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Perspectives on Cyber Risk
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Disclosure and reporting
August 14, 2017 6:12 PM |
Top Story │ Update on AUSTRAC allegations against the Commonwealth Bank of Australia [read more]
August 14, 2017 6:08 PM |
Top Story │ Test Case? Commonwealth Bank of Australia shareholders file a claim in the Federal Court alleging the bank did not adequately disclose climate change risk as a business risk [read more]
June 19, 2017 11:44 AM |
Blackrock Inc explains it's voting patterns via 'vote bulletins' [read more]
June 19, 2017 11:40 AM |
ASIC reportedly launches investigation into CPA; Xenophon introduces Bill into senate [read more]
June 13, 2017 4:12 PM |
CPA governance issues reportedly may lead to deregistration in NSW and possible ASIC investigation [read more]
June 5, 2017 4:40 PM |
Investor proposals filed at Facebook and Alphabet Inc (the parent company of Google) urged the companies to issue a report reviewing the public policy issues associated with fake news [read more]
May 29, 2017 2:50 PM |
Further action has been taken by regulators to improve conduct in the foreign exchange market, including the release of a global code of conduct and a new ASIC report on the issue FX Global Code of Conduct
[read more]
May 29, 2017 2:42 PM |
A climate change resolution was withdrawn from Oil Search’s AGM, on the basis of 'progress made' by the company, while a shareholder proposal relating to human rights failed to pass [read more]
May 22, 2017 4:42 PM |
The UK Conservatives' 2017 Manifesto has promised: 'Fairer corporate governance, built on new rules for takeovers, executive pay and worker representation on company boards'. [read more]
May 22, 2017 4:36 PM |
The UK Investment Association has released new reporting guidance, setting out recommended disclosures on the long term drivers of value creation and productive enterprise. [read more]
May 22, 2017 4:34 PM |
Investors have approved a shareholder proposal calling for improved climate risk reporting at Occidental Petroleum, the first of its kind to pass in the US. [read more]
May 15, 2017 12:42 PM |
NZX Limited has published its final NZX Corporate Governance Code, its first substantial update since 2003. [read more]
May 8, 2017 1:57 PM |
The UK’s Financial Reporting Lab has published a framework for digital corporate reporting, setting out the key characteristics investors and preparers are looking for. [read more]
May 8, 2017 1:53 PM |
At Santos’ AGM, activist shareholders failed in their bid to request the company to comply with the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures. [read more]
May 1, 2017 5:15 PM |
EY's latest survey on the use of nonfinancial performance by institutional investors in their decision-making has found that they are using it more often, but are disappointed by the quality of disclosure. [read more]
April 24, 2017 3:55 PM |
In its second report on its review of the four major banks, the Economics Standing Committee has affirmed its support for all ten of its original recommendations. [read more]
April 24, 2017 3:51 PM |
The ASIC Enforcement Review Taskforce has proposed reforms to strengthen the financial services breach reporting regime, including to clarify when the reporting obligation is triggered. [read more]
April 24, 2017 3:42 PM |
The Australasian Investor Relations Association has released a draft 'blueprint' which aims to help listed companies better handle their ESG engagement challenges. [read more]
April 10, 2017 6:24 PM |
The UK Business, Innovation, and Skills parliamentary committee has made wide ranging recommendations to reform corporate governance, including phasing out long-term incentive plans. [read more]
April 10, 2017 6:18 PM |
ASIC Commissioner John Price has discussed how ASIC is trying to move key market sectors towards its 'what good looks like' aspirations. [read more]
April 3, 2017 1:38 PM |
A new report from NYU Stern Center for Business and Human Rights has found 'fundamental gaps' in ESG disclosure tools when it comes to assessing the 'S'. [read more]
March 20, 2017 2:06 PM |
ASIC's review of how large financial advice firms have dealt with past poor advice and non-compliant advisers has found that there are still significant delays in breach reporting. [read more]
March 20, 2017 2:01 PM |
The second round of hearings in the review of the four major banks has shown that there are a few sticking points in relation to the Economics Standing Committee's recommendations. [read more]
March 20, 2017 1:55 PM |
Momentum appears to be building for more detailed regulatory guidance on appropriate carbon risk disclosure, with a focus on the Financial Stability Board's Task Force on Climate-related Financial Disclosures' recommendations. [read more]
March 20, 2017 1:51 PM |
BlackRock has released its engagement priorities for 2017-2018, which include board composition, long term strategy, climate risk disclosure and human capital management. [read more]
March 6, 2017 12:14 PM |
ASIC’s latest report on the regulation of corporate finance issues has highlighted some key focus areas, including business model disclosure, climate risk and cyber security. [read more]
February 13, 2017 11:47 AM |
The UK FRC’s CEO, Stephen Haddrill, has highlighted the importance of rebuilding public trust in business, calculated risk taking and maintaining a strong corporate culture [read more]
December 12, 2016 3:25 PM |
ASIC has advised companies to adopt realistic valuations, choose appropriate accounting policies and provide more effective communication in their 31 December 2016 reports. [read more]
