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    Governance News 29 April 2020

    60 mins  28.04.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition

    In this special COVID-19 edition of Governance News, we feature coverage of various COVID-19 developments including: a) the recent clarification of the JobKeeper rules; b) the release of the COVID-19 Safe App and the associated privacy considerations; c) the regulatory response to COVID-19 including the temporary relaxation of certain requirements for the duration of the pandemic; and c) changes to execution requirements. 

    This issue also features coverage of trends in remuneration and the impact of COVID-19 on CEO pay and developments in financial services including the release of the ACCC's Home Loan inquiry interim report.  

    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-29-april-2020

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    COVID-19 Key Developments Navigation Show below Hide below

    • Clarification measures to the JobKeeper Rules announced
    • Getting the global deal done amid the COVID-19 crisis
    • ASX amends temporary extra placement capacity waiver
    • Boiler-plate disclosure is not enough: ASIC supports increased transparency in capital raisings
    • MinterEllison's Perspectives on Cyber Risk 2020 report released
    • OAIC statement on privacy protections in the COVIDSafe contact tracing app
    • The COVIDSafe app - five key considerations
    • Managing electronic execution while keeping socially distant
    • NSW Electronic execution update: Certain legal documents can now be witnessed via Skype, WhatsApp, FaceTime and Zoom
    • The government will provide updates on the economic impact of COVID-19 ahead of the October budget
    • In Brief | COVID-19: The AICD is calling on the Federal Government to implement an urgent relief package for the NFP and charities sector to support their financial sustainability through the COVID-19 crisis

    Remuneration Navigation Show below Hide below

    • COVID-19: The UK High Pay Centre has released a report into the impact of the economic downturn on executive pay
    •  Pre-pandemic trends in US CEO remuneration: Equilar study identifies there was minimal growth in CEO pay in fiscal year 2019
    • Corporate Social Responsibility  
    • COVID-19: Companies with stronger ESG ratings have outperformed others during the COVID-19 downturn according to research from Fidelity Investments
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • COVID-19: The Future Fund is calling on the government to divert fossil fuel subsidies to repay vulnerable workers who access their retirement savings early because of the impact of the pandemic
    • COVID-19: The FT reports that large investors are urging drug-makers to collaborate on developing a coronavirus vaccine
    • Most Australian superannuation funds are failing to support shareholder requisitioned ESG resolutions?
    • Concerns over climate leadership: NY pension system supports the push for board change at JP Morgan
    • Korea | Reportedly the introduction of the stewardship Code has led to a decline in the number of outside directors with regulatory/government backgrounds
       

    Meetings and Proxy Advisers Navigation Show below Hide below

    • COVID-19: The first of many? CC Amatil and AMP AGMs go online due to COVID-19 restrictions
    • Boeing AGM result: Shareholders register governance concerns voting to permanently split the CEO and Chair roles
    • In Brief | COVID-19 AGMs: The Governance Institute has released attendee questions (and accompanying answers) from a recent webinar on the impact of COVID-19 on AGMs
       

    Boards and Directors Navigation Show below Hide below

    • COVID-19: The impact of the pandemic is changing perceptions of the value of technology skills/experience? The AFR reports that CIOs and CDOs are increasingly viewed as CEO material

    Financial Services Navigation Show below Hide below

    • Top Story | COVID-19: Anti-hawking and product disclosure rules temporarily relaxed to make it easier for lenders to offer debit cards to cash-reliant customers
    •  COVID-19: Open banking update: The ACCC has released updates on progress towards rolling out the CDR
    •  COVID-19: Stricter rules for BNPL and payday loan sector?
    •  Top Story | ACCC Home Loan Price Inquiry: Interim report findings released
    • COVID-19: Uptake of the government's early access to super scheme: The ATO has approved 456,000 applications totalling $3.8 billion so far
    •  COVID-19: ASIC outlines its expectations of insurers during the COVD-19 pandemic
    •  COVID-19: Business and banking leaders have endorsed and encouraged uptake of the government's COVID Safe App
    • The Consumer Action Law Centre has called (among other things) for an inquiry into insurance affordability in light of climate change and the associated more frequent extreme weather events
    • In Brief | COVID-19: Zip co-founder Robert Gray has reportedly said he expects there will be fewer BNPL providers in the market post-COVID-19 as some smaller providers are likely to struggle to survive the economic downturn
    • In Brief | COVID-19: The House of Representatives Standing Committee on Economics will focus on insurers' response to the recent bushfires and the COVID-19 crisis, as well as check in on progress towards implementing Hayne Commission recommendations during video-hearings on 28 and 29 April
       

    Accounting and audit Navigation Show below Hide below

    • In Brief | COVID-19: Reportedly internal audit teams in more than half of Australian companies are undertaking critical control reviews of their operations, in response to an expected uptick in fraudulent/corrupt behaviour because of the COVID-19 shutdown

    Restructuring and Insolvency Navigation Show below Hide below

    • COVID-19 highlights the need for permanent insolvency reform? A proposal to reform the recapitalisation process in Australia

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    Governance Newsletter Accounting & Audit Corporate social responsibility & sustainability Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Regulators Remuneration Restructuring and insolvency Risk management Shareholder activism
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