Governance News 9 November 2022

40 minute read + (PDF download)  09.11.2022 Mark Standen, Siobhan Doherty, Kate Hilder

This week's issue covers several significant financial services developments including insights from ASIC into its enforcement approach, ASIC's 2023 enforcement priorities and the launch of the FRAA's first review of APRA.  On the ESG front, we cover the release of the UK TPT's proposed new ‘gold standard’ framework for climate transition planning for private sector firms, ASCI's analysis of the extent to which ASX 200 companies' reported emissions targets are aligned with a 1.5 degree trajectory and more…

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Diversity Navigation Show below Hide below

  • 'Appalling lack of progress': New report flags the persistent lack of female executives on the boards of the UK's largest companies as cause for concern
  • Ranking US companies on racial/workplace equity: As You Sow has released updated scorecards

Shareholder Activism Navigation Show below Hide below

  • Upcoming AGL AGM | Support for Grok board candidates appears to be building, ASA outlines voting intentions
  • Pacific Smiles Group board under pressure ahead of AGM

ESG  Navigation Show below Hide below

  • Compensation to developing nations for the loss/damage caused by climate risk a 'litmus test' of this year's COP27 says UN Secretary General
  • Falling short: ACSI report finds ASX 200 companies are currently on track to 'overspend' their 1.5°C carbon budget by 36%
  • NZIA is consulting on the first target setting protocol for underwriting portfolios
  • Transparency on climate lobbying activity: 57 Global Companies sign pledge to align their climate engagement/lobbying activities with the Paris Agreement
  • The 2022 Global Investor Statement to Governments on the Climate Crisis urges governments to raise their climate ambition
  • Nasdaq’s Net-Zero Target approved by The Science Based Targets initiative

Meetings and Proxy Advisers Navigation Show below Hide below

  • Top Story | Hybrid AGMs, what's next?
  • Qantas shareholders back all resolutions at AGM
  • In Brief | BlackRock has announced it is working to implement plans to enable investors in 'select' UK mutual funds, to exercise choice in how their portion of eligible shareholder votes are cast for the upcoming 2023 proxy voting season as part of the ongoing expansion of the 'Voting Choice' program announced last year
  • In Brief | Enhancing proxy vote disclosure: The US SEC has adopted rules aimed at enhancing proxy voting disclosure by registered investment funds and requiring disclosure of 'say on pay' votes for institutional investment managers

Disclosure and Reporting Navigation Show below Hide below

  • Top Story | The greenwashing hammer finally drops
  • The UK TPT is consulting on its proposed new ‘gold standard’ framework for climate transition planning for private sector firms
  • In Brief | Global environmental disclosure platform the CDP is set to incorporate the ISSB Climate-related Disclosure Standard - IFRS S2 Climate-related Disclosures Standard - once finalised, into its existing questionnaires, which are issued to companies annually on behalf of 680 financial institutions with over $130 trillion in assets. The move is expected to accelerate early adoption of the new standard, and also to reduce the disclosure burden on entities through alignment of requirements

Regulators Navigation Show below Hide below

  • Top Story | FRAA launches first review of APRA's 'effectiveness and capability'
  • Top Story | ASIC flags 2023 enforcement priorities

Financial Services Navigation Show below Hide below

  • Hayne implementation: Financial Adviser registration delayed six months
  • Key Takeaways from ASIC Deputy Chair's address to the ICA Annual Conference
  • ASIC recaps its position/approach to crypto
  • CDR | Treasury recommends CDR banking designation be amended to explicitly include all lease products offered by banks
  • APRA has imposed additional licence conditions on Insignia Financial Ltd trustees
  • In Brief | The Parliamentary inquiry into ASIC's capacity and capability to investigate complaints and enforcement is accepting submissions until 3 February 2023
  • In Brief | Ahead of handing down its final report to the government on 16 December 2022, the Quality of Advice Review has issued a new paper on conflicted remuneration which (broadly) proposes the retention of existing exemptions to the ban on 'conflicted remuneration' with the proviso that a new requirement is introduced for brokers to obtain their retail client's written consent for them to receive commissions 

Accounting and Audit Navigation Show below Hide below

  • UK Audit Reform | FRC consults on proposed new minimum standard for FTSE 350 audit committees

Risk Management Navigation Show below Hide below

  • Cybercrime reports have increased 13% on last financial year, equating to one report every seven minutes
  • Medibank cyber incident update: No ransom will be paid, Medibank has commissioned an external review
  • Cyber incident: BWX Ltd announced 2500 Flora and Fauna customers may be impacted by cyber incident
  • New Respect@Work website launched

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