Governance News 27 October 2021

40 minute read + (PDF Download)  27.10.2021 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue includes coverage of significant financial services and regulatory developments and includes an update on progress towards implementation of the 76 Hayne Recommendations.  The issue also covers other key  risk and ESG developments and more…

Full coverage of this weeks content is now available.

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Shareholder Activism Navigation Show below Hide below

  • Climate-risk: More shareholder environmental resolutions are proceeding to a vote at European companies
  • Shareholder ESG resolutions receive 43.65% and 36.62% support at Origin

Meetings and Proxy Advisers Navigation Show below Hide below

  • Two first strikes and one second strike at ASX 100 companies

Disclosure and Reporting Navigation Show below Hide below

  • London Stock Exchange introduces new climate reporting guidance to support issuers to implement the TCFD recommendations
  • US edges closer to issuing climate guidance: The FSOC has released a climate action roadmap acknowledging climate risk as a an 'emerging threat' to the US financial  system and backing the introduction of 'enhanced' climate-risk disclosure requirements

Financial Services Navigation Show below Hide below

  • Top Story | Australia set to regulate cryptocurrency and digital assets
  • Top Story | Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
  • Hayne insurance sales case study:  ASIC commences proceedings against former Freedom Insurance director and consultant over insurance sales incentive programs
  • Hayne implementation: CHOICE survey finds strong public support for implementation of a stronger CSLR and Financial Accountability Regime
  • Hayne Implementation: The Better Advice Bill has passed both Houses
  • APRA calls on RSE licensees to sharpen their focus on improving governance and strategic planning in super
  • APRA publishes new FAQs on the outcomes assessment
  • BI Test Case Appeal listed to be heard from 8 November 2021

Risk Management Navigation Show below Hide below

Cybersecurity, Privacy and Technology

  • Top Story | Trusted Digital Identity Bill exposure draft released for public consultation
  • Security Legislation Amendment (Critical Infrastructure) Bill 2021 amended to focus on implementation of 'urgent' reforms
  • Consultation launched on an online privacy Bill

Climate Risk

  • Australia commits to net-zero emissions by 2050 target, IGCC welcomes the commitment
  • President Xi Jinping says 'climate change is nature's alarm bell to humanity', calls for increased international cooperation on the issue
  • Bill introduced proposing to ban the mining, burning export and/or importation of thermal coal in Australia by 2030
  • 'Goodbye to investments in fossil fuel producers': Dutch pension fund ABP has announced short term fossil fuel divestment plans
  • How to drive meaningful progress on climate: Key takeaways from a Governance Institute Public Sector Forum discussion
  • In Brief | Ahead of COP26, Saudi Arabia has reportedly joined China and Russia in announcing a target to reach net zero emissions by 2060

Other Developments

  • Changes to the NSW Modern Slavery Act under consideration
  • Workplace diversity and inclusion: New report finds Indigenous women with caring responsibilities are most at risk
  • In Brief | Improving workplace gender equality: The government has announced a review of the Workplace Gender Equality Act 2012 (Cth). The review will include (among other things) consideration of existing WGEA reporting requirements as well as existing compliance mechanisms. The due date for submissions on the review terms of reference and the issues raised in the consultation paper is 24 November 2021
  • In Brief | The Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 was introduced on 27 October 2021. Broadly, if legislated, the Bill will establish a new kind of managed investment scheme (class action litigation funding scheme) as well as additional requirements for the constitutions of managed investment schemes that are class action litigation funding schemes. The purpose is 'to ensure that returns to litigation funders out of the claim proceeds of a scheme are fair and reasonable'

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