JUMP TO
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJlMmY5MDAxZi00YWM0LTRlZjctOWUxYS0zZTdjZGIxOGQ2NzgiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc4NzQ5MzA1OCwiZXhwIjoxNzg3NDk0MjU4LCJpYXQiOjE3ODc0OTMwNTgsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0zMC1vY3RvYmVyLTIwMTkiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtMzAtb2N0b2Jlci0yMDE5In0.LqNk01ah2GIwbfMp923N8lKPNFJKgLhX85wJzH9-6DU
    https://www.minterellison.com/articles/governance-news-30-october-2019
    CLOSE
    CONTACT US Search Minter Ellison
    • Post

    Governance News 30 October 2019

    60 mins  29.10.2019 Mark Standen, Siobhan Doherty, Kate Hilder
    Governance News provides a weekly wrap up of key governance, regulatory and risk developments in Australia and overseas.  This week's issue features among other things, an overview of the revised UK FRC Stewardship Code and a summary of ASIC's financial product advice test case (Australian Securities and Investment Commission v Westpac Securities Administration Limited [2019] FCAFC 187).  

    Full coverage of this weeks content is now available


    Past issues are available

    read this issue
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiIxOTMxM2Q5Ni04N2RkLTQ4OGItYTQ1YS04YzFiNGRlN2YyMjQiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc4NzQ5MzA1OCwiZXhwIjoxNzg3NDk0MjU4LCJpYXQiOjE3ODc0OTMwNTgsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0zMC1vY3RvYmVyLTIwMTkiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtMzAtb2N0b2Jlci0yMDE5In0._NNCmx1WzwWwzuIJ7X0dWYTWzLi1-ZYfw8hdf3mBxJw
    https://www.minterellison.com/articles/governance-news-30-october-2019

    Our most recent top stories

    Receive Governance News in your inbox.

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

    Subscribe

    Boards and Directors Navigation Show below Hide below

    • AICD H2 2019 Director Sentiment Index released: director sentiment is at a three year low

    Diversity Navigation Show below Hide below

    • Don't know where to start? In response to industry feedback, WGEA has released a toolkit to help organisations improve gender equality efforts
    • In Brief | Sometimes a blunt instrument (quotas) are necessary? Fortune reports that panellists at the Most Powerful Women Summit expressed support for Californian style gender quotas given the lack of progress on board (gender) diversity

    Remuneration Navigation Show below Hide below

    • APRA's proposed changes to remuneration don't go far enough? Consumer groups' joint submission in response to APRA's consultation on proposed changes to executive remuneration called for the changes to go further
    • The IOOF board has said it will consider scrapping short term incentives entirely as part of a broader review of executive remuneration 

    Institutional shareholders and stewardship Navigation Show below Hide below

    • Top Story | Focus on outcomes not policies: 2020 UK Stewardship Code released
    • A steer on how board decisions or actions will be viewed by long term investors: ACSI 2019 Governance Guidelines released 

    Regulators Navigation Show below Hide below

    • In Brief | We could do better (from an 'efficiency' point of view)? In his address to the Lord Mayor's city banquet UK FCA CEO Andrew Bailey said, among other things, that part of the criticism levelled at the regulator is justified and that in consequence, the FCA is looking to improve efficiency (primarily by investing in data analytics)

    Financial Services Navigation Show below Hide below

    • Top Story | What is the line between general and personal financial product advice? ASIC's financial product advice test case has succeeded on appeal
    • ASIC has imposed additional licence conditions on the Australian financial services (AFS) licence of IOOF Investment Services Ltd (IISL) as part of an application by IISL to vary its licence
    • Financial Executive Accountability Regime (FEAR) or maybe Financial Services Executive Accountability Regime (FSEAR) on the way? The AFR reports that Treasury/ASIC are jointly developing a consultation paper and draft legislation to extend the BEAR to other financial services institutions
    • Inquiry calls on fintechs and regtechs for feedback: The Select Committee on Financial Technology and Regulatory Technology has released an issues paper seeking feedback from fintechs and regtechs on key issues impacting the competitiveness of the sector including (among other things) regulation of the sector eg the extension of the CDR to the superannuation sector
    • In Brief | ASIC Commissioner Cathie Armour provided an overview of ASIC's activities to support fintech at the China Financial Summit.  Among other things, Commissioner underlined ASIC's 'deliberate "open mind" approach'.  Ms Armour said that ASIC 'cannot afford to be disinterested in fintech and regtech. Our approach includes learning from industry input, from international case studies, and close collaboration and knowledge sharing with domestic and international regulators' given the increasingly important role financial technology will play into the future
    • In Brief | ASIC, the Financial Services Council, Association of Superannuation Funds of Australia and Treasury are due to appear at the Senate inquiry hearing into Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 public hearing on 30 October
    • In Brief | APRA is consulting on proposed revisions to the capital treatment of eligible mortgages covered by the government's first home loan deposit scheme.  The deadline for submissions is 11 November 2019
    • In Brief | Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019,  received royal ascent on 28 October after passing both houses on 14 October

    Accounting and audit Navigation Show below Hide below

    • In Brief | The largest UK accountancy firms have increased their share of the UK audit market with 100% of FTSE 100 companies now audited by the Big Four according to an FRC report 
    • In Brief | Whistleblowers allege accounting irregularities at Infosys? The FT reports that whistleblowers (purporting to be Infosys employees) have alleged accounting issues at Infosys, which has led to India's securities regulator seeking information from the company about the complaints. Infosys is also reportedly facing a US SEC investigation and a US class action lawsuit

    Risk management Navigation Show below Hide below

    • A Guide to ethical decision making in the boardroom: Ethics in the boardroom AICD/Ethics Centre Guide released
    • In Brief | The ACCC has instituted proceedings in the Federal Court against Google LLC and Google Australia Pty Ltd alleging they engaged in misleading conduct and made false or misleading representations to consumers about the personal location data Google collects, keeps and uses

    Corporate misconduct and liability Navigation Show below Hide below

    • The Full Court of the Federal Court has reimposed penalty orders in proceedings against former Prime Trust directors

    Other news Navigation Show below Hide below

    • Status update: legislative package giving effect to the proposed cash payment limit 

    Receive Governance News in your inbox.

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

    Subscribe

    Contact

    Tags

    Governance Newsletter Accounting & Audit Boards & Directors Corporate misconduct and liability Corporate social responsibility & sustainability Disclosure and Reporting Diversity Executives Secretaries and Officers Financial Services Governance Institutional Shareholders and Stewardship Non-shareholder stakeholders Overseas perspectives Regulators Remuneration Risk management Shareholder Engagement Short and Long-termism
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJmOGM2ZjgyMC0zYzY3LTQyMWMtOGQ5OC1mZGQ5NjQ1NzgxZTQiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc4NzQ5MzA1OCwiZXhwIjoxNzg3NDk0MjU4LCJpYXQiOjE3ODc0OTMwNTgsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy0zMC1vY3RvYmVyLTIwMTkiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtMzAtb2N0b2Jlci0yMDE5In0.7Lc6qUlEXbH-48t3K9fCPWmn4HmqpAA-Th67p9cbU5s
    https://www.minterellison.com/articles/governance-news-30-october-2019

    Read Next

    Point of View: insights into key issues and challenges facing business today.

    In this series of interviews with MinterEllison partners we hear their perspective on key areas of interest to our clients and the business community.

    Watch now

    © 2026 MinterEllison