JUMP TO
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiIwNjQ5MDE3MS00ZmE1LTRkNDAtYmE5ZC05MDcxMDBlM2E4MGYiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc2NTk0MTI0MywiZXhwIjoxNzY1OTQyNDQzLCJpYXQiOjE3NjU5NDEyNDMsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy04LW1hcmNoLTIwMjMiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtOC1tYXJjaC0yMDIzIn0.zldZTwsRb0vHrkjZfNV0mwTu63GQCFNGvL4hOPDfoL4
    https://www.minterellison.com/articles/governance-news-8-march-2023
    CLOSE
    CONTACT US Search Minter Ellison
    • Post

    Governance News 8 March 2023

    45 minute read + (PDF download)  08.03.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue has a strong ESG focus.  We cover the Senate Committee's report into the government's Bill to overhaul the existing 'safeguard' mechanism, the outcomes of the ACCC's greenwashing sweep and the ACCC's enforcement priorities for 2023/24.  On the financial services front we provide an update on the status of the proposed FAR (which would expand on and replace the existing BEAR).  We also provide an update on the progress of measures to further 'modernise' Corporations Act requirements and more…

     

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiJmNTNhMmQ2MC1lYzE5LTQwZGEtOWU2Yi05M2NjNjIzYTNiNzQiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc2NTk0MTI0MywiZXhwIjoxNzY1OTQyNDQzLCJpYXQiOjE3NjU5NDEyNDMsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy04LW1hcmNoLTIwMjMiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtOC1tYXJjaC0yMDIzIn0.aY15hAzvN8OVVsGoArbZmW5nm-I2viZ1PWVtnGgU_QU
    https://www.minterellison.com/articles/governance-news-8-march-2023

    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

    • What do directors' duties mean in practice? How does ASIC approach enforcement in this context?

    Diversity  Navigation Show below Hide below

    • Global report finds increases in the representation of women on boards are not translating into increases in the number of women holding Chair roles 
    • Paid Parental Leave reforms pass both Houses, government flags plans to introduce additional legislation before July 2024 to increase the scheme to 26 weeks 
    • In Brief | Global report finds gender equality is still some time away with less than 1% of large listed companies globally having closed their gender pay gaps (28 large listed companies from a sample of 3787 companies), and women still underrepresented in top roles – just 6% of CEOs are women and only 8% of companies sampled had a female chair 

    Shareholder Activism Navigation Show below Hide below

    • Follow This narrows its focus to four 'supermajors' in 2023 
    • ACCR accuses Woodside of failing to respond to shareholder concerns about the company's climate strategy

    ESG Navigation Show below Hide below

    • Greenpeace calls on ACCC to investigate Toyota over alleged greenwashing 
    • Senate review into the government's safeguard mechanism reform Bill splits on party lines, separately financial institutions have encouraged a 'pragmatic' approach to the passage of the Bill 
    • In Brief | Joint London Business School/PwC study cautions ESG targets risk driving up executive pay (without accelerating climate action) if not done well. Executive Fellow at London Business School's Leadership Institute Tom Gosling sums up the findings as follows: 'momentum to include climate targets in pay is unstoppable. But if it’s not done well, there’s a risk that the practice just results in more pay not more climate action. Current levels of pay-out don’t seem consistent with the slow progress we’re making on climate change'. For context, the study found that pay-outs on carbon targets disclosed in 2022 were high, averaging 86% of the maximum available, with over half paying out at 100%

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Wholly virtual shareholder meetings: BlackRock supports management-proposed resolutions at Seimens 

    Disclosure and Reporting Navigation Show below Hide below

    • Top Story | ACCC internet sweep reveals 'widespread' greenwashing concerns 
    • Greenwashing: ACCC to investigate 'green' claims by firms after internet sweep found nearly 60% of businesses reviewed had made 'concerning claims' 
    • Japan outlines planned ISSB-disclosure implementation timeline 
      371 CATSI corporations facing deregistration for failing to lodge reports 

    Regulators Navigation Show below Hide below

    • ACCC 2023-24 compliance and enforcement priorities announced 

    Financial Services Navigation Show below Hide below

    • FAR status update: New Bill with ADI transitional provisions introduced into the House of Representatives
    • Central Bank Digital Currency: RBA moves forward with limited scale pilot, report on outcomes expected to be released mid-year 
    • AFCA complaints data: The volume of SEQ/NSW 2022 flood-related complaints far-outstrips the volume received following other natural disasters 
    • ASIC consults on remaking sunsetting class orders on financial resource requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449 
    • APRA's new centralised publication for ADIs: APRA letter to industry 
    • Financial and corporations laws clean up: The government is consulting on two sets of draft regulations 
    • In Brief | APRA is consulting on proposed minor amendments to the Quarterly Authorised Deposit-taking Institution Performance publication following implementation of new capital framework. The due date for submissions is 18 April 2023 
    • In Brief | APRA has revised some implementation timelines in response to feedback to its consultation on minor amendments to Super Data Transformation Phase 1 Reporting. Details are included in APRA's letter to industry 

    Insolvency Navigation Show below Hide below

    • Top Story | Certainty: the peak indebtedness rule is no longer 
    • PJC Inquiry into Corporate Insolvency: Key takeaways from ASIC's opening statement to the Committee 
    • Bankruptcy reform: AG holds national Roundtable on personal insolvency reform 

    Risk Management Navigation Show below Hide below

    • Whistleblowing | ASIC report 758 highlights examples of what constitutes a strong whistleblower program 
    • OAIC's latest notifiable data breaches report highlights the uptick in cyber incidents in H2 2022 and the spike in the number of individuals impacted 
    • Cambridge Analytica data scandal: High Court clears the way for OAIC's substantive case against Facebook to proceed 
    • Rio Tinto pays $15 million penalty to settle SEC probe into (alleged) bribery scheme 

    Other News Navigation Show below Hide below

    • Top Story | Further 'modernisation' of Treasury Laws: Status update 

    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 Corporate misconduct and liability Corporate social responsibility & sustainability Directors and officers duties and liabilities Disclosure and Reporting Diversity Executives Secretaries and Officers Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Overseas perspectives Regulators Risk management
    eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI0YWJiZjMzOC1iOGE0LTRmMTAtOWE1Zi01YzQzYzY3MGNiOGEiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTc2NTk0MTI0MywiZXhwIjoxNzY1OTQyNDQzLCJpYXQiOjE3NjU5NDEyNDMsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL2dvdmVybmFuY2UtbmV3cy04LW1hcmNoLTIwMjMiLCJhdWQiOiJodHRwczovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9nb3Zlcm5hbmNlLW5ld3MtOC1tYXJjaC0yMDIzIn0.XHFHwFF4AFEM2BAt69XTp5kj9gC_vMLvd7LcpjsKxZI
    https://www.minterellison.com/articles/governance-news-8-march-2023

    Read Next

    © 2025 MinterEllison