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    Governance News 8 June 2022

    45 minute read + (PDF download)  08.06.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG focus and includes coverage of several significant votes on shareholder proposals as well as a report offering early insights into emerging trends in US AGM results so far this proxy season. On the financial services front, the issue includes coverage of ASIC's areas of focus for 30 June 2022 financial reporting, the release of the updated E-payments Code and MinterEllison's submission to Treasury Consultation Paper on Crypto asset secondary service providers.  The issue also includes a brief summary of planned UK audit and corporate governance reforms and more….

    Full coverage of this weeks content is now available.

    Past issues are available

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    Diversity Navigation Show below Hide below

    • New report finds more than half of newly appointed FTSE 350 directors were women in 2021

    Shareholder Activism Navigation Show below Hide below

    • Top Story | 'Muted': Analysis of early 2022 US AGM data finds the level of support for shareholder E&S proposals in well down on 2021
    • Similar Scope 3 emissions reduction resolutions filed at 10 major oil companies have all failed to secure majority this proxy season
    • The energy crisis is leading to investor hesitancy around supporting tough climate targets? Follow This says the shareholder push for big oil companies to set Paris-Aligned targets has 'lost its momentum in 2022'
    • It's only the first time around: Green Century leaves the door open to targeting major insurers with proposals demanding they cease to underwrite new fossil fuel supply next proxy season
    • The Builders FirstSource board has declined to give a vote recommendation on a shareholder Scope 3 emissions reduction resolution ahead of the upcoming shareholder meeting
    • Director accountability on climate action: 'Vote No' campaign targeting Southern Company Chair has modest impact
    • Activist Carl Ichan drops proxy fight over the treatment of pregnant pigs at Kroger after McDonald's defeat, separately a racial equity audit resolution secured majority support at McDonald's
    • In Brief | Sturm Ruger shareholders have (reportedly) voted to endorse a shareholder proposal calling on the gun manufacturer to commission a third party human rights impact assessment to provide 'more transparency on how their guns are used in violent events'. The ICCR which is coordinating a broader campaign aimed at reducing gun violence has welcomed the result and expressed the hope that the company will act on the proposal

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • SSGA to take voting action against Australian companies from this year, if they fail to meet minimum climate disclosure expectations

    ESG Navigation Show below Hide below

    • DWS CEO resigns 'to clear the way for a fresh start'
    • In Brief | Building confidence in the integrity of voluntary carbon markets: The Voluntary Carbon Markets Initiative is road-testing a provisional new Code of Practice which is intended build stakeholder trust in claims made by companies about their use of carbon credits. One way in which the Code aims to do this is by providing a mechanism for assessing the quality/impact of company's claims. Reportedly, Google, Hitachi and Unilever have agreed to 'road test' the provisional Code. VCMI has also invited stakeholders to provide feedback on the provisional Code by 12 August 2022. VCMI envisions issuing the Code in final form in late 2022/early 2023
    • In Brief | The UN's Bonn Climate Conference taking place this week is aimed at laying the groundwork for a successful COP27 in November. With this in mind, UN Climate Change Executive Secretary Patricia Espinosa has said that the focus of the talks must be on accelerating action, even in the current challenging environment. Ms Espinosa said: 'It is not acceptable to say that we are in challenging times — they know that climate change is not an agenda we can afford to push back on our global schedule….we can do better. And we must'
    • In Brief | The Australian Government Solicitor has released a 'legal briefing' on recent trends in climate litigation with a particular focus on recent Australian cases and the issues affecting the Australian government. The briefing includes summaries of significant cases in Australia and overseas

    Disclosure and Reporting Navigation Show below Hide below

    • ASIC's areas of focus for 30 June 2022 Financial Reporting
    • ASIC announces changes to financial reporting requirements for AFS licensees

    Markets and Exchanges Navigation Show below Hide below

    • Online influencer pleads guilty to multiple charges of market manipulation, ASIC says it will continue to target social media led 'pump and dump' activity

    Financial Services Navigation Show below Hide below

    • Top Story | Submission to Treasury Consultation Paper on Crypto asset secondary service providers
    • Top Story | How customers are driving financial services' technology transformation
    • Hayne implementation: APRA standard SPS 250 finalised
    • Updated (voluntary) E-Payments Code released
    • The ICA says investment in physical mitigation and adaption strategies is essential to 'keeping Australia insurable' in the face of more extreme weather events, backs government's 'Prevent, Repair and Rebuild package'
    • In Brief | ASIC and APRA have released five new FAQs on the implementation of the retirement income covenant ahead of the 1 July 2022 deadline. The regulator's plan to undertake a review of RSE licensee’s’ implementation of the new requirements 'during 2022/23'
    • In Brief | Consumer Group CHOICE has reiterated its calls for implementation of a compensation scheme of last resort, and a ban on all remaining conflicts of interest in the advice industry

    Accounting and Audit Navigation Show below Hide below

    • UK audit reform: Government flags plans to push ahead with a range of reforms including establishing the new ARGA, though the timing is still not clear

    Risk Management Navigation Show below Hide below

    • Top Story | Changes to Australia's modern slavery regime under a new Australian Labor Party government
    • ACCC says losses to scammers have already topped $205 million in the first five months of this year, with actual losses likely to be even higher

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    Governance Newsletter Accounting & Audit Corporate social responsibility & sustainability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Markets & Exchanges Non-shareholder stakeholders Overseas perspectives Regulators Risk management Shareholder activism
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