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    Governance News 29 March 2023

    45 minute read + (PDF download)  29.03.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG focus. We cover the progress of a number of shareholder ESG proposals and the release of BlackRock's engagement priorities for 2023.  In Australia we cover the announcement of an agreement to pass the government's Safeguard Mechanism (Crediting) Amendment Bill 2022 (with amendments) and the passage of the National Reconstruction Fund Corporation Bill 2022.  On the financial services front, we cover several key speeches from the AFR Banking Summit, provide and update on the CSLR Bills and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    Diversity  Navigation Show below Hide below

    • The Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023 has passed the Senate, now before the House
    • In Brief | LGBTQ+ inclusive boards: Out Leadership has launched new LGBTQ+ Board Diversity Guidelines. The group hopes to see 100 ASX 200 companies to adopt them within one year

    Shareholder Activism Navigation Show below Hide below

    • Investor coalition targets large technology companies on human rights 
    • Investor coalition calls on Europe's largest chemical companies to set and disclose detailed targets for decarbonising their operations 
    • Bank of America recommends shareholders oppose all six shareholder ESG proposals ahead of 25 April meeting 
    • Shareholders withdraw plastic packaging resolution at McDonalds in exchange for concessions from the company 
    • Activists withdraw shareholder deforestation resolution filed at the Cheesecake Factory in exchange for new commitments 
    • Climate financing: Chubb outlines new underwriting criteria for oil and gas extraction, As You Sow considers the new commitments are insufficiently ambitious 
    • JP Morgan Chase has been successful in blocking two of four ESG shareholder proposals 
    • Ameren unsuccessful in blocking shareholder GHG targets proposal 
    • Occidental has blocked a shareholder executive bonus clawback proposal on procedural grounds 
    • In Brief | 2023 is shaping up to be another record year for shareholder ESG proposals (despite the anti-ESG backlash) according to a joint report from As You Sow, Sustainable Investments Institute and Proxy Impact 

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • No 'material changes': BlackRock outlines 2023 engagement priorities 

    ESG  Navigation Show below Hide below

    • Safeguard Mechanism (Crediting) Amendment Bill 2022 has passed the House of Representatives (with amendments) 
    • Status update: The National Reconstruction Fund Corporation Bill 2023 has passed with amendments 
    • Chipotle announces new targets tying executive bonuses to ESG targets 
    • Offering 'choice' isn't enough: Majority Action criticises BlackRock over its (alleged) 'failure to address the biggest systemic risks facing long-term investors' 

    Disclosure and Reporting Navigation Show below Hide below

    • Top Story | Climate risk governance: What directors need to know 
    • IASB launches new project to consider whether/how existing climate guidance can be improved 
    • Greenwashing | UK FCA highlights the risk of poor disclosures for ESG benchmarks 
    • Greenwashing | WFE launches new framework for 'green' equities 
    • Greenwashing | Etihad Airways accused of greenwashing, ACCC asked to investigate 

    Markets and Exchanges Navigation Show below Hide below

    • Move towards softening ASX monopoly: The government is consulting on proposed reforms intended to 'facilitate competitive outcomes in the provision of CS services'

    Financial Services Navigation Show below Hide below

    • Top Story | Operational Resilience in focus: APRA Chair says Australia's banking system is 'among the strongest and most resilient in the world' (but there is still room for improvement) 
    • Key takeaways from Assistant Treasurer Stephen Jones' address to the AFR Banking Summit 
    • ACCC Chair identifies 'six steps' the regulator would like to see banks/financial institutions implement to strengthen consumer protection against scams 
    • CSLR status update: The long-awaited compensation scheme of last resort is another step closer 
    • FAR status update: The 2023 FAR Bills are currently before the Senate 
    • ASIC has released the results of the latest Financial Advisers exam 
    • ASIC Commissioner flags greenwashing, whistleblowing and insurance in superannuation as areas of focus 
    • ASIC calls on super funds to improve life insurance arrangements: Key takeaways from ASIC Report 760 

    Risk Management Navigation Show below Hide below

    • Should Australia have federal Human Rights Act? Parliamentary Joint Committee on Human Rights launches new review 
    • Cyber security: Latitude says 14 million consumers are believed to be impacted in the previously reported cyber incident; super fund targeted in separate cyber-attack 
    • In Brief | The Greens have introduced a new Bill, modelled on NSW legislation – the Modern Slavery Legislation Amendment Bill 2023 (ACT) – into the ACT Legislative Assembly. Among other things, the Bill would establish an Anti-Slavery Commissioner within the ACT Human Rights Commission and introduce new reporting requirements for Territory entities to submit Commonwealth modern slavery statements and consider modern slavery in procurement 

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