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    Governance News 9 June 2021

    45 minute read + (PDF download)  09.06.2021 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's issue features coverage of a Melbourne University study into shareholder ESG resolutions in Australia, the key takeaways from ASIC and APRA's recent Senate Estimates appearances and as well as coverage of other financial services, risk and regulatory developments and more…

    Full coverage of this weeks content is now available.

    Past issues are available

    read this issue
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    https://www.minterellison.com/articles/governance-news-9-june-2021

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    Diversity Navigation Show below Hide below

    • Board gender quotas in Germany?

    Shareholder Activism Navigation Show below Hide below

    • Top Story | New analysis of shareholder ESG resolutions in Australia released 
    • Three of the four activist nominees standing for election look to have secured their seats on the ExxonMobil board
    • Say on Climate: 91.88% of Total's shareholders, including BlackRock, have backed its climate strategy
       

    Institutional Shareholders and Stewardship Navigation Show below Hide below

    • Global investor group launches engagement initiative to push Asia's power generating companies to cut emissions
    • UK investment managers call on the G7 to implement mandatory climate risk reporting, G7 finance ministers have expressed support
    • In Brief | Is common ownership limiting competition in Australia? Research suggests that in 49 of Australia's 443 industries (including commercial banking, explosives manufacturing, fuel retailing, general insurance and iron ore mining), the major firms are owned by common investors, predominantly BlackRock and Vanguard.  it's suggested that this should be enough to persuade policymakers and regulators to look 'more deeply into common ownership' and to monitor changes.  'Only if we “follow money” can we get a true account of what that money does'
       

    Other Shareholder News Navigation Show below Hide below

    • Rio Tinto appoints new director

    Meetings and Proxy Advisers Navigation Show below Hide below

    • SEC to reconsider Trump-era proxy advice reforms
    • In Brief | Debate on possible options to tighten the regulation of proxy advisers in Australia continues: ACSI's submission to
    • Treasury's consultation queries the basis for change and raises concerns about the options being put forward, iSignthis' submission calls for potential reforms to go further.  Writing in The AFR, the AICD has outlined the case for tougher regulation
       

    Disclosure and Reporting Navigation Show below Hide below

    • Five ways SEC could mitigate the 'inevitable' increased costs of (potential) new ESG disclosure requirements?

    Financial Services Navigation Show below Hide below

    • Senate estimates: Key takeaways from ASIC's appearance
    • Senate estimates: Key takeaways from APRA's appearance
    • Should ASIC review its stance on activist short selling?
    • Financial Market Infrastructure regulatory reform package announced
    • LIBOR transition: Regulators expect firms to cease the use of LIBOR in new contracts before the end of 2021
    • Community groups call on major banks to respond to the IEA report
    • UK FCA cautions that a 'significantly high number' of cryptoasset businesses are not meeting AML standards
    • In Brief | The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 is headed to the Senate having been amended in the House.  The amendments remove the regulation making power to prohibit a trustee of a registrable superannuation entity from making certain payments or investments
    • In Brief | APRA has published further information, and will make a test environment available from 17 June, to assist entities in to prepare for APRA Connect before the 13 September 'go live' date
    • In Brief | APRA has released a response letter to submissions on the draft Reporting Standard ARS 220.0 Credit Exposures and Provisions
    • In Brief | Roadmap for implementation of capital framework reforms: APRA has written to ADIs setting out a timeline for finalising the consultation on capital framework reforms which will come into effect from 1 January 2023
       

    Accounting and Audit Navigation Show below Hide below

    • Australian first: Halifax auditors face criminal charges over (alleged) breach of auditing standards
    • Progress update: The Monitoring Group has provided an update on work to implement recommendations to strengthen the international audit and ethics standard setting system
       

    Risk Management Navigation Show below Hide below

    • Top Story | Perspectives on Cyber Risk 2021
    • Record losses: Australians lost over $850 million to scammers in 2020 according to the ACCC's latest report
    • ASIC scam alert
       

    Corporate Misconduct and Liability Navigation Show below Hide below

    • Top Story | ACCC loses first contested criminal cartel case

    Restructuring and Insolvency Navigation Show below Hide below

    • Regulations made to implement a permanent increase in the statutory demand minimum threshold

    Other News Navigation Show below Hide below

    • Top Story | New governance requirements for Queensland incorporated associations
    • COVID-19 Disaster Payment: Temporary support for workers affected by state lockdowns
       

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    Governance Newsletter Accounting & Audit Boards & Directors Corporate misconduct and liability Disclosure and Reporting Diversity Financial Services Governance Institutional Shareholders and Stewardship Meetings & Proxy Advisors Non-shareholder stakeholders Overseas perspectives Regulators Restructuring and insolvency Risk management Shareholder activism
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    https://www.minterellison.com/articles/governance-news-9-june-2021

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