Governance News 6 March 2024

45 minute read (PDF download) 06.03.2024 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue has a strong ESG focus. We cover the release of a new report offering insights into how Australian directors view and how boards are acting on climate. On the financial services front, we cover ASIC's latest enforcement update and more….

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Apple shareholders vote down all five shareholder ESG proposals at 28 February 2024 meeting, shareholder AI proposal secures 38% support
Investors not satisfied with Apple's workers' rights assessment
SEC approves Bank of America's bid to block a shareholder climate proposal from proceeding to a vote
Plastic pollution | Green Century secures agreement with hotel chain to assess its single-use plastic usage and set new plastic reduction goal
Plastic pollution | As You Sow has withdrawn a shareholder EPR proposal at Hormel in exchange for new commitments from the company
Vote no: ACCR calls on shareholders to vote against Chair of second energy company on climate grounds

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Top Story | New report offers insights into how Australian boards are thinking about and acting on climate
Why large-scale investment in renewable energy infrastructure is the 'safest bet to ensure a steady, secure power supply without shortages or price spikes': New report from the Centre for Policy Development released
CA 100+ confirms and responds to recent exits

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Consultation launched on proposed changes to the ASX Corporate Governance Principles and Recommendations

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Greenwashing still in focus I ASIC issues (another) greenwashing infringement notice
Greenwashing | New York State Attorney General sues meat producer over (allegedly) misleading environmental claims
Singapore to introduce mandatory ISSB-aligned climate disclosure requirements from FY2025
Reserve Bank of India consults on draft climate disclosure framework for regulated entities
In Brief | SEC is due to vote on the long-awaited Climate Disclosure Rule today
In Brief | Mandatory Climate reporting in Australia: AFSI' submission on the AASB's draft disclosure standards supports AASB sticking as closely as possible to the ISSB standards to maximise alignment and minimise unnecessary complexity
In Brief | The government has announced a $2 billion investment facility to 'provide loans, guarantees, equity and insurance for projects that would boost Australian trade and investment in Southeast Asia, particularly in support of the region's clean energy transition and infrastructure development'

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Top Story | ASIC's latest enforcement update highlights the impact of the regulators' scam takedown capability

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FAR implementation | ASIC expects to jointly publish with APRA FAR Regulator and Transitional Rules by the end of March 2024
Independent review of Australia's credit reporting framework launched
First case on the construction of s963F: FCA decision in Australian Securities and Investments Commission v R M Capital Pty Ltd [2024] FCA 151
Insurance claims handling | ASIC has written to general insurers reminding them of their obligations to 'act efficiently, honestly, and fairly, and resolve claims in a timely manner'

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Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023 passes both Houses
Reserve Bank of NZ announces new 'cyber resilience' disclosure requirements
Modern Slavery | Committee recommends passage of the Anti-slavery Commissioner Bill (provided certain changes are made)