Governance News 28 June 2023

60 minute read + (PDF download) 28.06.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong ESG focus. We cover the release of the ISSB's first global sustainability standards – a landmark development for financial reporting. We also cover the Australian government's second round of consultation on implementation of proposed climate disclosure standards. Turning to financial services, we cover the passage of the legislation to establish the long awaited CSLR, ASIC's latest call on general insurers to sharpen their focus on nonfinancial risk in the wake of widespread pricing failures (REP 765), the release by the ALRC of its third (and final) interim report seeking feedback on potential options for reframing Chapter 7 of the Corporations Act and more…

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Top Story | Step change in sustainability reporting: First two ISSB standards released
Top Story | Introduction of mandatory climate reporting in Australia: Second round of consultation launched
In Brief | The Nature Repair Market Bill 2023 (Cth) and Nature Repair Market (Consequential Amendments) Bill 2023 (Cth) which together would establish a framework for a voluntary national biodiversity market passed the House of Representatives on 21 June 2023. The Nature Repair Market Bill 2023 passed with 23 cross bench amendments. The Senate Committee report into the Bills is due to report on 1 August 2023
In Brief | BlackRock's globally Q1 2023 stewardship report indicates it supported 28% of shareholder proposals overall, though it did not support any shareholder environmental proposals
In Brief | Less influential than expected? FRC report finds recommendations and ratings from proxy advisers and ESG rating agencies is 'less clearcut' than companies may believe

Markets and Exchanges Navigation Show below Hide below

CHESS replacement program: ASIC Chair's update to the parliamentary committee

Regulators Navigation Show below Hide below

'Enforcement is at the heart of what we do': ASIC Chair Joe Longo rejects criticisms in Senate Committee interim report
APRA's latest stakeholder survey shows regulated entities are supportive overall of APRA's approach
ASIC industry funding model review: Final report concludes that the ASIC industry funding model remains appropriate and 'substantial changes' should not be made

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Top Story | ASIC calls on general insurers to sharpen their focus on nonfinancial risk in light of ongoing 'systemic pricing failures'
Top Story | FAR status update: FAR Bills delayed (again)
Legislation to establish CSLR has passed both Houses
Simplifying and improving the navigability of Treasury portfolio laws: Treasury Laws Amendment (2023 Law
Improvement Package No. 1) Bill 2023 referred to Committee
NZ Commerce Commission to conduct a yearlong market inquiry into banking competition
Regional bank closures: ABA releases new bank branch closure protocol

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Top Story | The European Union's AI Act – a model Australia will follow?
Top Story | 'BrAInwashing': It's a thing
APRA takes action against insurer over 2022 cyber incident, reiterates calls on banks, superfunds and insurers to 'uplift cybersecurity'
New National Cybersecurity Coordinator to start 3 July
Combatting foreign bribery: New Bill introduced
NSW Anti-Slavery Commissioner launches three year strategic plan combat the rise in modern slavery across NSW
In Brief | New guide outlines five steps that Australian SMEs can take to detect, manage and mitigate their risk of being involved in modern slavery