Governance News 9 March 2022

40 minute read + (PDF download) 09.03.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week, regulators have again flagged that they are stepping up their focus on ensuring effective oversight of non-financial risks including climate and cyber risk. We cover ASIC's key corporate governance priorities for the coming year, the ACCC's key priorities and the UK PRA's priorities for the insurance sector. In addition we cover various ESG, financial services and risk-related developments and more…

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Director ID transition arrangements

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Demand for action to address concerns following failed 'say on pay' vote: SOC Investment Management has called on GE take actions, including replacing two Compensation Committee members

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ShareAction secures enhanced reporting on healthy foods targets by Unilever, withdraws shareholder resolution
Not enough? AGL board rejects second takeover bid, ACCR queries board's reasoning
Market Forces and the ACCR have each withdrawn their shareholder climate resolutions ahead of the Rio Tinto AGM

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A global alliance of climate-focused groups has called on financial institutions to cut all ties with Russia's fossil fuel firms to 'stop propping up Putin's illegal war on Ukraine'

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Not there yet: ACSI calls for renewed focus on increasing the representation of women in CEO and Chair positions as well as on boards
Why not use Chair? UK business groups push for Companies House to stop using the 'archaic' term Chairman

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Top Story | COVID-19: ASIC extends time to hold wholly virtual meetings

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Accountability for climate commitments: IGCC has released a guide to investor expectations on climate transition plans
In Brief | 'Undermining' net zero pledges through failure to have credible transition plans in place? CDP analysis finds of the 13,000+ companies that disclosed under the CDP in 2021, less than 35% have credible climate transition plans in place
In Brief | Continuous disclosure: The Federal Court has approved a settlement between Rio Tinto and ASIC over the timing of a 2013 impairment disclosure against Mozambique coal assets. Under the settlement, Rio Tinto will pay a penalty of $750,000 for one breach of its continuous disclosure obligations and pay ASIC's costs. ASIC's claims against two former officers of Rio Tinto were dismissed, with the parties bearing their own costs. The separate case being brought by the US SEC is still ongoing

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Top Story | ASIC Chair outlines the regulator's top corporate governance priorities for the next 12 months
ACCC Compliance Priorities for 2022/23: 'Consumer and fair trading issues in relation to environmental claims and sustainability' at the top of the list
Supervisory priorities for the insurance sector: UK PRA to focus on climate risk, D&I, operational resilience

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Banks report 10% decrease in breaches of the Banking Code
Solving the disaster insurance affordability and accessibility gap: Time to consider setting up a state owned protection gap entity?
APRA has published an updated prudential standard to 'enhance management of reinsurance risk'
ASIC and APRA outline their expectations for implementation of the Retirement Income Covenant
New Regulations give effect to the Flexible Super package announced in the 2021–22 Budget
Government expresses 'strong expectation' that superfunds take steps to voluntarily divest their Russian holdings
In Brief | ASIC has released a report outlining feedback and confirming its approach to implementing interim updates to the voluntary Epayments Code, ahead of releasing an updated Code in April 2022 (with a 12 month transition period). The Code revisions will be 'interim' in nature and limited in their scope in light of the fact that the government has indicated it is considering introducing a mandatory Code
In Brief | The Insurance Council of Australia says that insurers have received 96,844 claims related to the South-East Queensland and New South Wales floods as at 8 March 2022 (up 12% on the previous day). Based on previous flood events the estimated current cost of claims is now $1.45 billion.

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Don't wait until it's too late': ASIC reiterates calls for companies to review their whistleblowing policies/programs
Review of the WGEA Act makes ten recommendations to drive progress on workplace gender equality while also reducing the reporting burden on employers
No breach of Ministerial Standards: Prime Minister releases Thom Report
In Brief | Call for a 'gender lens' to be applied to policy making: Women in Super's 2022 Budget submission calls for gender analysis of future budget decisions to be embedded in policy design to ensure that adverse impacts on women are identified/improve policy design
In Brief | Greenwashing concerns: RIAA study finds that 72% of Australians are concerned that their financial service providers are engaged in greenwashing, RIAA says independent verification of green claims is key to winning trust

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Siobhan Doherty

Partner, Sydney
- +61 2 9921 4339
- +61 413 187 544

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Governance News 9 March 2022

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