Governance News 26 October 2022

45 minute read (PDF download) 26.10.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes coverage of several significant financial services developments including the release of the Senate report into the package of legislation that (if passed) will establish the FAR and CSLR. On the risk management front, we cover various cyber-security related developments including the release of new cyber security governance principles from the AICD and the CSCRC. On the ESG front, we cover a number of greenwashing and disclosure related developments including a speech from ASIC Deputy Chair Karen Chester in which she cautioned that the regulator is 'moving into compliance and indeed enforcement mode' on greenwashing and more…

Boards and Directors Navigation Show below Hide below

Government launches Director ID awareness campaign

Remuneration Navigation Show below Hide below

IAG shareholders wave through remuneration report
'First strike' at Blackmores

Shareholder Activism Navigation Show below Hide below

Say on Climate | Origin shareholders back company's climate transition plan, reject shareholder climate resolutions

Disclosure and Reporting Navigation Show below Hide below

ASIC Deputy Chair underlines that sustainable finance is a 'whole of ASIC' priority, flags the regulator is now 'moving into compliance and indeed enforcement mode' on greenwashing
ISSB update on draft standards: Scope 3 GHG emissions to be included in ISSB standard
Greenwashing: UK regulator bans two bank ads over 'unqualified' environmental claims
In Brief | The Federal Budget includes $6.2 million in funding for the introduction of 'mandatory climate reporting standards for large businesses and financial institutions' as part of a range of measures aimed at improving climate transparency. This is stated to be 'crucial to encourage action to reduce emissions and facilitate private capital flows to support the transition'

Regulators Navigation Show below Hide below

US regulator cautions firms on 'interlocking' directorships: DoJ antitrust concerns prompt director resignations

ESG Navigation Show below Hide below

Anti-ESG backlash continues to gain momentum: Missouri is the latest state to ban BlackRock
NZBA says member banks are not bound to phase down fossil fuel financing
Why isn't health an ESG priority? Investor coalition calls for health to be 'at least as well embedded in mainstream investment practice as climate'
US director survey highlights a number of board 'blind spots' including oversight of environmental/climate issues
Top Story | Queensland government introduces broad environmental reform bill
Australian state, territory and federal environment ministers pledge cooperation on environmental challenges
In Brief | The government has announced that Australia will join 122 other countries in signing the Global Methane Pledge, a global initiative aimed at reducing methane emissions by 30% by 2030
In Brief | The Federal Budget includes a number of climate related commitments including: plans to invest $42.6 million to restore the Climate Change Authority, introduce an Annual Climate Change Statement to Parliament and increase transparency around climate-related spending in the Budget; funding to 'restore the Treasury's role in modelling climate risks and opportunities for the Australian economy'; and $6.2 million to 'help implement the government's commitment to introduce standardised, internationally-aligned climate disclosure requirements for large businesses'

Financial Services Navigation Show below Hide below

Top Story | Senate Committee paves the way for the passage of FAR and CSLR Bills
Top Story | Financial Services Survey 2022
Consumer credit | Predatory lending and high cost credit key enforcement priorities for ASIC
DDO enforcement | ASIC issues its 11th interim stop order
ABA rejects recommendation to require banks to publish details of serious breaches of the Banking Code on their websites
In Brief | Crypto enforcement action: ASIC has commenced civil penalty proceedings in the Federal Court against BPS Financial Pty Ltd for (allegedly) making false, misleading or deceptive representations and engaging in unlicensed conduct in relation to a non-cash payment facility involving crypto-asset Qoin. ASIC Deputy Chair has cautioned other crypto promoters that 'Where it falls within our remit, ASIC will take targeted action against unlicensed conduct and misleading promotion of crypto-asset financial products that could harm consumers - this is a key priority for ASIC'

Accounting and Audit Navigation Show below Hide below

ASIC releases report into root cause analysis practices of the six largest firms

Risk Management Navigation Show below Hide below

Practical guidance for boards::The AICD and the CSCRC have released new cyber security governance principles
APRA-regulated entities urged to ensure information security controls are in place given the escalating levels of cyber activity
Medibank cyber incident | (Potentially) all ahm, Medicare and international students impacted
OAIC has launched an investigation into the Medibank cyber incident
Government issues factsheet for Medibank and ahm customers impacted by the cyber incident
Energy Australia reports cyber incident, moves to 12 character passwords
In Brief | Sydney University academics have called for the introduction of mandatory cyber disclosure requirements, arguing that under the existing Notifiable Data Breaches scheme, the public does not have transparency around the 'vast majority' of cyber breaches that occur each year

Other News Navigation Show below Hide below

Top Story | Federal Budget 2022/23 Highlights
Tackling the gender pay gap: New Bill to be introduced

Contact

Mark Standen

Consultant, Sydney
- +61 2 9921 4902
- +61 412 104 902
Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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