December 5, 2016 2:52 PM |
The UK government has released its much anticipated Green Paper seeking input on a number of proposed corporate governance reforms, but commentators argue it's a let down. [read more]
December 5, 2016 2:48 PM |
ASIC Commissioner John Price has highlighted some of ASIC's current priorities in relation to gatekeeper culture in the financial services industry (including breach reporting). [read more]
December 5, 2016 2:45 PM |
The UK's Purposeful Company Taskforce has provided a 'provocative challenge' to executive pay, recommending simpler pay structures, fair pay charters and a binding vote regime. [read more]
November 28, 2016 2:27 PM |
In the UK, Hermes has proposed a 'fundamental shift' in the structure of executive pay to address unfairness and the lack of connection with performance (including an overall cap on pay). [read more]
November 21, 2016 3:23 PM |
ASIC Commissioner John Price has covered 'first mover' problems, responsible lending, culture and the benefits of breach reporting in a speech about uncertainty in consumer lending. [read more]
November 14, 2016 1:37 PM |
Treasury has released an updated proposed industry funding model for ASIC, addressing some of the concerns raised by respondents to its 2015 consultation. [read more]
November 14, 2016 1:30 PM |
CBA has become the first of the 'big four' banks to receive a strike against its remuneration report, as investors appear to be sending mixed messages on pay structures. [read more]
November 7, 2016 2:18 PM |
The UK Investment Association has made 'key changes' to its Principles of Remuneration to encourage flexibility and calling on companies to take action on levels of pay. [read more]
November 7, 2016 2:14 PM |
Following consultation, ASIC has released its updated guidance for historical financial information disclosure in prospectuses. [read more]
November 7, 2016 2:06 PM |
Australian directors who fail to consider 'climate change risks' now have been warned that they could be found liable for breaching their duty of care and diligence in the future. [read more]
October 31, 2016 1:55 PM |
UK FRC has called on companies to ensure they provide 'sufficient balance' in their annual reports, as well as to consider the needs of a range of stakeholders. [read more]
October 24, 2016 2:36 PM |
The Australian Cyber Security Centre has highlighted the importance of planning and preparation to mitigate the potential costs of a cyber incident (and called for more self-reporting). [read more]
October 24, 2016 2:27 PM |
GRI has launched 'the world's first global standards for sustainability reporting, giving companies a common language for disclosing non-financial information'. [read more]
October 17, 2016 11:27 AM |
A busy week for the life insurance industry: the release by the FSC of an industry code of practice, the results of industry reviews by ASIC and APRA, and a bill aimed at preventing 'churning' [read more]
October 17, 2016 11:24 AM |
ASIC has issued revised guidance for forward-looking statements in the mining and resources industry, clarifying a number of issues in response to 'concerns and misunderstandings' [read more]
October 17, 2016 11:12 AM |
The UK's Legal and General Investment Management has proposed a number of ways to curb executive pay and promote pay equality, including giving employees a voice. [read more]
September 26, 2016 5:34 PM |
According to Hermes Investment Management, its latest survey of institutional investors reveals some emerging trends that may worry responsible capitalism advocates. [read more]
September 26, 2016 5:29 PM |
EY’s latest review of FTSE 350 annual reports has found, among other things, that there is variation in the quality and specificity of disclosures, including in relation to risk reporting. [read more]
September 26, 2016 5:23 PM |
Bank of England Governor Mark Carney has argued that to ensure a smooth transition to a two degree world, corporate stakeholders need the ‘right information’. [read more]
September 19, 2016 3:04 PM |
A new report has called on investors to do more to pressure companies they invest in to assess and mitigate the risks of dealing with anonymously-owned shell companies. [read more]
September 12, 2016 10:13 AM |
BlackRock has asserted that all investors should incorporate climate change into their investment processes, and calls for investors and companies to work together to manage the risks . [read more]
September 12, 2016 10:09 AM |
AMP Capital has released its 2016 Mid-year Corporate Governance Report, which sets out its proxy voting highlights and its current engagement themes. [read more]
September 12, 2016 10:05 AM |
In the UK, the efforts of politicians and stakeholders to combat 'corporate irresponsibility' and excessive corporate pay are continuing to make the headlines. [read more]
September 5, 2016 4:41 PM |
In its latest Corporate Plan, ASIC has among other things given its view of 'what good looks like' for gatekeepers across the sectors it regulates. [read more]
September 5, 2016 4:39 PM |
The NZX is consulting on proposed updates to its corporate governance code, focusing in particular on board diversity, ESG, health and safety and remuneration reporting. [read more]
September 5, 2016 4:36 PM |
ACSI has asserted that its latest study of ASX200 CEO pay shows that although base pay is 'being reined in', in some cases that is offset by 'strikingly persistent bonuses'. [read more]
August 29, 2016 3:10 PM |
