This week’s issue covers a variety of significant ESG developments, including ASIC’s second-ever greenwashing enforcement action and the full Federal Court decision in Santos NA Barossa Pty Ltd v Tipakalippa. [2022] FCAFC 193 upheld a landmark ruling nullifying a gas company’s environmental approval to drill for gas in the Tiwi Sea State. On the financial services side, we cover ASIC’s first DDO civil penalties lawsuit, passage of the 2022 Financial Services Reform Bill (which implements SACC and other consumer credit reforms), and more.
Board of Directors and Directors navigation
- Director ID: ABRS adopts ‘practical compliance approach’ after 30 November 2022 deadline
Diversitynavigation
- Stagnation: Report shows Russell 3000 boards have made little progress towards improving board gender diversity
- Gender diversity at the expense of cultural diversity?New report sheds light on lack of cultural/ethnic diversity on Australian boards
- It will take more than 200 years to reach gender income parity in Australia, report project led by Monash University
- Brief | The Asia Securities Industry and Financial Markets Association has released guidance for businesses on investor expectations regarding gender diversity. This includes recommendations on increasing gender diversity at the board level and across the wider workforce, as well as the positioning of gender diversity within his broader DEI strategy. . A key message to companies is, “Adopting and disclosing policies, programs, indicators, and targets to promote his DEI across the company is essential to achieving a more diverse and inclusive corporate culture.” It’s important.”
shareholder activismnavigation
- 92% of Sysco’s shareholders supported the shareholders’ plastic packaging proposal after the board had pre-declared its intention to “implement in substance.”
- Gaining traction for the third time: Marketforce-coordinated ‘wind up’ resolutions in New Hope ensured an increase in support this year.
Meetings and proxy advisorsnavigation
- Top Stories | Responding to the barrage of ESG questions at AGM
- Glass Lewis Releases Updated Policy Guidelines for 2023
Disclosure and reportingnavigation
- Top Story | ASIC targets greenwashing with a social dimension
- Greenwashing Enforcement: ASIC Fines Vanguard
- ASIC’s areas of focus in financial reporting for 31 December 2022
- Brief | Alignment with the TCFD does not guarantee decision-useful disclosures: The Manifesto Climate report found that despite high global adoption of the TCFD framework by organizations worldwide, 49% of the information provided It emphasizes that it is only “decision helpful” in the case.
regulatornavigation
- ASIC’s commitment to enforcement undiminished, chairman says
ESG navigation
- A federal court upheld a landmark ruling that set aside regulatory environmental approval for a major gas project in the Tiwi maritime nation, a necessary prerequisite for the project to proceed. .
- All packaging on the EU market could be required to be fully recyclable by 2030 under proposed new regulations
- Brief | The Climate Change Agency’s first annual progress advice report finds Australia needs to significantly step up its efforts to reduce emissions if it is to meet the government’s 2030 and 2050 targets. understood. At current rates, the report projects Australia will fall short of its 2030 target by 73 Mt CO2-e (in carbon budget terms). To reach the target, Australia will need to decarbonize (at least) an average of 17 million tonnes of CO2-e per year. This is more than 40% faster than since 2009.
- Brief | The RIAA report highlights that the Australian and New Zealand responsible investment markets have reached ‘new record highs’ at the end of 2021. According to the report, 43% of the total market worth A$1.54 trillion is responsibly invested in Australia, with a total of 49% being responsibly invested. NZD 179 billion is responsibly invested in New Zealand. The IEA report, which forecasts the deployment of renewable energy technologies in electricity, transport and heat for 2027 projects, says that the global energy crisis will drive renewables to become the world’s largest energy source by “early 2025.” It shows that it is set to overtake coal as a power generation source for
- Brief | The US Federal Reserve is discussing proposed principles for “safe and sound management of exposure to climate-related financial risks” for large banks. According to a Board press release, the proposed principles are “substantially similar” to proposals issued by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, and the Board will work with those agencies to ” promote consistency.” Supervision of Large Banks with Final Interagency Guidance”
financial operationsnavigation
- TOP STORY | ASIC Launches First DDO Lawsuit Against Amex Australia
- DDO Enforcement | Number of Interim Stop Orders Issued by ASIC Increases to 21
- Consumer Credit Reform | 2022 Financial Sector Reform Bill Passed by Both Houses (No FAR or CSLR Component)
- APRA Finalizes Recovery and Exit Plan for Prudential Standard CPS 190
- Brief | Treasurer Stephen Jones has formally designated the nonbank lending sector for CDR. The Treasury Department and data standards bodies are now seeking feedback on the development of rules and data standards for implementing his CDR in the nonbank lending sector.Submission deadline is January 31, 2023
Accounting and Auditnavigation
- UK Auditing Reform: Start of Direct Registration Requirement
crisis managementnavigation
- EU Council Adopts NIS2 Directive To Harmonize Cybersecurity Between Member States
- Bill to increase federal penalty units awaits approval
Other newsnavigation
- Promoting ‘start of action’ in CDR: introduction of new CDR bill
- Statutory review of Payment Times Reporting Act 2020 launched
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