• Top Story | Minute Taking: a joint statement from the AICD and the Governance Institute
• In Brief | The AICD's 10th Annual Survey: Not for Profit Governance and Performance has found (among other things) that directors are spending more time on their governance role with 55% of directors surveyed spending one to five days a month on their NFP role and 23% spending more than five days a month on a single NFP

• Incentives based on group performance: ANZ has reportedly redesigned its pay structure to align with the Financial Services Royal Commission recommendations
• Why more prescriptive rules for boards won't boost pay accountability: The AICD has raised concerns about proposed changes

• APRA's latest stakeholder survey has found 90% of regulated entities believe APRA's supervision helps to protect both their industry and the Australian community
• Ethical concerns?  ASIC executive Michael Saadat has reportedly left the regulator to head up regulatory affairs at Afterpay

• United Kingdom: UK companies moving to hold their annual general meetings using electronic means only
• In Brief│ Surfstich Group board reportedly urges shareholders to vote against the removal of chairman Sam Weiss at forthcoming extraordinary meeting called by shareholder, Crown Financial

• Top Story | ACSI report into ESG reporting by the ASX 200 has identified some overall improvement but also highlights some 'glaring gaps'
• United States | Strong investor support for the current quarterly reporting model and support for ESG disclosures to be a regulatory requirement for public companies? The CFA institute has released a report presenting the views of its global membership base

• ASIC Review upholds Australian equity market's record for cleanliness
• In Brief | The ASX has released its response to submissions on proposed changes to Guidance Note 1 Admission as a Participant, and Guidance Note 10 Business Continuity and Disaster Recovery relating to business continuity and cyber resilience as well as the effective dates for the amendments

•  Top Story | Foreign financial services regime reworked
• Stop Press | (Some) details for public hearings on ASIC's responsible lending guidance announced
• The Treasurer has confirmed that the inquiry into the financial services sector and Financial Services Royal Commission implementation has been expanded
• APRA will appear before the House Economics Committee on 9 August as part of its review of the performance and operation of Australia's banking, insurance and superannuation sectors
• Implementing FSRC recommendation 2.4: Bill to end grandfathered provisions for conflicted remuneration introduced
• $119.7m in compensation paid to 30 June: ASIC has provided an update on compensation paid by institutions for poor financial advice
• Open Banking | The Open Banking Bill has passed both houses
• Financial Services Council 2019 State of the industry report released
• ASIC has reminded superannuation trustees that using improper inducements to influence employers in their choice of default fund is illegal
• Time to implement FSRC recommendation 3.5? The Financial Services Council (FSC) has called for the government to act to address the issue of superannuation account proliferation
• United Kingdom | The Bank of England and the Prudential Regulation Authority have released the Resolvability Assessment Framework for banks in final form, among other things, the new scheme will entail public disclosure by banks and the regulator of their assessments of the resolvability of firms
• Change of CEO at HSBC announced as the bank prepares for a more challenging environment
• In Brief | A KPMG report on the future of banking suggests that by 2030 leading banks will become a 'trusted interface for life, embedded within the needs and lifestyles of consumers' and able to adapt to individual customer needs. The survey of over 1,000 Australian consumers found that the increasing savviness of consumers will drive an intense and urgent competition between incumbents and challengers to be the consumer interface of choice. The report also said biometrics such as facial and voice recognition would have completely replaced other forms of digital security like passwords and PINs by 2030
• In Brief | Industry Super Australia has released research confirming strong support (87%) for an increase in super contributions above the current 9.5% level, and high levels of anxiety among Australians with respect to the future with 43% of respondents expecting to retire with less than $200,000 in super savings. Industry Super CEO Bernie Dean said that the findings show that 'Australians have overwhelmingly rejected a push to wind back the super guarantee. These results should send a clear message to the Government to keep their hands off Australians' super'
• In Brief | ASX has issued guidance on cryptocurrency related activities, cautioning that cryptocurrency-related activities raise significant legal, regulatory and public policy issues and their regulatory status in a number of overseas jurisdictions remains subject to considerable uncertainty and rapid change. The guidance is intended to make clear to listed entities involved in cryptocurrency-related activities, ASX's position on the issues those activities raise under the listing rules
• In Brief | Consumers should be 'cautious': The UK FCA released final guidance on cryptoassets which fall within its regulatory remit on 31 July. The guidance is intended to provide clarity on the types of cryptoassets that fall within the FCA's regulatory remit and the resulting obligations on market participants and regulatory protections for consumers. It also provides information on those cryptoassets that are outside the FCA's perimeter, and what this means for market participants and consumers

• Parliamentary Joint Committee on Corporations and Financial Services inquiry into the regulation of Audit announced
• United Kingdom | UK audit regulator, the Financial Reporting Council, has imposed higher fines and opened more new enforcement cases during the year to 31 March

Cybersecurity, privacy and technology

• Consultation on the ACCC digital platforms report has opened: the consultation will inform the government's response to the report recommendations
• United States | Ending autoplay videos? US Senator Josh Hawley has introduced a Bill proposing to help protect social media users from forming addictive habits
• United States | A data breach at US bank Capital One has reportedly affected more than 100m Americans
• In Brief | The US Federal Trade Commission (FTC) has issued a statement urging consumers affected by Equifax's 2017 data breach to consider signing up for the free credit monitoring offered as part of the settlement rather than the alternative $125 cash payment, as the benefits funding the cash payment option is capped at $31 million, and due to the 'overwhelming' demand, consumers who select that option may not receive the $125 they had expected
• In Brief | Time to consider instituting an Australian GDPR? Reportedly, a recent study has found there is no clear or consistent approach to the disclosure of personal data about consumers and that Australian consumers wanting access to their personal data (eg from telecommunications companies, social media platforms, fitness trackers) were not always given all the data collected about them. The researchers have called for Australia to establish a local equivalent of Europe's General Data Protection Right (GDPR) to better protect consumers

Climate risk

• In Brief | Not following suit? South32 reportedly has no plans to set public targets on scope 3 (customer emissions) despite BHP's recent commitment to set public targets to do so
• In Brief | Australian councils have reportedly launched an alliance — Climate Emergency Australia — to lobby the government for action on climate change with a particular focus on: a) boosting the flow of funding from state and federal governments to councils; b) advocating for federal and state action; and c) pushing for legislative reform to empower councils to act to curb climate change. The group will also reportedly work together to encourage local grassroots action on the issue

Other developments

• Improving the 'efficiency of environmental approvals'? The Productivity Commission will review regulation in the resources sector with a view to streamlining requirements and removing 'unnecessary costs for business'

• Improving the 'efficiency of environmental approvals'? The Productivity Commission will review regulation in the resources sector with a view to streamlining requirements and removing 'unnecessary costs for business'
• Parliamentary Committee to consider nuclear power options for Australia?
• Should Buy Now Pay Later providers be able to provide their services under the new (voluntary) Energy Tech Consumer Code? The ACCC has released a draft determination proposing to grant authorisation for five years to signatories, and has called for submissions ahead of releasing a final determination in September/October 2019
• In Brief | 'Big stick' divestment legislation due to be reintroduced in September? The Australian reports that Energy Minister Angus Taylor has said that the government plans to reintroduce legislation aimed at addressing energy market manipulation, price gouging and anti-competitive conduct despite industry concerns