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    Governance News 31 May 2023

    45 minute read + (PDF download)  31.05.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG and risk focus.  Looking at Australia first, the final report from the independent review into the Modern Slavery Act 2018 (Cth) was released this week.  Looking overseas, we cover the launch of the consultation on proposed changes to the UK Corporate Governance Code as well as voting outcomes on a number of key shareholder ESG proposals.  On the financial services front, US regulator the OCC has flagged it will take a tougher line on pushing banks to address 'persistent issues'.  In Australia, regulatory focus on cybersecurity and scam prevention continues - we cover the latest announcements from APRA and ASIC and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    Boards and Directors Navigation Show below Hide below

    • FRC consults on revisions to UK Corporate Governance Code 
    • The case against appointing 'specialist' directors: Why appointing 'specialists' may not be the best approach to improving risk oversight 

    Shareholder Activism Navigation Show below Hide below

    • Amazon shareholders reject all 18 shareholder ESG proposals on a range of issues, in line with the board's recommendation 
    • 'Say on Climate': 30% of Glencore shareholders opposed management's Say on Climate resolution while a similar proportion backed a shareholder coal-production resolution at the 26 May meeting 
    • Shareholder Racial Equity Audit proposal secures 35% support at The Travelers 
    • 20% of shareholders back Scope 3 shareholder proposal at The Southern Company 

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Towards benchmarking stewardship resourcing: Global survey launched 

    ESG Navigation Show below Hide below

    • Lloyds is the latest insurer to withdraw from the NZIA 
    • ASIC signs MoU with the National Offshore Petroleum Safety and Environment Management Authority 
    • Global ESG Regulation Tracker released 
    • In Brief | Not on track: MSCI's latest report tracking the alignment of listed companies globally with the goal of limiting global temperature rise to 1.5°C predicts that, based on an analysis of their future emissions pathways and current climate commitments, companies are on a 2.7°C pathway 
    • In Brief | New research analysing the impact of climate litigation on firm value concludes that: 'lenders, financial regulators, and governments should consider climate litigation risk as a relevant financial risk in a warmer future' (given the loss of value found to result from climate litigation) 

    Disclosure and Reporting Navigation Show below Hide below

    • UK launches review of non-financial reporting requirements 

    Financial Services Navigation Show below Hide below

    • Top Story | Regulatory focus on combatting scams and strengthening cyber resilience continues: New announcements from APRA and ASIC 
    • LIBOR transition: ASIC urges firms to 'maintain momentum and not lose focus in managing their LIBOR exposure' 
    • Assistant Treasurer underlines the importance of mitigation (and data on what works) in tackling insurance affordability and accessibility challenges, and making communities safer
    • Financial Adviser registration requirements: ASIC to extend the deadline for financial advisers to be registered to 1 October 2023 
    • US regulator to take tougher line on pushing banks, especially larger and more complex banks, to address 'persistent weaknesses' 
    • In Brief | The AFR reports that in a recent speech, Banking Royal Commissioner Kenneth Hayne called for companies, boards and regulators to remember the norms of conduct outlined in the Banking Royal Commission Final Report. Based on the article, Mr Hayne emphasised that strong adherence to, and enforcement of requirements, in line with these norms is needed in order to guard against poor conduct 

    Accounting and Audit Navigation Show below Hide below

    • FRC announces new initiative to support smaller firms in conducting high quality audits in the PIE market 

    Risk Management Navigation Show below Hide below

    • Top Story | Sailing through headwinds: Australian equity capital markets look to a changing climate in 2023 
    • Top Story | Proposed reforms to Australia's modern slavery regime 
    • In Brief | Modern Slavery: UN-backed Report puts the number of people worldwide trapped in modern slavery at approximately 50 million, 41,000 in Australia 
    • UK Regulator 'provisionally finds' that five banks broke competition law on UK bonds 
    • PwC: Firm issues open letter 

    Restructuring and Insolvency Navigation Show below Hide below

    • In Brief | The Parliamentary Joint Committee on Corporations and Financial Services has extended the reporting date for its inquiry into Corporate Insolvency from 30 May 2023 to 12 July 2023 

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