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    Governance News 17 August 2022

    40 minute read + (PDF download)  17.08.2022 Mark Standen, Siobhan Doherty, Kate Hilder

    This week's news has a strong risk focus.  It features coverage of the Governance Institute of Australia's report into the way in which boards are grappling (or not) with digital transformation and the key areas where (some) risk falling behind.  The issue also includes discussion of the likely implications of APRA's proposed new operational risk standard CPS 230 for service providers.  The issue also includes coverage of various significant ESG, regulatory and financial services related 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-news17-august-2022

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    Boards and Directors  Navigation Show below Hide below

    • Top Story | At risk of falling behind or even obsolescence: Governance Institute calls on boards to prioritise technology skills renewal

    ESG Navigation Show below Hide below

    • Top Story | Contracting for the climate in infrastructure and construction
    • Australia's climate Bills: Submission from the Department of Climate Change, Energy, the Environment and Water argues the climate Bills do not expose the Commonwealth to increased legal risk
    • A prelude to (potential) divestment? NYS Retirement Common Retirement Fund has launched a review of gas and oil companies' transition status
    • Orica to be powered by 100% renewable electricity by 2040
    • In Brief | Landmark US Climate Bill: US President Joe Biden has signed the Inflation Reduction Act into law unlocking substantial renewable energy and climate-focussed investment. Ceres has welcomed the passage of the Bill, noting the significant role that business and investors played in advocating for the passage of the legislation. The group has urged business, investors, regulators and lawmakers to 'ensure we not only capitalise on this important package but build upon it to achieve our national climate and environmental justice goals'
    • In Brief | GFANZ is consulting on draft guidance which aims to assist GFANZ members in the task of measuring the alignment of their investment, lending, and underwriting activities with the goals of the Paris Agreement. The due date for submissions is 12 September 2022. It's envisaged that final guidance will be released ahead of COP 27
    • In Brief | CAANZ calls on AUASB to prioritise sustainability assurance: In a submission on the Audit and Accounting Standards Board's work program, Chartered Accountants Australia and New Zealand  called on the AUASB to 'make sustainability assurance a key priority, due to the rapid development of reporting standards in this area and the need for Australia to engage with the international development of standards to provide assurance over the ISSB Sustainability Disclosure Standards and other standards which may emerge' 

    Shareholder Activism Navigation Show below Hide below

    • Origin to face shareholder climate resolution at upcoming AGM
    • Market Forces ups the pressure on Deutsche bank to immediately 'cut ties with all companies looking to build new or expand thermal coal mines'
    • CBA faced with shareholder climate resolution calling on the bank to rule out financing new or expanded fossil fuel projects
    • Shareholder Scope 3 proposal calling on AMERCO to adopt science based Paris-aligned targets set to go to a vote on 18 August
    • Record year for agreements: ICCR and Ceres separately report that companies appear to be more willing to negotiate

    Other Shareholder News Navigation Show below Hide below

    • Commencement of Modernising Business Registries legislative scheme delayed

    Markets and Exchanges Navigation Show below Hide below

    • A 'strong case' for regulation of crypto to better protect investors? ASIC report flags that crypto is now the second most popular investment product in Australia 

    Regulators Navigation Show below Hide below

    • Former ASIC Chair calls for overhaul of the regulator's oversight and governance arrangements

    Financial Services Navigation Show below Hide below

    • Top Story | CPS 230 | Consultation on strengthening operational risk management begins
    • FPA urges government to prioritise legislating a broad based CSLR
    • Assistant Treasurer says a consultation on potential options for streamlining professional education requirements for financial advisers will commence 'shortly'
    • Breach Reporting: ASIC says it will work with industry to address 'implementation challenges' in the reportable situations regime
    • ASIC has issued relief to insurers and brokers that clarifies their obligations when offering retail insurance as part of bundled business insurance contracts
    • Fewer hardship complaints and (slightly) fewer complaints from small business lodged with AFCA in 2021-22 
    • In Brief | APRA has released final reporting standards - ARS 110.0, ARS 112.0, ARS 113.0, ARS 190.0, ARS 221.0 and ARS 223.0 - implementing an updated capital framework for banks following the April 2022 consultation

    Risk Management Navigation Show below Hide below

    • Top Story | Weathering uncertainty: the state of Australian equity capital markets
    • The AHRC has launched its fifth national workplace sexual harassment survey

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    Governance Newsletter Boards & Directors Corporate social responsibility & sustainability Financial Services Governance Institutional Shareholders and Stewardship Markets & Exchanges Non-shareholder stakeholders Overseas perspectives Regulators Risk management Shareholder Engagement Shareholder activism Short and Long-termism Banking Energy and resources Financial services Government Insurance
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