismiss Woodside's climate report, call on shareholders to back climate resolutions at upcoming AGM

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | Bill to permanently modernise meeting and execution requirements now law
    • State Street identifies DEI as a key focus area heading into 2022, flags changes to voting policies in accordance with new expectations

    Disclosure and Reporting Navigation Show below Hide below

    • ASIC calls on oil and gas boards to 'reassess the reasonableness of their financial reporting obligations and the adequacy of disclosures'
    • In Brief | Greenwashing? A study evaluating the disclosure of the world's four largest oil companies utilising data from 2009-2020 concludes that disclosure is 'dominated by pledges rather than concrete actions' and that in light of this 'accusations of greenwashing appear well-founded'

    Regulators Navigation Show below Hide below

    • APRA Chair Wayne Byres has updated the Senate Economics Legislation Committee on the progress the regulator has made on longer-term prudential objectives since October 2021
    • ASIC has made six notifications to the Australian Commission for Law Enforcement Integrity over the past 12 months

    Financial Services Navigation Show below Hide below

    • Progress update: Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022
    • ABA and Age Discrimination Commission calls on state and federal governments to prioritise action to prevent elder financial abuse
    • APRA’s Superannuation Data Transformation: APRA is seeking feedback on plans to publish more data on super products and investment options.
    • ASIC is consulting on proposals to remake PDS, superannuation dashboard and FSG legislative instruments
    • In Brief | APRA has published six additional FAQs on the Superannuation Data Transformation (SDT) Phase 1 reporting standards to clarify historical data requirements. APRA has also made a correction to Historical Data FAQ 1.0
    • In Brief | ASIC has remade Class Order [CO 11/842] PDS requirements where a quote for a general insurance product is given, for a further five years. ASIC states that the 'relief remains substantively the same, with minor changes to give greater clarity and reflect current drafting practice'. The Class Order was due to expire on 1 April 2022, the new instrument will expire on 1 March 2027
    • Second BI Test Case: The ICA has acknowledged the judgment of the Full Court of the Federal Court in the appeals in the second business interruption test case. CEO of ICA CEO Andrew Hall commented that the judgment  'marks another important step in seeking clarity for business policyholders and the general insurance sector' and expressed the hope that the 'matter can be brought to a close as soon as possible'

    Risk Management Navigation Show below Hide below

    • Top Story | APRA calls on boards and senior management to prioritise compliance risk management
    • #MeToo Bill ending the use of forced arbitration agreements to settle cases of sexual harassment/assault has passed the US Senate
    • Insurers call for increased government funding for climate resilience measures
    • Further delayed: Committee Report into Greens 'climate trigger' Bill delayed for a sixth time

    Other News Navigation Show below Hide below

    • Top Story | Pushing ahead: Bill to further modernise business communication requirements introduced

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