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    Governance News 10 February 2021

    45 minutes (PDF download)  10.02.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    In this issue we cover key financial services and regulatory developments including our key takeaways from a new study from Macquarie University looking at the impact of the BEAR on individual accountability and risk culture in the banking sector.  In addition, this issue includes coverage of recent ESG developments and more…

    Full coverage of this weeks content is now available

    Past issues are available

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    https://www.minterellison.com/articles/governance-news-9-february-2021

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    Boards and Directors Navigation Show below Hide below

    • COVID-19: US research predicts that the shift to wholly virtual board meetings won't persist post-pandemic (but virtual meetings won't disappear either)
    • Climate risk is a director responsibility: ASIC Commissioner puts forward four recommendations for boards to consider 

    Diversity Navigation Show below Hide below

    • Less diverse: Global review finds companies were more conservative in their approach CEO appointments after the global pandemic was announced than previously
    • Minimum targets met (but not by every company): Glass Lewis tracks progress toward diversity targets at FTSE 350 companies
    • In Brief | Google has agreed to pay more than US$3.8m to 5,500 employees and job applicants to resolve allegations of systemic hiring and compensation discrimination at certain facilities.  Google will also review its current policies, procedures and practices related to hiring, compensation and conduct analyses and implement any necessary changes to ensure non-discrimination
    • In Brief | Glencore has announced the appointment of former Anglo American plc CEO and experienced director Cynthia Carroll as an Independent Non-Executive Director.  Ms Caroll holds three other non-executive directorships at Hitachi, Baker Hughes Company and Pembina Pipeline Corporation.  Ms Carroll's appointment brings the proportion of women sitting on the Glencore board to 30%
      In Brief | Stalled: Early findings from Green Park’s Annual Business Leaders Index 2021 indicates that that the number of Black Chairs, CEOs and CFOs at FTSE 100 companies stands at zero
     

    Shareholder Activism Navigation Show below Hide below

    • The first of many? Market Forces to target fossil fuel companies with 'wind up' resolutions

    Remuneration Navigation Show below Hide below

    • Quiet year for 'say on pay' (despite the pandemic)?

    Meetings and Proxy Advisers Navigation Show below Hide below

    • Governance Institute announces key policy priorities for 2021: Advocating for the modernisation of meeting and communication requirements will remain a key area of focus

    Disclosure and Reporting Navigation Show below Hide below

    • Green light: The IFRS Foundation will push forward with a project to develop global sustainability standards following consultation
    • Below par: Report assessing the quality of climate disclosure by large UK listed companies found that disclosure lacks sufficient detail to be decision useful
    • In Brief  | Insights into reporting against the Wates Principles for large private companies: Sir James Wates, has released an article providing insights into the spectrum of different ways in which companies are approaching reporting against the principles, including instances of good practice.  In 2021, the FRC will be overseeing research into reporting practice to provide 'a more complete evidence base'
       

    Markets and Exchanges Navigation Show below Hide below

    • Time for the UK to allow dual listings?

    Regulators Navigation Show below Hide below

    • SEC creates new senior climate role, Ceres suggests it is the latest signal of a broader shift in the regulatory approach to climate risk
    • In Brief | APRA report cautions that though the 'Australian financial system remains fundamentally sound', the 'full financial impacts of the events of 2020 are still to be felt and in some ways, 2021 could be just as difficult as 2020'
    • In Brief | ASIC representatives are set to appear before the Parliamentary Joint Committee on Corporations and Financial Services on 19 February
       

    Financial Services Navigation Show below Hide below

    • Top Story | Can you regulate for accountability? New study looks at the impact of the BEAR on individual accountability and risk culture in the banking sector (so far)…
    • The Mandatory credit reporting Bill has passed both houses, the ABA says that the changes will mean consumers will have 'better access to finance'
    • Financial Advice: Committee questions proposed maximum penalties in Hayne Reform Bill
    • Financial Advice: The FPA's budget submission makes six recommendations to aimed at reducing the costs/administrative burden on advisers
    • Financial advice: Reducing costs/administrative burden on financial advisers is the focus of the AFA's budget submission
    • COVID-19: With less than 1% of applications still being processed, funds have paid out $36.4 billion under the government's early release of superannuation scheme
    • In Brief | Two years on from the release of the Hayne Commission's final report consumer groups have underlined the importance of implementing several outstanding recommendations including (among others) the proposed Financial Accountability Regime.  Financial Counselling Australia CEO Fiona Guthrie commented, 'The Royal Commission has changed the financial services industry for the better.  But we’ll be back here in a few years' time if the industry forgets the lessons, returning to the bad old days of loopholes and profit before people'
    • In Brief | Regulation of the BNPL sector: The Woolard Review, reviewed the operation of the UK unsecured credit market.  Among the 26 recommendations in the report is a recommendation that BNPL products be brought within the scope of regulation as soon as possible to ensure the product 'develops in a way which is beneficial to consumers'
       

    Risk Management Navigation Show below Hide below

    • Top Story | Transforming NDAs to prevent sexual harassment
    • In Brief | Tighter regulation: Inquiry report recommends the establishment of a new, independent casino regulator and the tightening of rules to lift governance/risk standards within the sector
       

    Other News Navigation Show below Hide below

    • Audit of the JobKeeper scheme – the Australian National Audit Office is now collecting audit evidence

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