JUMP TO
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJjY2NiNjE2NS1jNDRiLTQ3MGUtYTBiZi01ZGI3YTQ2YjM4YTEiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc1NzMyOTQzNiwiZXhwIjoxNzU3MzMwNjM2LCJpYXQiOjE3NTczMjk0MzYsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSJ9.l_LWAqcftaMFagYWHQoyKb_aodvi-Tst8M2bQF-qOq8
    https://www.minterellison.com/articles/governance-news-7-july-2021
    CLOSE
    CONTACT US Search Minter Ellison
    • Post

    Governance News 7 July 2021

    50 minute read + (PDF download)  07.07.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue features coverage of several developments connected with the Hayne Commission including the release of the final report on implementation of the Sedgwick recommendations and the launch of an independent review of the Banking Code.  This issue also covers the release of a joint Governance Institue and Aon report on trends in executive remuneration and the Australian Institute of Company Directors' latest report into board gender diversity and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI3ZGY5NGY2NC0xMzg2LTRmZTctOGZiOC1lOWEwMDBmM2I2YWEiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc1NzMyOTQzNywiZXhwIjoxNzU3MzMwNjM3LCJpYXQiOjE3NTczMjk0MzcsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSJ9.AYP6OjawnUicahHD5BcUsFxuyohRE92urprAu3UBGTc
    https://www.minterellison.com/articles/governance-news-7-july-2021

    Our most recent top stories

    Receive Governance News in your inbox.

    We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

    Subscribe

    Boards and Directors  Navigation Show below Hide below

    • In Brief | Climate risk and directors' duties: The Commonwealth Climate and Law Initiative (CCLI) and the Climate Governance Initiative have released a new 'primer' providing a succinct overview of how climate risk and the net-zero transition impact directors' duties across jurisdictions
    • In Brief | Oversight of climate risk and ESG more generally is a board responsibility: In her keynote address to the 2021 Society for Corporate Governance National Conference, SEC Commissioner Allison Herron Lee reflected on the role and obligations of directors in managing ESG risk and the associated challenges.  A key message is that 'substantive consideration of ESG should be meaningfully integrated into board oversight'

    Remuneration Navigation Show below Hide below

    • COVID-19 induced pay pause?  National survey finds board and executive pay has largely remained 'stagnant' over the past year

    Shareholder Activism Navigation Show below Hide below

    • Shifting expectations? Another shareholder climate lobbying resolution has received majority support
    • Plastic waste: 45% of Kroger shareholders, including BlackRock, have voted in support of a shareholder plastic reduction resolution
    • Successful engagement secures commitment from Wendy's to eliminate the routine use of 'medically important antibiotics' in its Canadian and US meat supply chains by the end of 2030
    • In Brief | Push for board change: Having increased its stake in Myer to 15.8%, Premier Investments has renewed its attack on Myer, citing poor performance and alleging the existing board lacks expertise.  Premier has called for the immediate resignation of the existing board stating that it will 'work with other shareholders to reconstitute the Myer Board with directors who have expertise across retail, property, logistics and e-commerce so that Myer can reverse its decline'
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Net Zero tipping point? 128 investors have joined the Net Zero Asset Managers Initiative in the six months since its launch
    • BlackRock votes against directors and remuneration report at Boohoo citing supply chain and accountability/oversight concerns
    • Norges Bank has placed one company under observation, revoked the exclusion of three companies and ended observation of four companies
       

    Diversity Navigation Show below Hide below

    • Still room to improve: AICD data shows there is still one ASX 200 company with zero women and 12 ASX 300 companies with all-male boards
    • In Brief | Tasmanian Minister for Women Jane Howlett says that her government is on track to meet its own 50% female representation target for all positions on government boards and committees.  The proportion of positions held by women as at 23 March 2021 stood at 47.92%
       

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Top Story | Where are we at? Modernising electronic execution and meeting requirements

    Disclosure and Reporting Navigation Show below Hide below

    • Greenwashing: Stronger regulatory expectations and new disclosure requirements for asset managers? IOSCO is seeking feedback on five proposals
    • In Brief | The case against setting global sustainability standards: SEC Commissioner Hester M Peirce has urged the IFRS Foundation 'not to wade into sustainability standard setting'.  Among other things, Commissioner Peirce argues that taking this step would involve the Foundation in the 'inherently fraught and often political exercise of choosing sustainability issues for which standards are warranted' which would in turn risk 'tainting the IASB’s financial accounting standards by undermining the apolitical nature of the organisation within which these standards are made'
       

    Markets and Exchanges Navigation Show below Hide below

    • FCA consults on proposed changes to the UK listing regime

    Regulators Navigation Show below Hide below

    • ACCC has implemented a new organisational structure

    Financial Services Navigation Show below Hide below

    • ABA launches review of the Banking Code
    • Hayne recommendation 5.5 (implementation of Sedgwick review): The ABA announced that the final Sedgwick Review has confirmed the recommended reforms have been implemented
    • The BCCC has published updated Operating Procedures
    • Insurance in Super Voluntary Code of Conduct replaced with new guidance documents, consumers groups have expressed disappointment in the development
    • Open banking: Treasury is consulting on draft amendments to the CDR Rules
    • The volume of AFCA complaints overall has fallen 12%, though complaints about personal transaction accounts and electronic banking increased 48% and 76% respectively according to AFCA data
    • Online YourSuper comparison tool launched
    • ASIC is consulting on amendments to Market Integrity Rules
       

    Risk Management Navigation Show below Hide below

    • Members urge super fund to strengthen its management of climate risk
    • In Brief | Minister for the Environment Sussan Ley has announced the launch of the new Australian Climate Service, partnership between the Bureau of Meteorology, Geoscience Australia, CSIRO and Australian Bureau of Statistics which is designed to 'connect and leverage the Commonwealth’s extensive climate and natural hazard information' into a single national view' and enable better preparation and management of natural disasters.
    • In Brief | The government has announced the commencement of the first phase of a staged ban on exports of plastic waste.  From 1 July 2021, exporting mixed waste plastics is banned.  That is, only waste plastics that have been sorted into single resin or polymer type or processed with other materials into processed engineered fuel will be able to be exported.
       

    Receive Governance News in your inbox.

    We provide weekly summaries of key regulatory and governance developments in Australia and overseas.

    Subscribe

    Contact

    Tags

    Governance Newsletter Boards & Directors Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Markets & Exchanges Meetings & Proxy Advisors Overseas perspectives Regulators Remuneration Risk management Shareholder Engagement Shareholder activism
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI2ZDU0ZWNmMS1iODI0LTRkNWUtOWY3Ny1iNGUzNjA3ZjNjMTQiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc1NzMyOTQzOCwiZXhwIjoxNzU3MzMwNjM4LCJpYXQiOjE3NTczMjk0MzgsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSIsImF1ZCI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy03LWp1bHktMjAyMSJ9.o9xTR3b39rYpjAkeYFh-95kyjKULKzS6CvLjPYdFfSs
    https://www.minterellison.com/articles/governance-news-7-july-2021

    Read Next

    Point of View: insights into key issues and challenges facing business today.

    In this series of interviews with MinterEllison partners we hear their perspective on key areas of interest to our clients and the business community.

    Watch now

    © 2025 MinterEllison