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    Governance News 5 August 2020

    60 minute read (PDF download)  04.08.2020 Mark Standen, Siobhan Doherty, Kate Hilder

    COVID-19 Special Edition: This issue of Governance News covers: a) key COVID-19 related developments including an article exploring the potential impacts of COVID on offshoring and overseas outsourcing; b) meeting related developments including the temporary extension of COVID-19 relief and separately an in-depth article on new annual meeting requirements for superannuation funds; c) various risk-related developments including the release of ASIC's revised complaints handling guidance; and d) coverage of various ESG related developments.  

    In addition, this issue includes a brief overview of a recent panel discussion, hosted by the Governance Institute, that explored the barriers to improving diversity on Australian boards and the possible path forward.  

    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-5-august-2020

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    COVID-19 Key Developments Navigation Show below Hide below

    • COVID-19: Incident notification during COVID-19: What employers need to know across Australia
    • COVID-19: 'No economic reason' for workers at risk of having COVID-19 to go to work: Additional government income support for workers impacted by Victorian restrictions
    • COVID-19: Federal Parliament will meet on 24 August as scheduled
    • COVID-19: The Council of Small Business Organisations of Australia has called on the government to implement additional support measures, including financial assistance, to support Victorian small businesses in stage four lockdown
       

    Diversity Navigation Show below Hide below

    • Top Story | The path to board diversity?
    • In Brief | Diversity pays: A UK report has drawn a link between gender diversity and financial performance.  The report argues that the persistent underrepresentation of women in leadership roles is costing both the UK economy an shareholders: 'If the companies with no women on their executive committees this year had performed with the same net profit margin as companies with over 33% women at this level, this would mean an additional £47 billion in pre-tax profit for the UK economy and shareholders'
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • ISS 2021 Annual Policy Survey launched: The survey seeks feedback on the strategies investors should use to hold companies/boards accountable on a range of issues, including ESG issues
    • No need to change current settings? As You Sow is campaigning against the DOL's proposed changes to 'investment duties', separately ISS has also raised concerns
       

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | New annual meeting requirements: Is your fund prepared?
    •  COVID-19: Virtual AGMs and electronic execution given the nod for another six months, AIRA and the AICD have each separately welcomed the extension but have called on the government to do more
    • What's wrong with virtual meetings? Institutional investors have raised concerns with SEC over lack of member participation, and called on the regulator to tighten guidance
       

    Disclosure and Reporting Navigation Show below Hide below

    • ASIC review of 31 December 2019 financial reports released: entities continue to make 'unrealistic and unsupportable assumptions about future cash flows'

    Financial Services Navigation Show below Hide below

    • Top Story | A board responsibility: ASIC has released updated complaints handling guidance
    • Is offshoring a victim of COVID-19?
    •  COVID-19: Business interruption test case: Do policies exclude COVID-19?
    • COVID-19: Customer satisfaction levels with banks on the rise?
    •  COVID-19: So far funds have paid out $29.4bn under the government's early release of superannuation scheme
    •  COVID-19: Withdrawals under the early release of superannuation scheme revised upwards to $42bn, the AIST says the high take up rate is a sign that more support needed and has called on the government to consider introducing additional income support measures
    • In Brief | ASIC is conducting a second round of consultation on a proposed product intervention order to address significant consumer detriment caused through the sale of add-on motor vehicle insurance.  The revised proposal incorporates feedback on the initial proposal. The deadline for submissions is 19 August
       

    Accounting and Audit Navigation Show below Hide below

    • FRC Annual Enforcement Review July 2020: The regulator has flagged failure to obtain sufficient appropriate audit evidence and failure to exercise professional scepticism as recurring issues

    Risk Management Navigation Show below Hide below

    • Consultation on proposed reforms to the foreign investment review framework
    •  COVID-19: Data breaches attributable to human error up 7% compared to six months ago, but no clear evidence that it's linked to altered working conditions says OAIC
    • 'Data governance must be driven from the top': The Governance Institute has partnered with Data61 to product a report on the top data governance risks facing Australian organisations and Australian boards.  Key risks identified include: risks to brand and reputation caused by mishandling data; 'a disconnect between IT leaders and business executives'; and 'difficulty in putting a value on data'
       

    Restructuring and Insolvency Navigation Show below Hide below

    • Australian Financial Security Authority data shows annual bankruptcies are at a 30 year low, debt agreements are at a ten year low and personal insolvencies at a 24 year low 33

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