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    Governance News 31 January 2024

    40 minute read (PDF download)  31.01.2024 Mark Standen, Siobhan Doherty, Kate Hilder

    This week we cover the release of APRA's supervisory and policy priorities for the first half of 2024.  Among the regulator's top cross-industry priorities are: Governance, Culture, Remuneration and Accountability (GCRA), climate risk, cyber resilience (with a focus on CPS 234 compliance), and operational resilience (with a focus on CPS 230 implementation).  We also cover a number of other significant financial services and ESG-related developments and more…

    Full coverage of this weeks content is now available.

    Past issues are available

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    Boards and Directors  Navigation Show below Hide below

    • UK FRC publishes updated guidance for boards on the recently released, 2024 Corporate governance Code 

    Remuneration Navigation Show below Hide below

    • Semler Brossy Report: High approval and low failure for 'Say on Pay' in 2023 

    Shareholder Activism Navigation Show below Hide below

    • Climate-safe retirement | Intuit Inc shareholders vote down shareholder climate proposal calling on the company to disclose how it is protecting retirement plan beneficiaries' investments from climate risk over the long term 
    • Plastic pollution | Investors claim credit for Keurig Dr Pepper's tightening of its chemicals management policy 
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    • Plastic pollution | As You Sow has withdrawn a shareholder EPR proposal at Hormel 
    • ICCR says Exxon's move to sue shareholders to block a Scope 3 climate proposal could have undesirable (and costly) consequences for companies as well as shareholders 
    • Investors reject shareholder fossil fuel resolutions filed at two Australian big banks 
    • In Brief | PRI signatory and BP shareholder Bluebell Capital Partners has reportedly written to BP, calling on the company to wind back its clean energy strategy on financial grounds 

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Blackrock's five engagement priorities unchanged from last year, 'financial resilience' highlighted as an area of particular focus 
    • Ontario Teachers' Pension Plan sets 'climate literacy' as a baseline expectation for audit committees 

    ESG  Navigation Show below Hide below

    • IMF paper suggests strategies to 'unlock climate finance' in the Asia Pacific including the suggested phase out of fossil fuel subsidies 
    • Greens Senator calls for federal fossil-fuel subsidies to be redirected to funding community transition projects 
    • Woodside announces board changes, emphasises decarbonisation 
    • In Brief | Anti-ESG backlash continues in the US: Texas Attorney General announces Barclays has been banned from participating in Texas’s bond market over the banks' failure to respond (within time) to the Attorney General's request for 'more information' about the banks' ESG commitments 
    • In Brief | Reportedly the NT government has (for the first time) launched legal action against the owners of a station over (alleged) unapproved land clearing 
    • In Brief | Huge (and mounting) cost of extreme weather events in Australia: The Insurance Council of Australia puts the cost of claims from ex-Tropical Cyclone Jasper and the Christmas and New Year storms at $743 million+ with more claims relating to these events expected 

    Disclosure and Reporting Navigation Show below Hide below

    • GRI launches updated biodiversity reporting standard 
    • Enhancing trust in sustainability disclosures and reducing greenwashing: IESBA consults on proposed global standards for sustainability assurance 
    • Mandatory Climate Disclosure | AICD expresses support for the proposed 'interim modified liability framework'
    • In Brief | Nature risk reporting frameworks: New report co-authored by the United Nations Environment Programme World Conservation Monitoring Centre and the United Nations Environment Programme Finance Initiative offers a comparison of seven leading nature-related assessment and disclosure frameworks (including the Recommendations of the Taskforce on Nature-related Financial Disclosures released in September 2023) 

    Financial Services Navigation Show below Hide below

    • Top Story | GRCA, operational resilience, climate and cyber included among APRA's top supervision and policy priorities for the next six months 
    • Housekeeping: Treasury is consulting on proposed miscellaneous/technical amendments to Treasury Portfolio Laws 
    • Banking Code of Conduct | AFCA's submission to ASIC CP373 raises concerns that the ABA's proposed changes to the
    • Banking Code water down existing Code commitments 
    • Risk governance an area of continued focus for APRA: APRA imposes increased its capital requirements on insurer, mandates risk remediation program in response to governance concerns 
    • House inquiry into insurers' responses to 2022 major flood claims announces public hearings will commence from the end of January 2024 

    Risk Management Navigation Show below Hide below

    • Online scams | Government says 'scam crackdown' is showing early signs of success

    Other News Navigation Show below Hide below

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