Governance News 24 February 2021

50 minute read (PDF download)  24.02.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's news includes an overview of Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 which proposes to temporarily extend and expand on the measures in Corporations (Coronavirus Economic Response Determination (No. 3) 2020 and to make permanent the temporary changes to continuous disclosure laws introduced in May 2020.  The issue also includes coverage of key ESG, financial services and regulatory developments and more…

Full coverage of this weeks content is now available.

Past issues are available

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJkYjViY2Y3MS0xNTkxLTRlOTktYWFiNy1kNjE2NTVmYjFiMTUiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczOTM3OTQ3NiwiZXhwIjoxNzM5MzgwNjc2LCJpYXQiOjE3MzkzNzk0NzYsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0yNC1mZWJydWFyeS0yMDIxIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTI0LWZlYnJ1YXJ5LTIwMjEifQ.MJ9lZ9Gn4EZOdNcyTJtHMD1_Vu41XiBg-4DS5tD3LBY
https://www.minterellison.com/articles/governance-news-24-february-2021

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Diversity Navigation Show below Hide below

  • State Street calls on companies to improve disclosure of racial/ethnic diversity information
  • US: More women are being included on IPO boards
  • COVID-19: UK EHRC announces six month grace period on pay gap reporting
     

Shareholder Activism Navigation Show below Hide below

  • Say on Climate: The ACCR has welcomed Rio Tinto's commitment to put its climate strategy to a shareholder vote in 2022
  • 2030 isn't soon enough? Market Forces calls on insurer to strengthen its existing climate commitments
     

Institutional Shareholders and Stewardship Navigation Show below Hide below

  • Climate Action 100+ highlights five proposals to watch heading into the 2021 proxy season
  • Shift in stance on shareholder proposals: Institutional investors including BlackRock and Vanguard vote in support of shareholder ESG resolutions at Tyson Foods Inc
  • Call on climate initiative launched: Investors renew calls for countries to 'back their net zero targets' by putting a price on carbon
     

Regulators Navigation Show below Hide below

  • ACCC Chair Rod Sims has flagged the regulator's key compliance and enforcement priorities for 2021

Financial Services Navigation Show below Hide below

  • Your Future, Your Super legislation introduced
  • ABA and Consumer Action Law Centre call for stronger regulation of debt management firms
  • AFCA review launched: stakeholder views invited
  • Consumer groups have reiterated their concerns about changes to responsible lending
  • Inquiry launched into moves by financial institutions to withdraw investment from the export industries including coal
  • In Brief | Consultation on proposed revisions to the vulnerable members section of the Insurance in Superannuation Voluntary Code of Practice launched.  The deadline for submissions is 29 March 2021
  • In Brief | Financial Sector Reform (Hayne Royal Commission Response) (2021 Measures No 1) Regulations 2021 amend the Insurance Contracts Regulations 2017 to remove the concept of 'eligible contracts of insurance'.  They also amend the Corporations Regulations 2001 to make the handling of an insurance claim a ‘financial service’ under the Corporations Act 2001.  The regulations are now in force
  • In Brief | The AFR reports that a new, stronger BNPL code will be launched on 1 March with no transition period
  • In Brief | Protecting vulnerable and excluded people in financial markets: The UK FRC and EHRC have signed an MoU to enable them to enable them to better target their resources and activities around meeting their obligations under the Equality Act 2010
  • In Brief | Hayne referral: ASIC has announced that criminal charges have been brought against an insurance underwriter and separately a distributor of insurance products over allegedly false/misleading statements relating to the sale of domestic and international travel insurance products between 2016 and 2018
  • In Brief | 'Nobody is going to fall off a cliff' if they are unable to resume making payments at the end of March when loan deferrals and JobKeeper payments end: ABA CEO Anna Bligh has given an interview discussing the impact of the end of JobKeeper payments and assuring the community that banks will work with customers

Accounting and Audit Navigation Show below Hide below

  • Audit reform: UK regulator gives green light to the big four to move forward with proceed with the operational separation of their audit practices, amends the principles for separation

Risk Management Navigation Show below Hide below

Corporate Misconduct and Liability Navigation Show below Hide below

  • ASIC launches immunity policy for market misconduct offences

Other News Navigation Show below Hide below

  • FaceBook to restore Australian news pages, government announces further amendments to the planned news media and digital platforms mandatory bargaining Code
  • Evaluation of foreign investment reforms
  • Consultation on increasing harmonised financial reporting thresholds for ACNC registered charities

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Contact

Tags

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJhYTQwYzRkNy1mYjdiLTQxMGItODQ5Ny03MTJiNWJkMDRjZWUiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczOTM3OTQ3NiwiZXhwIjoxNzM5MzgwNjc2LCJpYXQiOjE3MzkzNzk0NzYsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0yNC1mZWJydWFyeS0yMDIxIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTI0LWZlYnJ1YXJ5LTIwMjEifQ.FE5B-isqBqIc61cFWL0bcbKshcve_kI288wQnxJMKPs
https://www.minterellison.com/articles/governance-news-24-february-2021

Point of View: insights into key issues and challenges facing business today.

In this series of interviews with MinterEllison partners we hear their perspective on key areas of interest to our clients and the business community.