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…

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

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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

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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

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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%

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

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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

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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

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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

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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

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

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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