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    Governance News 26 April 2023

    60 minute read + (PDF download)  26.04.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue again has a strong ESG focus. We cover the government's announcement of new measures to support increased investment in the energy transition (including plans to introduce Sovereign Green Bond program in mid-2024) as well as the introduction of the The Nature Repair Market Bill 2023 (Cth) which if legislated, would facilitate the establishment of a voluntary nature repair market – ie a voluntary market in tradeable certificates for nature protection, repair and restoration. On the financial services front we cover ASIC Report 761 Scam Prevention Detection and response by four major banks, the release of the ACCC's Retail Deposits Inquiry issues paper 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-26-april-2023

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    Boards and Directors  Navigation Show below Hide below

    • National survey (again) flags cyber as the chief concern keeping directors up at night
    • UK investor coalition calls on companies to consider appointing 'one or more' worker directors, issues new guidance

    Shareholder Activism Navigation Show below Hide below

    • NBIM to vote against shareholder Scope 3 resolution at BP 
    • Vote no: Majority Action recommends investors vote against directors at three companies on climate grounds 
    • Plastic pollution: Green Century has withdrawn shareholder plastics proposals at two companies in exchange for new plastic reduction commitments 
    • Racial equity: JP Morgan shareholders urged to vote down audit committee chair in protest over auditor choice 
    • Amazon to face 18 shareholder ESG proposals on a range of issues at May meeting, board advises shareholders to vote 'against' all of them 
    • SOC urges YUM and Wendy's shareholders to support separate shareholder political lobbying proposals ahead of upcoming meetings at both companies 

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Labour rights: Why Vanguard did not support the shareholder labour rights resolution that secured majority support at Starbucks 

    ESG  Navigation Show below Hide below

    • Top Story | Australia's biodiversity agenda: Nature Repair Market 
    • Australia flags plans to introduce Sovereign Green Bond program in mid-2024, develop Sustainable Finance Taxonomy 
    • A new ESG ratings code of conduct one of the initiatives flagged under Singapore's updated Finance for Net Zero Action Plan 
    • Canadian insurer signs up to the NZIA following recent exits of Munich Re and Zurich 
    • In Brief | The Monetary Authority of Singapore and the People’s Bank of China have announced the establishment of the China-Singapore Green Finance Taskforce (GFTF) to scale up green and transition financing flows between Singapore, China and the region and facilitate greater public-private sector collaboration on transition initiatives 

    Meetings and Proxy Advisers Navigation Show below Hide below

    • IGGN says companies should hold wholly virtual meetings only as a last resort, not a default 

    Disclosure and Reporting Navigation Show below Hide below

    • ISSB flags plans to consult on four potential new projects in May 
    • IAASB announces it will bring forward the start date for consultation on its proposed new sustainability assurance standard 

    Financial Services Navigation Show below Hide below

    • Top Story | Banks and 'corporate Australia' on notice: ASIC calls on banks (and encourages other organisations) to improve their approach to scams 
    • ACCC Retail Deposits Inquiry: Issues paper released 
    • ICA commissions external review of 2022 flood response 
    • Banks launch new ad campaign to help consumers spot and avoid scams 
    • In Brief | The government has given in principle support to all 51 recommendations made by the external review into the RBA including recommendations 8 and 12 which recommend the establishment of separate Monetary Policy and Governance Boards within the RBA 'to ensure decision making and corporate governance arrangements are as effective as they can be' 

    Risk Management Navigation Show below Hide below

    • AML/CTF reform: Consultation launched on proposed extension of AML/CTF regime to 'tranche two entities' 

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