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    Governance News 4 August 2021

    45 minute read + (PDF download)  04.08.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue covers two reports examining different aspects of diversity and the progress to improve diversity on Australian boards as well as the FCA's consultation on proposed changes to the Listing Rules which, if implemented would introduce new (non-mandatory) diversity targets.  The issue also covers a number of financial services developments including ASIC's follow up TPD report (REP 696) and several developments connected with the Hayne Commission including key takeaways from the parliamentary committee hearing into the implementation of Hayne recommendations in the financial advice and mortgage broking sectors and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-4-august-2021

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    Diversity Navigation Show below Hide below

    • Still stubbornly pale: Study finds ASX 300 boards are lagging on cultural diversity
    • UK to introduce new minimum (non-mandatory) diversity 'benchmarks'? The FCA is seeking feedback on proposed changes to the Listing Rules
    • Successful corporate-led change? A new study from the University of QLD examines why Australia is one of only three countries that has been successful in reaching 30% female board representation without the use of legislated quotas

    Shareholder Activism Navigation Show below Hide below

    • Push for board change at Myer: Premier calls for the AGM to be delayed

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Integrating ESG considerations into investment processes does not impair returns or add to costs? Report confirms PRI signatories outperform non-signatories
    • Say on climate developments: A global coalition of investors has demanded that companies institute stronger corporate governance mechanisms to ensure accountability for meeting their net zero commitments ahead of the 2022 AGM season
    • Fidelity signals its intention to take a firmer line on diversity and climate risk

    Disclosure and Reporting Navigation Show below Hide below

    • Mandatory climate risk disclosure rule proposal by the end of the year: SEC Chair says improving transparency, quality and comparability of information is key to SEC's mission
    • Analysis of ESG reporting in ASX 200 companies finds there is significant room for improvement
    • In Brief | Tougher targets needed: In response to the increasing urgency for climate action, the Science Based Targets Initiative has launched a new strategy to aimed at pushing companies to urgently scale-up their emissions reduction targets from aiming for ‘well below 2°C’ to ‘1.5°C’ above pre-industrial levels

    Regulators Navigation Show below Hide below

    • ASIC enforcement: ASIC Chair Joe Longo says the regulator is not under any pressure to take a more 'business friendly' line
    • Increased regulatory oversight of ESG rating and data providers? IOSCO seeks feedback on proposals in light of the potential risks
    • In Brief | ASIC has released its latest quarterly update covering the period 1 April to 30 June 2021.  The update highlights among other things, ASIC's focus on monitoring/adjusting regulatory actions to support business 'withstand and recover' from the impacts of COVID-19.  The update reiterates that ASIC intends to continue to monitor 'how market conditions and COVID-19–related developments affect financial reporting, audit and AGM obligations'

    Financial Services Navigation Show below Hide below

    • Lifting data capability is key: ASIC's has released its follow up review of industry's actions to address consumer harm in the context of TPD insurance
    • Hayne reform: Committee paves the way for the passage of the Better Advice Bill
    • Hayne financial advice case study: Federal Court finds that an AFSL holder did not have adequate supervision processes in place to ensure its authorised representative acted in accordance with best interests obligations
    • Independent review of the Banking Code Compliance Committee announced
    • ASIC launches civil proceedings against two credit providers for failure to cooperate with AFCA
    • The costs of Hayne implementation in the advice sector are too great? Parliamentary Committee hearing hears rising costs are unsustainable
    • Life Commissions may still have a role to play? Committee hears advice clients prefer commissions to paying upfront fees
    • In Brief | ASIC has prosecuted ten companies between 1 January 2021 and 30 June 2021 for failing to comply with their legal obligations under the Corporations Act to lodge financial reports. The regulator has said it intends to continue to prosecute companies that fail to comply with reporting obligations
    • In Brief | Well-positioned: APRA Stress testing of insurers during COVID-19 demonstrated that 'insurers are well-positioned to withstand a very severe economic downturn, while still meeting their commitments to policyholders'

    Other News Navigation Show below Hide below

    • The economic costs of managing COVID-19: New government report released

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    Governance Newsletter Boards & Directors Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Markets & Exchanges Overseas perspectives Regulators Restructuring and insolvency Shareholder activism
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