Governance News 27 July 2022

50 minute read (PDF download) 27.07.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue features an article reflecting on the implications for AFS licensees of ASIC's action against Lanterne Funds Services Pty Ltd. We also cover various significant financial services and regulatory developments including the release of details of the independent review of the RBA. On the ESG front we cover ACSI's latest report on the quality and extent of ESG reporting by ASX 200 companies as well as the introduction of the government's long-anticipated Climate Change Bill 2022 and Climate Change Climate Change (Consequential Amendments) Bill 2022 and more…

Diversity Navigation Show below Hide below

Tracking gender diversity on ASX 300 boards: ASX 201-300 companies crack the 30% female representation milestone
UQ researchers say women are not 'empowered' by legislated diversity quotas
ISS finds the racial/ethnic diversity of US boards has accelerated over the past two years
Global survey suggests boards' failure to look outside their own networks remains a key barrier to board diversification

Meetings and Proxy Advisers Navigation Show below Hide below

The FRC has published guidance on running effective AGMs, including how companies can take advantage of the technology available to 'enhance' shareholder participation

Disclosure and Reporting Navigation Show below Hide below

ASIC has extended financial reporting deadlines for unlisted entities
ACSI report finds net zero commitments are now 'the norm' for ASX 200 companies but lack of comparability, clarity and detail in ESG disclosure remains an issue for investors

ESG Navigation Show below Hide below

Legislating GHG emissions targets: Climate Change Bill 2022 introduced
New regulations aim to ensure ARENA is 'focused on supporting renewable and related technologies
£3.6 trillion investor group backs development of a new 'just transition' label for investment products
FTSE 100 financial firms under pressure to disclose ethnicity pay gap data

Regulators Navigation Show below Hide below

Details of planned RBA Review released, panel to provide its report by March 2023
RBA board member Mark Barnaba to stay on in his role for an additional 12 months
RBNZ governor acknowledges bank's decisions 'influenced' the rise in inflation
APRA Chair Wayne Byres to step down as Chair at the end of October

Financial Services Navigation Show below Hide below

Top STory | ASIC sends a message to 'Licensees-for-hire'
Government flags plans to legislate stronger UCT protections for small business this sitting period
Government announces and interim plan to cover Youpla claims until November 2023
The uptick in AFCA complaints over the last year was driven by complaints connected with extreme weather events
Tackling scams: ACCC Chair pushes for Australia to adopt the UK's Confirmation of Payee measures
APRA finalises capital guidance for authorised deposit-taking institutions
SDT project update: APRA to publish expanded superannuation data from September 2022
Draft Bill released for consultation: Taxation of military superannuation benefits
Draft Bill proposes to adjust how faith based super products are treated under the annual performance test
In Brief | Following the release of the ACCC's latest Targeting Scams Report which identified payment redirection scams as the cause of the highest losses to businesses in 2021, ASIC has urged small businesses to exercise caution
In Brief | APRA has confirmed that Volt Bank has completed the process commenced on 29 June 2022 of returning $107 million in deposits to its customers, ahead of Volt handing back its ADI licence formally to APRA 'in the next few weeks'
In Brief | A Bill proposing to make wide ranging 'updates' to the UK’s regulatory framework for financial services has been introduced into the House of Commons. Among other things the Bill (if enacted) would: 1) revoke retained EU financial services laws and enable HM Treasury and the financial services regulators to replace it with UK-specific legislation; 2) amend the objectives of the financial services regulators to 'ensure a greater focus on long-term growth and international competitiveness'; and 3) bring stablecoins into the scope of financial services regulation which the explanatory memorandum states is expected to pave the way for their use as a recognised form of payment

Accounting and Audit Navigation Show below Hide below

UK regulator finds that overall audit quality has improved, but the quality of audits performed by 'challenger' firms lags the big four

Risk Management Navigation Show below Hide below

Top Story | Positive duty will transform how employers approach workplace sexual harassment
Payment times reporting: Many big businesses are not meeting their own deadlines for paying smaller suppliers, updated guidance released for consultation
In Brief | In light of the increased frequency of extreme weather events, the government has announced the creation of a new role: Special Envoy for Disaster Recovery which will be held by Senator Tony Sheldon. Senator Sheldon will work alongside the Minister for Emergency Management Murray Watt to ensure support is delivered to communities in the event of a natural disaster

Other News Navigation Show below Hide below

Top Story | Foreign Investment Review Board filing fees double

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Siobhan Doherty

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

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Governance News 27 July 2022

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