Governance News 6 September 2023

40 minute read + (PDF download) 06.09.2023 Mark Standen, Siobhan Doherty, Kate Hilder

This week has a strong financial services focus – we cover the passage of legislation to establish the long-awaited Financial Accountability Regime (FAR) which will replace the existing BEAR. We also feature an in-depth overview of the draft Bill that (if legislated) would codify licensing exemptions for foreign financial service providers (FFSPs). On the ESG front, we cover the RBA Deputy Governor's address on climate risk and monetary policy and the AUASB's call for comment on ISSA 5000 and more….

Diversity Navigation Show below Hide below

Too slow: Latest CEW Census projects we are 50 years away from gender parity in ASX 200 CEO roles, CEW has urged business to accelerate change

Remuneration Navigation Show below Hide below

New report finds more S&P 500 companies are incorporating ESG metrics into incentives, highlights a shift towards use of weighted structures

Institutional Shareholders and Stewardship Navigation Show below Hide below

In Brief | Number of signatories to the UK Stewardship Code climbs to 277 (up from 254), the FRC has appointed Andrea Tweedie as the new Head of Stewardship

ESG Navigation Show below Hide below

Sustainability assurance: AUASB has called for feedback on the IAASB's proposed global sustainability assurance standard (ISSA 5000)
Climate risk | IIGCC led investor group calls on ISS to further integrate climate into its proxy voting recommendations
Global climate litigation: NGFS releases two complementary reports
Successful engagement: Green Century points to engagement as the driver behind Hormel's progress on reducing antibiotics usage
In Brief | Not walking the walk? Report from Ceres flags inconsistencies between the largest 13 US banks' publicly stated climate goals and their climate lobbying efforts. Ceres has called on lenders to proactively 'advocate for policies that support borrowers in the shift to a decarbonised economy…balanced regulation that de-risks climate finance, improves disclosure and positions banks and clients for long-term success'
In Brief | Supporting Asia-Pacific net zero transition: The Glasgow Financial Alliance for Net Zero (GFANZ) has announced that Hong Kong will host a GFANZ Chapter (joining the Japan Chapter) as part of the broader GFANZ Asia-Pacific Network

Regulators Navigation Show below Hide below

Impact of climate risk on monetary policy – insights from RBA Deputy Governor Michele Bullock

Financial Services Navigation Show below Hide below

Top Story | FAR status update: FAR Bills have passed both Houses, now await Assent
Top Story | The New World for FFSPs
Compliance with the Banking Code: BCCC releases report into Banking Code compliance for H2 2022
Room for improvement: Banking Code Compliance Committee has released its follow up report into compliance with requirements around bank guarantees
Funding financial counselling services: FCA disappointed some sectors/organisations have elected not to contribute
Legislating the proposed objective of superannuation: Draft legislation released for consultation
APRA has released the 2023 superannuation performance test results
ASIC launches proceedings against Youpla Group directors
ASIC consults on proposed 12 months extension of electronic precontractual disclosure instrument
In Brief | DDO enforcement: ASIC Report 770 outlines ASIC's assessment of how issuers of retail OTC derivatives are meeting
DDO and highlights areas for improvement. Broadly, ASIC calls on issuers to: a) 'address their over-reliance on client questionnaires as a primary distribution filter; b) review their mass marketing of OTC derivatives; and c) 'make greater use of available data to assist the design of derivative products, target market determinations (TMDs) and distribution arrangements'. ASIC has urged issuers to address these issues, and has cautioned that it 'will not hesitate to take further action, from stop orders through to court proceedings, especially where we see egregious failures'
In Brief | Experience pathway Bill - Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 – passed both Houses on 6 September 2023 without amendment. Schedule 2 to the Bill will implement the government’s election commitment to ‘better recognise the experience of existing financial advisers as equivalent to tertiary study’
In Brief | ASIC is consulting on a proposal to remake ASIC Class Order [CO 13/1050] Financial reporting by stapled entities (which is otherwise due to sunset on 1 October 2023). The due date for submissions is 13 September 2023

Risk Management Navigation Show below Hide below

Top Story | Making commercial crime insurance claims: Proven tips
Unfair Trading Practices | Consultation paper seeks views on four potential options to address the issue
Realising the potential benefits of the CDR | Key takeaways from the Assistant Treasurer's speech to the Intersekt Conference, screen scraping consultation launched
Data scraping | Privacy and data protection regulators release global statement of expectations on the practice
New report offers insights into how publicly listed companies managing AI-related risks/opportunities
In Brief | New study highlights poor data governance as a growing source of risk for Australian businesses, especially in light of the huge increase in data that organisations are creating daily

Other News Navigation Show below Hide below

Top Story | Further 'modernisation' of Treasury Laws on the way: New Bill as has passed both Houses

Contact

Mark Standen

Consultant, Sydney
- +61 2 9921 4902
- +61 412 104 902
Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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