• 'If BHP can do it there are no excuses': CEW President Sue Morphet has called for action to close the gender leadership gap.  Separately, the AFR has queried whether BHP has been as successful as claimed
• Singapore | Women's Forum Asia Panel suggests that board gender quotas should be considered? 
• In Brief | Evidence that shareholders do care about gender diversity? Stanford research has reportedly found that shareholders penalise tech and financial companies for not hiring enough women

• Climate lobby group Market Forces has welcomed the show of support for a shareholder climate resolution at AGL Energy: 'The votes are in, and more than 30% of @aglenergy shareholders defied management to demand the company produce greenhouse gas reduction targets in line with the goals of the Paris Agreement!'
• Potential new hurdles to foreign investment and shareholder activism in Japan?

• In Brief | Ken Henry has reportedly been re-elected to the ASX board with 83.2% cent of votes in support of his re-election (and 16.8% against it).  Ahead of the meeting, ISS reportedly advised investors to consider voting against Dr Henry's re-election in light of 'governance failures' at NAB and the ASA indicating that it would also vote against it.   The Age reports that ASX Chair Rick Holliday-Smith acknowledged the 'commentary' on Dr Henry's re-election and indicated that he had spoken with several shareholders about the issue but was of the view that 'it is important to note that the matters raised in the royal commission did not relate to the ASX or Ken's role as an ASX director'

• Under the radar?  New ANU research has found evidence of  'indirect insider trading' by Australian directors

• No plans to request a 'royal commission' type inquiry into banking competition, just business as usual? ACCC Chair Rod Sims told the Standing Committee on Economics that his reported plans to approach the Treasurer to undertake a competition inquiry into Australia's banks is 'just part of a sequence of [possible] inquiries that was always intended, and quite what the next one is and when it will occur will come out of the discussions with the Treasurer'
• ASFA has called for agencies that receive the industry funding levy to be more transparent and accountable for the way the funds are used
• ASIC's latest report on regulation of corporate finance released: Climate disclosure will remain a key focus for the regulator with ASIC indicating that it will conduct surveillances of the climate-related disclosure practices of select listed companies in the next 12 months

• Top Story | Not proven (but not necessarily an endorsement either)? The Federal Court's decision in Australian Prudential Regulation Authority v Kelaher 2019 FCA 1521 (APRA's IOOF case) 
• 'Are you going to get better or get out?' APRA Chair Wayne Byres has re-iteratated that the achievement of strong member outcomes by superannuation funds is a key focus
• Treasury Laws Amendment (Putting Members' Interests First) Bill 2019 has passed both houses
• 2019 Global Retirement Index: The top ten countries for retirement security? Australia and New Zealand are in the top ten for the third year in a row
• ASIC probe into how conflicts of interests are managed in managed investment funds?
• Clarity on responsible lending: Industry bodies, the MFAA (Mortgage and Finance Association of Australia) and FBAA (Finance Brokers Association of Australia) are working on a proposal to take to ASIC?
• New Zealand | Evidence of the need for more regulation of insurers? RBNZ has expressed disappointment in insurers' responses to the joint conduct and culture review
• New Zealand | RBNZ to publish material bank breaches on its website from 1 January 2020 in an effort to improve transparency and market discipline
• In Brief | On 18 September 2019, the government re-introduced Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 into the House of Representatives to establish and extend its proposed one-off amnesty to enable employers to self-correct historical underpayments of Super Guarantee (SG)
• In Brief | Two industry superannuation funds worth more than $45 billion combined — Hostplus and Club Super — have reportedly confirmed that they will merge later this year.  Reportedly, both funds have said that the move is in the best interests of members.  Hostplus CEO David Elia is quoted as saying that the decision to merge will guarantee high-quality superannuation for members of both funds 
• In Brief | ASIC announced that ClearView Financial Advice Pty Ltd (ClearView) has completed a review and remediation program for over 200 clients who received poor life insurance advice.   According to APRA, 215 clients were offered $730,138 in financial compensation and 21 clients received non-financial remediation through reissued advice documents and fee disclosure 
• In Brief | APRA has released key observations from a recent recovery planning thematic review of life and general insurers in a letter to industry.  The letter identifies 'considerable areas for improvement' before 'in-scope insurers can be assessed to have credible plans in place that are effectively integrated with the risk management framework'.  The letter sets out a number of better practice examples of where weaknesses in current approaches could be improved
• In Brief | In its submission to the Australian Competition and Consumer Commission’s Northern Australia Insurance Inquiry Second Update Report, APRA has called for greater investment in mitigation (eg flood levies and sea walls, risk mapping and more robust building codes) to improve insurance affordability.  With climate change expected to increase the damage bill from natural disasters in northern Australia, Mr Summerhayes said an informed debate was needed about the best way to fund mitigation and adaptation.  Mr Summerhayes suggested that the experience of Roma in south-west Queensland after the 2012 flood event could provide a blueprint for the way forward with evidence suggesting that insurance premiums fell by 50 to 90% following the completion of flood mitigation infrastructure 
• In Brief | ASIC has welcomed the Federal Court's judgement in proceedings against Gallop International Group Pty Ltd (In liquidation), Gallop Asset Management Pty Ltd, Stumac Pty Ltd  and former director Mr Ming-Chien Wang.   Justice Charlesworth proposed orders that include imposing a $3m penalty on Mr Wang and banning him from managing a corporations for ten years.  ASIC said the proposed order against Mr Wang would be the highest civil penalty awarded against an individual in an ASIC proceeding

Climate Risk

• Top Story | MinterEllison has released a plain language guide for business on climate change
• A 'record' 515 institutional investors managing $35 trillion in assets have urged governments globally to step up their efforts to take action on climate change
• In Brief | Divestment makes zero sense because it doesn't starve companies of capital? The FT reports that Bill Gates has cast doubt on the efficacy of divestment as a strategy to reduce carbon emissions, arguing instead that investors who want to use their money to promote progress will have better results by funding innovative businesses such as Beyond Meat and Impossible Foods. 'When I’m taking billions of dollars and creating breakthrough energy ventures and funding only companies who, if they’re successful, reduce greenhouse gases by 0.5 per cent, then I actually do see a cause and effect type thing' Mr Gates reportedly said

Culture

• The cultural issues identified over the course of the Financial Services Royal Commission are not unique to the financial services sector but are pervasive across industry according to an AHRI report
• Global survey has found that 80% of employees around the world have observed or experienced discrimination – but only 1 in 3 feel empowered to escalate the matter to their HR 

Cybersecurity, Privacy and Technology

• Australian boards lag their global counterparts on innovation?  A joint AICD/University of Sydney Business School report has identified that directors are struggling to prioritise innovation and adapt to a rapidly changing and uncertain environment
• Right to be forgotten? Treasury Laws Amendment (2018 Measures No 2) Bill 2019 introduced

• Use of cash Bill referred to committee
• ASIC has re-issued Information Sheet 29 External administration, controller appointments and schemes of arrangement - most commonly lodged forms (INFO 29) to help liquidators comply with their lodgement requirements
• In Brief | The Federal Court has made an order appointing a provisional liquidator to Merlin Diamonds Ltd following ASIC's application. ASIC is seeking that Merlin be wound up pursuant to ss 461(1)(e) and/or (k) or s 464 of the Corporations Act 2001 (Cth). The proceeding arises out of a formal investigation by ASIC. The matter will be listed by the Court for a further hearing on a date to be fixed. ASIC says that its investigation into the affairs of Merlin is continuing