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    Governance News 26 August 2020

    60 mins (PDF download)  25.08.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition:

    This issue of Governance News covers: a) key COVID-19 related developments; b) trends in executive remuneration including coverage of Glass Lewis' likely approach to bonuses going into the Australian meeting season; c) ESG-related developments including the IGCC report on the improvements investors would like to see in climate reporting; d) ASIC's latest enforcement actions; and e) financial services, regulatory, governance and risk developments.  

    Full coverage of this weeks content is now available


    Past issues are available

    read this issue
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    Diveresity Navigation Show below Hide below

    • On the road to extinction: There is only one remaining all-male ASX 200 board, down from 30 in 2015
    • New quotas? California Bill proposes to impose new diversity quotas and to fine companies with all white boards
       

    Remuneration Navigation Show below Hide below

    • Top Story | Executive pay during COVID-19: Glass Lewis outlines its approach going into Australian meeting season
    • COVID-19: Have US companies gone far enough in adjusting executive pay? Cuts to executive pay announced in response to the COVID-19 pandemic have largely been cuts to base salary, the smallest component of CEO pay according to CGLytics
    • Rethinking remuneration for customer-facing staff: Westpac axes variable short term incentive pay
    • There is something you can do if you are 'offended' by very high CEO remuneration: tell your fund, says Professor Elizabeth Sheedy
     

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Less information about company performance and less opportunity to hold leaders to account: The rapid shift to the virtual meeting format has been a negative one overall for shareholders according to a US study

    Disclosure and Reporting Navigation Show below Hide below

    • What Australian and New Zealand investors want to see: IGCC report identifies the improvements investors would like to see companies make to their climate risk reporting
    • The CFA Institute is developing new disclosure requirements for investment products which are intended to assist investors in evaluating their ESG credentials
     

    Short and Long-termism Navigation Show below Hide below

    • How to fix short-termism? The European Commission has released a report into the key drivers of 'short-termism' in corporate governance and suggested a range of potential options to address the issue

    Non-shareholder Stakeholders Navigation Show below Hide below

    • COVID-19: Are they walking the talk? Just Capital finds signatories to the Business Roundtable's Statement on corporate purpose have responded 'comparatively well' to the challenges of COVID-19, but are still falling far short of community expectations
    • Open letter calls on the Business Roundtable to commit to concrete steps to implement its commitment to stakeholders
     

    Financial Services Navigation Show below Hide below

    • Top Story | Expert insights into the challenges facing the managed accounts industry
    • FFNS bill tops $1.05 billion: ASIC has issued an update on compensation paid by financial institutions
    • Hayne FFNS case studies: ASIC commences proceedings
    • Failure to have adequate cybersecurity arrangements in place: ASIC commences civil penalty proceedings
    •  Hayne financial advice case study: Update on ASIC's enforcement action against a financial adviser
    • How can regulators be blamed for red-tape?  In his opening address to the regtech responsible lending demonstration, ASIC Commissioner Sean Hughes said that investing in technology holds the key to better stakeholder outcomes, not reduction in 'red tape'
    •  COVID-19: So far funds have paid out $31.1bn under the government's early release of superannuation scheme, the data indicates that the number of applications coming through continues to slow
    • Updated MySuper Heatmap to be released December 2020
    • Choice of Super Bill passes both Houses with amendments
    • In Brief | Shrinking asset pool: APRA's quarterly superannuation statistics show that over the 12 months to June 2020 there was a 0.6% decrease in the value of total superannuation assets.  Quarterly benefit payments were $37.4 billion, up from $21.1 billion in the March 2020 quarter due to payments made under the Early Release of Superannuation Scheme.
    •  In Brief | ASIC has released guidance (Information Sheet 248 Enhanced regulatory sandbox) to assist financial businesses to test their products and services under the government's enhanced regulatory sandbox scheduled to commence on 1 September 2020
    •  In Brief | ANZ announced that it is the first bank to issue a Sustainable Development Goal Bond in in Australia’s domestic bond market.  The bond is ANZ’s third issuance under its SDG Bond Framework which has been in place since February 2018 

    Risk Management Navigation Show below Hide below

    • Norway's largest asset manager commits to using its 'significant influence' to help 'accelerate decarbonisation in the global economy'
    • Suncorp has announced plans to phase out direct investment in, and underwriting/financing of oil and gas projects, Market Forces has welcomed the announcement
    • Rio Tinto has released the board's review of cultural heritage management
    • The Basel Committee is consulting on proposed new principles for operational resilience and separately on changes to its existing principles for the sound management of operational risk
    • In Brief | Link between WFH and increased cyber risk? The level of cybercrime has 'vastly increased' since COVID-19 hit, primarily as a result of the rapid shift in work practices according to Deloitte. Deloitte nominates staff education as a key step in protecting against the risk
       

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    Governance Newsletter Boards & Directors Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Non-shareholder stakeholders Regulators Remuneration Risk management Short and Long-termism
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