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    Governance News 30 June 2021

    50 minute read + (PDF download)  30.06.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    We cover the draft Bill proposing to permanently enable the use of technology in the context of holding meetings and signing and sending documents.  We  also provide an update on progress towards implementation of the 76 Hayne recommendations as well as updates on several other financial services-related Bills and developments.  On the ESG front, we provide an overview of the IGCC's call for the introduction of mandatory TCFD-aligned reporting in Australia 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-30-june-2021

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    Diversity Navigation Show below Hide below

    • Could 2020 be a turning point for US board diversity?  Analysis shows that progress remains slow

    Shareholder Activism Navigation Show below Hide below

    • Analysis by Proxy Preview confirms that support for shareholder ESG proposals has already hit record levels in 2021
    • Successful engagement: Activists welcome further announcements of specific reduction targets for the use of virgin plastic
    • In Brief | Toshiba shareholders have voted to remove the Chair and separately to remove an audit committee member at the company's AGM following governance concerns at the company
    • In Brief | According to BankTrack, nearly a quarter (23%) of MUFG shareholders have voted in support of a shareholder climate resolution calling on the bank to adopt and disclose a plan to align its financing and investments with the goals of the Paris Agreement. BankTrack has credited the resolution with triggering a policy shift at MUFG, including a commitment from the bank to achieve net zero financed emissions by 2050

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | New consultation launched: Using technology to hold meetings, sign and send documents
    • The PRI has added its voice to the list of organisations voicing strong opposition to the possible tightening of the regulation of proxy advisers in Australia

    Disclosure and Reporting Navigation Show below Hide below

    • Global IFAC report flags low quality sustainability assurance as 'presenting a significant global investor protection issue' and an emerging financial sustainability risk
    • Mandatory TCFD-aligned climate-risk disclosure in Australia by 2024? The IGCC has released a suggested roadmap
    • Expert Panel recommends Japan's FSA act to support the transition to net-zero

    Financial Services Navigation Show below Hide below

    • Top Story | Business Interruption Insurance for COVID-19: First Australian Test Case
    • Providing customers with a single point of contact: NZ insurers partner with the Earthquake Commission on a new Natural Disaster Response Model
    • Top Story | Behind schedule: Tracking progress against each of the Hayne Commission's 76 recommendations
    • Implementation of Hayne recommendation 2.10: Bill to establish new disciplinary system for financial advisers introduced
    • Status update: Key Bills and related changes
    • Smaller banks set to be quizzed by Committee on Hayne implementation and their approach to the pandemic
    • DDO preparation and implementation of SPS515 the key topics of discussion at the inaugural Superannuation CEO Roundtable
    • Consumer Credit: The Federal Court has dismissed ASIC's payday lending case, separately the Full Federal Court has upheld ASIC's first Product Intervention Order
    • ASIC has advised that additional AFSL conditions imposed on SGSAPL have been removed
    • In Brief | Deferred again? Senate Committee has heard that legislation to establish the compensation scheme of last resort (as recommended by the Hayne Commission) having been deferred already due to COVID-19, has been deferred again for budgetary reasons
    • In Brief | A new General Insurance Code of Practice will come into effect from 1 July 2021. The new Code will replace the existing 2014 Code
    • In Brief | The ABA says banks stand ready to assist customers impacted by COVID-19 lockdowns and has urged customers in hardship to be proactive in contacting their lender to discuss options for assistance. The type of assistance offered will vary according to individual circumstances but could include for example: adjustments to loan payments, waiving fees/charges and/or offering interest free periods or no interest rate increases
    • In Brief | The Banking Code Compliance Committee has released its 2021-24 Strategic Plan and 2021-22 Business Plan. Priorities over the 2021-22 period include: conducting targeted inquiry into deceased estates and separately a follow up inquiry into financial difficulty to identify instances of serious/systemic non-compliance. Longer term strategic priorities include a focus on holding banks to account and applying sanctions for Code breaches and stepping up monitoring activity 'ensure banks remediate customers and improve practices'
    • In Brief | Review of financial regulation: New article discusses how the proliferation of delegated legislation in the context of financial services legislation has 'created or contributed to the excessive complexity, inconsistency, and inaccessibility' of the Ch 7 regime

    Risk Management Navigation Show below Hide below

    • Respect@Work reform Bill introduced
    • Mandatory reporting requirements for employers? The Victorian government is seeking feedback on potential options to address sexual harassment in Victorian workplaces
    • In Brief | Building a more complex understanding: Australian survey finds 60% of women who identify as women of colour, have experienced discrimination at work, with 79% believing that they have faced (57%) or may have faced (22%) challenges in their workplace related to their identity as a woman of colour eg racism, tokenism, sexism, and/or a combination of these

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