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.

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