Governance News 26 July 2023

45 minute read + (PDF download) 26.07.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week’s issue has a strong ESG focus. Following the release of the ISSB’s initial two global sustainability standards, focus on implementation has (unsurprisingly) sharpened. IOSCO’s formal endorsement of the standards marks another step forward. On the financial services front, ASIC and APRA launched a joint consultation on implementation of the long-awaited Financial Accountability Regime (FAR), which when legislated, will replace the existing BEAR and more…

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How to do better: CEW offers practical insights into how corporate Australia can harness the leadership potential of culturally/racially diverse women

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Top Story | Global report confirms overall slowdown in activist activity
Further confirmation: Record number of E&S shareholder proposals appeared on ballots this US proxy season, but support was down
Vote no: ShareAction urges investors to vote against EMS-Chemie Chair on climate grounds

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New investor coalition set to tackle digital harm

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How do the ISSB standards differ from the TCFD recommendations?
ISSB standards | IOSCO endorses the IFRS S1 and IFRS S2, calls on its 130 member jurisdictions to incorporate them
In Brief | ISSB implementation: The Financial Reporting Council (FRC has issued a call for evidence to inform the proposed endorsement of the ISSB Sustainability Disclosure Standards in the UK. The due date for submissions is 11 October 2023
NBIM joins PCAF, commits to reporting portfolio emissions
Reducing supply chain emissions: Amazon to require suppliers to set and report against emissions targets
Tying executive pay to ESG metrics: Use of environmental metrics is now a majority practice among S&P 500 utilities and energy companies
Australia to launch decarbonisation plans for key sectors
SPG 530 finalised: APRA clarifies how super funds are expected to factor ESG into their overall risk management approach
In Brief | ASIC has launched civil penalty proceedings against a fund manager over allegedly misleading investors about the sustainability of an ethical bond product

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Top Story | FAR status update: Regulators consult on FAR implementation
CHOICE again calls for tougher scam prevention rules for banks
CDR | New regulations aim to boost business consumer participation
Parliamentary Inquiry to inquire into insurers’ response to the 2022 floods
APRA seeks injunction against (allegedly) unlicensed banking businesses

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Responsible’ AI development: White House announces (voluntary) commitments from technology companies
EU and US regulators open dialogue on the consumer protection issues associated with the digital transformation of the financial services sector
National Anti-Scam Centre Advisory Board established