Governance News 3 May 2023

40 minute read + (PDF download)  03.05.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong ESG focus. We offer an early look at voting outcomes on key shareholder ESG proposals, including key climate proposals at US banks. Closer to home we cover ASIC's latest greenwashing enforcement action. On the financial services front we cover the release of ASIC's updated reportable situation guidance (RG78) and more…

Full coverage of this weeks content is now available.

Past issues are available

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI2YjAxOTJjZS1hMTYyLTQ0N2MtOWY1Mi04YmE5YjMzOTU2NzIiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczMzQ4MzU3MiwiZXhwIjoxNzMzNDg0NzcyLCJpYXQiOjE3MzM0ODM1NzIsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0zLW1heS0yMDIzIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTMtbWF5LTIwMjMifQ.zX3RH5iS8-tgLDnNDuFZvJDAbNzsnvARXLG41lqe6x4
https://www.minterellison.com/articles/governance-news-3-may-2023

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Diversity  Navigation Show below Hide below

  • Top Story | Still 'too male, too pale and too stale': Report finds ASX 300 boards are still lagging on diversity 
  • In Brief | Global report predicts that, at the current rate of progress, it will take 140 years to achieve gender parity in leadership positions across the world's central banks and financial institutions 

Shareholder Activism Navigation Show below Hide below

  • Early look at voting results on key shareholder ESG proposals at US banks 
  • Citigroup shareholders reject all four shareholder ESG proposals at shareholder meeting 
  • Wells Fargo shareholders vote in favour of two shareholder proposals calling on the company to adopt a simple majority and publish an annual report on prevention of workplace harassment and discrimination 
  • Bank of America shareholders reject all six shareholder ESG proposals 
  • Goldman Sachs shareholders vote down all eight shareholder ESG proposals 
  • Shareholders vote down a Scope 3 shareholder resolution at BP ahead of similar resolutions going to a vote at Shell, TotalEnergies, Chevron and ExxonMobil in May 
  • Coca-Cola shareholders reject all five shareholder ESG proposals 
    Reproductive healthcare: CVS commits to strengthen customer privacy protections in exchange for withdrawal of shareholder proposal 
  • Green Century withdraws shareholder climate resolution at Exxon following confirmation the company has no plans to drill in the Arctic 
  • Shareholder Scope 3 proposal secures 43% support at restaurant operator Bloomin' Brands 
    30% of Dow Inc shareholders defy management's recommendation, back shareholder plastic resolution 
  • Shareholders (narrowly) reject Climate Action 100+ flagged shareholder climate lobbying proposal at truck manufacturer Paccar Inc 
  • Shareholder climate proposals withdrawn at five semiconductor companies in exchange for commitments from each to develop and disclose climate transition plans 
  • Pfizer shareholders reject all five shareholder ESG proposals, in line with the board's recommendation 
  • Investors flag governance concerns at Tesla, flag opposition to board-endorsed candidate ahead of 16 May shareholder meeting 
  • Kroger Co successful in blocking three of four shareholder ESG Proposals from proceeding to a vote 

Disclosure and Reporting Navigation Show below Hide below

  • Top Story | Greenwashing: ASIC issues new greenwashing fine, reminds industry that tackling the issue remains top enforcement priority 
  • AIGCC releases greenwashing guidance aimed at Asia's finance sector 

ESG  Navigation Show below Hide below

  • UK firms are yet to link climate risks to decision making says Banks of England Executive Director 

Financial Services Navigation Show below Hide below

  • ASIC releases updated reportable situations (breach reporting) guidance: RG 78, flags continued focus on improving the operation of the reportable situations regime 
  • Internal dispute resolution data reporting requirements: ASIC instrument registered 
  • APRA and AFCA sign MoU outlining how they intend to work together to support a 'fair and efficient financial system' 
  • UK regulators launch review of the Senior managers and Certification Regime 
  • FSOC consults on proposed framework for identifying financial stability risks and separately on proposed guidance for designating nonbanks financial companies for enhanced supervision 
  • In Brief | In an open letter in The AFR, Quality of Advice Reviewer Michelle Levy has responded to critiques of the recommendations in her final report levelled by consumer groups, and urged the government to adopt the recommendations in full, in the interests of broadening access to quality advice. The central thrust of the letter is that implementing the recommendations will 'achieve…the purpose of the review – to help more people get good financial advice as and when they need it' 

Risk Management Navigation Show below Hide below

  • Top Story | How to create respectful workplaces 
  • Stronger oversight following recent privacy breaches: Standalone Privacy Commissioner to be appointed, acting FOI Commissioner appointed 

Receive Governance News in your inbox.

We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

Contact

Tags

eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI4ZjY4ZWFmMC01ZjdiLTRjYWMtOTA5MS1hZmVkNGQ5ZDI1OGIiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTczMzQ4MzU3MiwiZXhwIjoxNzMzNDg0NzcyLCJpYXQiOjE3MzM0ODM1NzIsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0zLW1heS0yMDIzIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvZ292ZXJuYW5jZS1uZXdzLTMtbWF5LTIwMjMifQ.P0aP7Do-8dnOAT7g-0fuznH5j3dKlfK80pVPTeyanY0
https://www.minterellison.com/articles/governance-news-3-may-2023