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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Diversity Navigation Show below Hide below

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

Shareholder Activism Navigation Show below Hide below

  • 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

ESG Navigation Show below Hide below

  • 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

Financial Services Navigation Show below Hide below

  • 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

Risk Management Navigation Show below Hide below

  • 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

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https://www.minterellison.com/articles/governance-news-26-july-2023