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    Governance News 24 July 2019

    60 minute read (PDF download)  23.07.2019 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue features coverage of (among other things) of APRA's consultation on new and more prescriptive remuneration requirements for APRA regulated entities.

    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-24-july-2019

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    Boards and Directors Navigation Show below Hide below

    • Getting a seat at the table: how general counsel can win trust and influence people

    Remuneration Navigation Show below Hide below

    • Top Story | APRA consults on new and more prescriptive remuneration requirements 
    • New NAB CEO appointed, details of remuneration package released

    Shareholder activism Navigation Show below Hide below

    • Lazard's latest review of activist activity has identified (among other things) that Japan is the busiest non-US jurisdiction 

    Institutional shareholders and stewardship Navigation Show below Hide below

    • In Brief | ISS has launched its annual policy survey looking at potential policy changes including in relation to: board composition/accountability, board/capital structure, compensation, risk oversight on climate change globally for 2020.  The survey will close on August 9, 2019

    Regulators Navigation Show below Hide below

    • Engaging with regulators in a post-Hayne environment: The Governance Institute and LexisNexis have jointly released a green paper outlining the results of a survey of members, and an expert panel discussion on the issue
    • Capability review finds APRA's culture and regulatory approach need a reset
    • Response to APRA's capability review

    Financial Services Navigation Show below Hide below

    • ASIC is consulting on its proposal to ban unsolicited phone sales of direct life insurance and consumer credit insurance
    • The Senate Standing Committee has recommended a delay in implementing opt-in insurance changes
    • Rural Finance Bill re-introduced: Banking Amendment (Rural Finance Reform) Bill 2019
    • Open Banking update | Current State of play for the Consumer Data Right
    • In Brief | Following the Treasurer's announcement earlier in the week, Treasury Laws Amendment (Consumer Data Right) Bill 2019 (which will enact open banking) was introduced into the House of Representatives on 24 July 
    • In Brief | Implementing Financial Services Royal Commission recommendation 3.5 (superannuation accounts should be 'stapled' to the person): A report from KPMG (commissioned by ISA) has found that stapling superannuation accounts to members could deliver higher returns for workers.  The report found that the best way to do it would be to automatically combine a person's super when changing jobs into a single quality checked fund.  The findings have been backed by the ACTU
    • In Brief | The SMH reports that Health Minister Greg Hunt has launched a review of private health insurance with the aim of reducing premiums and reversing declining membership which is putting increased pressure on the public system
    • In Brief | The SMH reports that Health Minister Greg Hunt has launched a review of private health insurance with the aim of reducing premiums and reversing declining membership which is putting increased pressure on the public system

    Accounting and audit Navigation Show below Hide below

    • The AUASB has issued a bulletin reminding auditors of their responsibilities when auditing a financial report and alerting them to proposed additional disclosure requirements for financial reports prepared using a special purpose framework

    Risk management Navigation Show below Hide below

    • Culture Reviews | Matters for inclusion in self-assessments going forward: The APRA Capability Review suggests self-assessments should be more prescriptive and include coverage of certain key questions

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