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    Governance News 3 August 2022

    45 minute read (PDF download)  03.08.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG focus and features coverage of several sessions from the inaugural Climate Governance Forum (hosted by the AICD). You can find our key takeaways from sessions covering: why and how directors should be engaging on scenario planning/analysis; how and why boards should be factoring stakeholder interests into their decision making; and insights into what the introduction of global sustainability standards means for Australian boards and what they can be doing to prepare. On the financial services front we cover the APRA's consultation on a proposed new cross industry operational risk standard (draft CPS 230) and more...

    Full coverage of this weeks content is now available.

    Past issues are available

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    https://www.minterellison.com/articles/governance-news-3-august-2022

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    ESG Navigation Show below Hide below

    • Top Story | Leaning into radical uncertainty: How and why directors should be engaging with scenario planning
    • How should boards be factoring in stakeholder interests on climate? Key takeaways from an expert panel discussion
      Investors, businesses and conservation groups back the government's Climate Bill as a critical and necessary step towards policy certainty and investment
    • Climate cost: Munich Re says the cost of natural disasters for H1 2022 has topped $65bn, with Australia's floods the costliest disaster globally in terms of insured losses
    • ICA says the February March floods are now Australia's second costliest weather event, ICA has reiterated calls for government investment in long-term mitigation solutions
    • Proposed global standards for voluntary carbon credit markets launched for consultation
    • US Treasury launches a new 'climate analytics and data hub' to identify climate threats to financial stability
    • EU Member states reach 'political agreement' on a 15% gas reduction, the commitment may accelerate the switch to alternate energy sources
    • In Brief | New legal opinion from Bret Walker AO SC and Gerald Ng MAICD confirms that under Australian law, directors have latitude to take into account climate-related and broader stakeholder interests when discharging their best interests duty.
    • Further, they should do so where it is necessary to protect their organisation's reputation and/or ensure its long term sustainability.  
    • In Brief | Electric car FBT exemption

    Remuneration Navigation Show below Hide below

    • Report finds more S&P 500 companies are including ESG metrics in incentive plans

    Other Shareholder News Navigation Show below Hide below

    • Time to abolish the UK Corporate Governance Code?

    Institutional Shareholders and stewardship Navigation Show below Hide below

    • BlackRock supported less than half the number of shareholder ESG proposals in 2022 than it did last year

    Disclosure and Reporting Navigation Show below Hide below

    • What does the development of global sustainability standards mean for Australian boards and what should boards be doing to prepare?  Key takeaways from an expert panel discussion
    • Greenwashing: UK regulator launches greenwashing probes into three fashion retailers, cautions the fashion sector that it will not hesitate to take enforcement action where necessary to ensure compliance with the law
    • In Brief | Consensus on ISSB standards: 20 Australian organisations have issued a joint statement in support of the proposed global sustainability disclosure standards put forward by the International Sustainability Standards Board (ISSB)

    Regulators Navigation Show below Hide below

    • ASIC has released its latest enforcement update covering H1 2022

    Financial Services Navigation Show below Hide below

    • Top Story | 12 more months of FFSP relief
    • ASIC shows its ready and willing to take action to ensure full DDO compliance: ASIC issues first DDO stop orders
    • Targeting misleading advertising: ASIC has issued an interim stop order against a firm for 'misleading or deceptive statements' in marketing disclosure
    • APRA consults on proposed new cross industry operational risk standard
    • APRA consults on proposals to make SPS 515 and the accompanying guidance more effective

    Risk Management Navigation Show below Hide below

    • Lifting governance standards for aged care providers: The Aged Care and Other Legislation Amendment (Royal Commission Response) Bill 2022 has passed both houses

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