Governance News 25 November 2020

60 minute read (PDF download)  24.11.2020 Mark Standen, Siobhan Doherty, Kate Hilder

In this issue we cover key financial services and regulatory developments including: the recent COVID-19 BI test case and the ICA's response, consumer groups' response to proposed responsible lending changes, ASIC's consultation a draft protocol to address the issue of 'rolling bad apples' and the release of the Retirement Income Review.  We also cover key ESG and risk related developments including the release of AFSI's sustainability roadmap and the release of the Governance Institute's latest ethics index and more…

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https://www.minterellison.com/articles/governance-news-25-november-2020

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Diversity Navigation Show below Hide below

  • Germany has flagged plans to legislate mandatory board gender quotas
  • More women sitting on boards: AICD data shows there has been an overall increase in female board representation over the twelve months to 31 October

Disclosure and Reporting Navigation Show below Hide below

  • KPMG finds most ASX 100 companies acknowledge climate risk as a financial risk in their reports, but trail their global peers in disclosing emissions reduction targets

Markets and Exchanges Navigation Show below Hide below

  • ASIC has launched an investigation into the recent ASX outage, ASX has pledged its full cooperation
  • United Kingdom | Review of the UK listings regime launched

Regulators Navigation Show below Hide below

  • Top Story | 'Regulation as better': ASIC's Acting Chair outlines ASIC's regulatory stance

Financial Services Navigation Show below Hide below

  • Top Story | Business Interruption Insurance for COVID-19 – expert overview of the recent test case
  • The ICA plans to bring a second BI test case
  • Top Story | Fundamentally defective': Consumer groups oppose proposed responsible lending changes
  • Hayne reforms: ASIC is consulting on a proposed protocol to address the issue of 'rolling bad apples', SAFAA says the proposed approach is unworkable and has called on ASIC to adopt the simpler US approach
  • Work on 'critical' reforms has recommenced: APRA will shortly consult on changes to the bank capital framework
  • The system works, but there is room for improvement: Retirement Income Review released
  • Superannuation: ASFA calls on the government to address the structural causes behind the superannuation gender gap
  • ASIC Report 673: Report finds that 30% of people are confused about insurance in superannuation and suggests that better information on fund websites could help
  • COVID-19: So far funds have paid out $35.2 billion under the government's early release of superannuation scheme
  • Payment systems review: Issues paper released
  • Views sought on the best way to accelerate Peppol e-invoicing adoption

Risk Management Navigation Show below Hide below

Privacy, Technology and Cybersecurity

  • Top Story | Release of the Privacy Act Review Issues Paper

Climate Risk

  • Putting Australia's financial system on a sustainable footing: The Australian sustainable finance initiative has released a roadmap to net zero
  • In Brief | Climate Action 100+ has expanded the focus list of companies following a periodic review to ensure the companies engaged remain relevant to confronting the global climate change crisis.  Overall, nine companies have been added to the list, while two have been removed. The net rise in companies engaged globally through Climate Action 100+ takes the total to 167

Other developments

  • Top Story | Time for business to prioritise ethics: The Governance Institute has released its latest annual Ethics Index

Corporate Misconduct and Liability Navigation Show below Hide below

  • Top Story | Reforms needed to clarify corporate criminal liability

Other News Navigation Show below Hide below

  • In Brief | COVID-19: The RBA has released a paper confirming that JobKeeper saved 700,000 jobs and kept those who were self-employed in business, Treasurer Josh Frydenberg has welcomed the findings

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https://www.minterellison.com/articles/governance-news-25-november-2020

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