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    Governance News 24 May 2023

    50 minute read + (PDF download)  24.05.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This issue has a strong risk focus. We cover insights from an expert panel into how to (and how not to) tackle emerging risk, as well as a speech from APRA Deputy Chair Helen Rowell reiterating the need for ongoing focus at board level on GCRA (including DEI). On the financial services front, we include a status update on progress towards tightening consumer protections in BNPL regulation. On the ESG front we cover the results of several key votes on significant shareholder ESG proposals including Climate Action 100+ flagged proposals at Shell 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-24-may-2023

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    Diversity  Navigation Show below Hide below

    • Gender Diversity | ACSI says 30% women on boards is now a minimum expectation for ASX 300 companies 
    • Yet to crack 30%: Report finds women hold 28.9% of Russell 3000 boards seats, women of colour hold just 7.3%

    Shareholder Activism Navigation Show below Hide below

    • Shareholder climate proposal at Chubb secures close to 30% support 
    • Telsa shareholders reject 'key person risk' shareholder proposal, endorse CEO at shareholder meeting 
    • NBIM to vote 'against' shareholder Climate Action 100+ flagged resolution at TotalEnergies 
    • 'Say on Climate': 20% of Shell shareholders vote 'against' management-proposed resolution 

    ESG  Navigation Show below Hide below

    • Government moves to establish an interim body to advise on the establishment and begin some of the work of the planned National Net Zero Authority 
    • Climate Action 100+ consults on new Net Zero Standard for diversified mining 

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Early US voting trends: Support for 'Say on Pay' and directors is up, support for shareholder E&S proposals is down 

    Regulators Navigation Show below Hide below

    • Top Story | APRA Deputy Chair reminds boards that GCRA should be a continuing focus (including DEI) 
    • An initial step towards ending regulatory uncertainty on crypto? IOSCO consults on recommendations for global crypto regulation 
    • US agencies issue joint statement on their approach to AI-enforcement 

    Financial Services Navigation Show below Hide below

    • Top Story | ASIC updates breach reporting guidance for AFS and credit licensees 
    • Top Story | Tightening BNPL regulation: BNPL products to be regulated as credit products 
    • Top Story | Combatting online scams: Government and the banking sector announce new measures 18
    • Industry funding for financial counselling services: Government sets timeline 
    • APRA will continue to review the suitability of the capital framework in light of recent international bank failures, but for now considers that existing settings remain appropriate 
    • Strengthening crisis preparedness: APRA finalises standard and guides 
    • Consultation on draft Bill to enable AFCA to hear superannuation matters 
    • Interim updates to APS 610 on minimum capital requirements for PPF providers expected to apply from 'early June' 

    Accounting and Audit Navigation Show below Hide below

    • UK regulator releases new minimum standard for FTSE 350 audit committees 

    Risk Management Navigation Show below Hide below

    • Top Story | Government consults on 'tranche 2' reforms to AML/CTF regime
    • How to approach (and not approach) emerging risk - Insights from an expert panel discussion 
    • In Brief | The Governance Institute has released the: Governance principles for boards of public sector entities in Australia Guide 2023. Updates reflect recent changes to best practice in public sector workplace culture and behaviour and more closely aligns with the fourth edition of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (Corporate Governance Principles and Recommendations) 

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