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    Governance News 5 May 2021

    60 minute read (PDF download)  05.05.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue features coverage of key ESG developments including the outcomes of recent votes on key shareholder resolutions and developments in activist campaigns.  The issue also includes coverage of Treasury's consultation on potential changes to the regulation of proxy advisers as well as coverage of APRA's draft remuneration guidance (CPG 511) 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-5-may-2021

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    Remuneration Navigation Show below Hide below

    • APRA consults on draft remuneration guidance: final guidance and final standard to be released H2 2021

    Shareholder Activism Navigation Show below Hide below

    • As you Sow racial justice campaign: 38.9% of shareholders at Abbott Labs vote in support of resolution
    • Engine No 1's campaign pushing for climate action at Exxon Mobil continues to gain investor support
    • CA 100+ Benchmark Initiative: 98% of General Electric shareholders back shareholder net zero disclosure resolution
    • Three state Treasurers have voted against directors at Duke Energy to register concern over the company's failure to implement actions to achieve its stated net-zero by 2050 commitment
    • In Brief | Over 140 of the US' racial justice leaders and their allies have called on the largest asset managers to uphold their 2020 statements in support of racial equity in an open letter.  Among other things, the letter calls on asset managers to support shareholder proposals calling for racial equity audits; transparency and accountability on political spending and lobbying and action to address workplace discrimination
     

    Other Shareholder News Navigation Show below Hide below

    • The government has announced new appointments and additional funding for the Takeovers Panel and flagged plans to consult on potentially expanding its remit
    • In Brief | The board of Premier Investments has confirmed that it will refund some JobKeeper payments ($15.6 million) to the ATO (instead of holding it in reserve against any future snap COVID-19 lockdowns) in light of both the strong trading conditions and the success of the government's management of the pandemic
       

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | Tighter rules for proxy advisers? The government is seeking views on potential changes

    Disclosure and Reporting Navigation Show below Hide below

    • ASIC instrument confirms the extension of reporting deadlines

    Regulators Navigation Show below Hide below

    • ASIC Leadership changes and new Statement of Expectations announced
    • Hayne implementation – recommendation 6.14: Plans announced to introduce legislation to establish the Financial Regulator Assessment Authority
       

    Financial Services Navigation Show below Hide below

    • Top Story | MinterEllison Foreign Bank Tracker
    • No recommendation to change the general advice label? ASIC says research confirms that changing the general advice label to something else won't help consumers to more easily distinguish between personal and general advice
    • The government has announced plans to improve the accessibility and affordability of home and business insurance for Northern Australian residents by establishing a $10 billion reinsurance pool
    • CDR implementation: Access may be broadened, consultation on peer to peer lending and an opt‑out data sharing model for joint accounts launched, certain other requirements deferred
    • 23 further recommendations to boost the fintech sector: Senate Committee's Second Interim Report released
    • ASIC review concludes that retail managed funds responded well to COVID-19 challenges
    • APRA Deputy Chair John Lonsdale identifies the need for the mutual sector to take steps to address sustainability challenges
    • Be prepared: APRA Chair Wayne Byres outlines APRA's work in the key areas of climate risk, GCRA and cyber security'
    • In Brief | 49% of financial institutions do not analyse how their portfolio impacts the climate according to a report from the Climate Disclosure Project, despite their net-zero commitments
       

    Risk Management Navigation Show below Hide below

    • Top Story | AICD research confirms directors want the government to prioritise climate risk
    • The government has announced $6.9m cybersecurity grants program aimed at enabling SMEs to access expert help to strengthen their cybersecurity systems
    • In Brief | How to ensure stakeholder voices are heard at board level: The AICD has released guide to assist directors to ensure that non-shareholder stakeholder voices are heard at board level.  The guidance is informed not only by discussions with directors but by discussions with a wide range of stakeholders including consumer, worker and supplier representatives and Aboriginal and Torres Strait Islander peoples, and campaigners
    • In Brief | Facilitating the trading of Australian Carbon Credit Units (ACCUs): The Clean Energy Regulator is calling for expressions of interest to develop a carbon exchange.  The Clean Energy Regulator estimates that by 2030, the exchange will save business up to $100 million in transaction costs associated with trading ACCUs.  The deadline for expressions of interest is 11 June
    • In Brief | The Victorian government has unveiled a climate transition strategy that includes targets to reduce the state’s greenhouse gas emissions from 2005 levels by 28–33% by 2025 and 45–50% by 2030.  The Investor Group on Climate Change has suggested that the more ambitious reductions targets set by both NSW and Victoria could act as a platform for the Federal government to strengthen Australia's national emissions reduction goals ahead of COP26, more closely aligning Australia with international peers and serving to better position the country to attract net-zero investment

    Restructuring and Insolvency Navigation Show below Hide below

    • Supporting the COVID-19 recovery: The government has announced planned further changes to the insolvency framework

    Other News Navigation Show below Hide below

    • In Brief | The government has announced an additional $1.7 billion investment in childcare in the 2021-22 Budget aimed at improving affordability and increasing workforce participation, especially among low and middle-income families.  The changes to the childcare subsidy will flow from 1 July 2022.  Academics have suggested however, that the changes will not address systemic affordability issues, with childcare remaining unaffordable for many

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    Governance Newsletter Boards & Directors Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Regulators Remuneration Restructuring and insolvency Risk management Shareholder activism
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