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    Governance News 28 July 2021

    45 minute read + (PDF download)  28.07.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue covers a report from the UK FRC confirming a causal link between increased board gender diversity and financial performance; a report from ACSI providing early insights into modern slavery reporting by ASX 200 companies; and Blackrock's latest stewardship report.  In addition, this issue highlights some of the themes to emerge from submissions in response to APRA's consultation on draft remuneration guidance (draft CPG 511) and separately some of the key concerns/themes to emerge from submissions on the draft Bill that proposes to permanently enable electronic execution of company documents, distribution of meeting-related materials and use of technology in meetings: [exposure draft] Treasury Laws Amendment (Measures for Consultation) Bill 2021: Use of technology for meetings and related amendments.  

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-28-july-2021

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    Diversity Navigation Show below Hide below

    • It works: FRC-commissioned study confirms a causal link between increased board (gender) diversity and stronger financial performance

    Remuneration Navigation Show below Hide below

    • APRA consultation on Draft CPG 511: Key takeaways from the AICD's submission on APRA's proposed draft remuneration guidance
    • APRA consultation on Draft CPG 511: The proposed commencement date and ADI oversight of service providers among the key concerns raised in the ABA's submission

    Shareholder Activism Navigation Show below Hide below

    • AGL will give shareholders a 'say on climate' at 2022 AGMs
    • Climate risk: Market Forces requests ASIC launch an investigation into an Australian coal company's disclosures

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • BlackRock stewardship report released: BlackRock has stepped up its support of shareholder proposals and engagement efforts on climate, some groups argue more is needed
    • ISS global investor survey finds climate is the top engagement priority for investors
    • An 'actionable toolkit' for investors to support (and benefit from) a just transition: IGCC report released

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Still no movement: Electronic execution and meeting requirements
    • Context: Proposed reforms to meeting and electronic execution requirements under the Corporations Act
    • Permanently modernising meeting and execution requirements: SAFAA calls for the draft Bill to include stronger safeguards around shareholder participation
    • Permanently modernising meeting and execution requirements: The major accounting bodies call for proposed modernisation efforts to be extended to existing requirements under the Insolvency Practice Rules
    • Permanently modernising meeting and execution requirements: The AICD urges the extension of proposed temporary relief
    • Permanently modernising meeting and execution requirements: The Governance Institute strongly emphasises the need for certainty

    Financial Services Navigation Show below Hide below

    • Status update: Tracking progress against each of the Hayne Commission's 76 recommendations
    • Rethink required? SAFAA and FPA have separately called for an urgent review of the design of the 'unsustainable' ASIC levy
    • In Brief | Hayne implementation: ASIC has released a new regulatory guide (RG 275) to support implementation of the new deferred sales model for add-on insurance which will take effect from 5 October 2021. ASIC has also made an instrument specifying the information that must be given to a customer to start the four-day deferral period, and how that information must be given
    • In Brief | Treasury is conducting an evaluation of the operation of important reforms to Australia's foreign investment review framework that commenced on 1 January 2021.  The primary focus is consideration of the impact that the reforms and their implementation have had on foreign investment and the broader economy, and in particular, 'whether the right balance is struck between welcoming foreign investment and protecting Australia's national interests'.  The due date for submissions is 31 August 2021

    Accounting and Audit Navigation Show below Hide below

    • The FRC's latest review of the seven largest audit firms finds 29% of audits are below standard (down from 33% in 2019/20)
    • The FRC is consulting on minor and procedural amendments to the Audit Enforcement Procedure FRC

    Risk Management Navigation Show below Hide below

    • Top Story | Cyber Security reforms: 6 key proposals
    • At risk of becoming a tick box exercise? ACSI report provides early insights into reporting by ASX 200 companies
    • Restoring trust and strengthening governance: Should a BEAR-like accountability regime be extended beyond financial institutions?
    • Respect@Work Bill: The BCA has called for the Bill to be passed as soon as possible, supports tougher measures
    • Workplace conduct within Parliament House: The government has accepted 100% of the recommendations made by the Foster Report
    • COVID-19: Should there be more transparency around which companies received JobKeeper, and should companies that 'profiteered' from the support be required to pay it back?

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