ASIC has published its latest report on the regulation of corporate finance issues, among other things noting concerns with prospectus disclosure and giving pointers for the AGM season. [read more]
August 29, 2016 3:02 PM |
The Federal Court has made orders with the parties consent banning former Padbury Mining directors for three years as a result of a misleading ASX announcement. [read more]
August 22, 2016 3:29 PM |
The Federal Court has found that Sino Australia Oil and Gas's former chairman breached his director's duties, including by causing or permitting Sino to contravene the Corporations Act. [read more]
August 15, 2016 1:52 PM |
The UK High Pay Centre has asserted that its latest survey of FTSE 100 CEO pay packages shows there is 'no end to the rise and rise in top pay'. [read more]
August 8, 2016 1:52 PM |
Australia's major banks will be called to appear annually before the House of Representatives' economics committee, following the controversy over interest rates. [read more]
August 8, 2016 1:49 PM |
The NZ Financial Markets Authority has released for public comment proposed guidance on how it will examine whether financial services providers are demonstrating good conduct. [read more]
August 1, 2016 12:58 PM |
A new report from MSCI has asserted that, according to data from 429 large cap US companies, CEOs are not paid for performance. [read more]
July 25, 2016 3:17 PM |
Some commentators are underwhelmed by the 'Commonsense Principles of Corporate Governance' released in the US by a group of high profile CEOs and heads of asset managers. [read more]
July 25, 2016 3:11 PM |
Governance Institute of Australia has released its inaugural Ethics Index, which reveals that large corporations (and their senior executives) need to improve their image. [read more]
July 25, 2016 3:08 PM |
ASIC has set out its recommendations for effective due diligence in IPOs, after finding a 'close correlation between defective disclosure in a prospectus and poor due diligence'. [read more]
July 11, 2016 1:37 PM |
The UK FRC's Director of Audit Policy has discussed lessons learned from the UK's experiences implementing extended auditor reporting (including: planning is of 'critical importance'). [read more]
July 11, 2016 1:31 PM |
ACSI's latest findings on the progress in disclosure of sustainability risks among S&P/ASX200 companies are generally positive, but 'there remains much to improve'. [read more]
July 4, 2016 2:18 PM |
Following its review of 31 December 2015 financial reports, ASIC has called on directors and auditors to continue to focus on values of assets and accounting policy choices. [read more]
June 27, 2016 4:09 PM |
ASIC has reported on its recent surveillance program, which identified 'some serious and widespread compliance failures' in the retail OTC derivatives industry. [read more]
June 20, 2016 1:01 PM |
A new report has assessed disclosure of political risk in FTSE 100 annual reports, concluding that there is 'an excessive tendency to report risks in a generic form'. [read more]
June 20, 2016 12:57 PM |
MinterEllison's Sarah Barker and Maged Girgis have argued that recent international developments have raised the bar on climate change disclosure and governance. [read more]
June 14, 2016 2:42 PM |
A new KPMG report has found that Australian companies' annual reports have 'cut the clutter' more successfully than their global counterparts, but 'fall down' on other issues. [read more]
June 14, 2016 2:36 PM |
The Full Federal Court has dismissed ACCR's appeal against the Federal Court's decision that CBA was entitled to exclude certain shareholder resolutions from its notice of AGM. [read more]
June 14, 2016 2:24 PM |
A recent report has found that in the UK many companies are improving the way their nomination committees operate, but that more can be done. [read more]
June 6, 2016 11:43 AM |
ASIC has warned companies to adopt realistic valuations for asset values and appropriate accounting policies in their 30 June financial reports. [read more]
May 30, 2016 2:42 PM |
KPMG's new report has found 'considerable room for improvement' in the adoption of ASX Corporate Governance Council recommendation 7.4 on sustainability risk disclosure. [read more]
May 16, 2016 11:43 AM |
ASIC is consulting on updated guidance to improve disclosure of historical financial information in prospectuses. [read more]
May 16, 2016 11:33 AM |
Market based causation has been given a 'green light' in the NSW Supreme Court's decision in HIH Insurance Limited (in liquidation) & Ors. [read more]
May 9, 2016 11:05 AM |
In the federal budget, the government has announced a number of measures targeting tax avoidance by multi-national companies, including new whistleblower protections. [read more]
May 9, 2016 10:58 AM |
The report of the parliamentary inquiry into the impairment of customer loans has made a number of recommendations aimed at preventing 'unconscionable' treatment of bank customers. [read more]
April 11, 2016 12:58 PM |
APRA deputy chairman Helen Rowell has emphasised the role of superfund boards in sound governance, strategic planning, setting investment strategy and ensuring transparency. [read more]
April 4, 2016 4:01 PM |
Shareholder activists, short-termism and culture (among other things) have been blamed for the recent events at Valeant Pharmaceuticals. [read more]
April 4, 2016 3:50 PM |
The UK's Investment Association has launched a Productivity Action Plan aimed at boosting the British economy by ending short-termism. [read more]
March 16, 2016 1:40 PM |
According to As You Sow's 2016 proxy preview, more shareholder proposals filed at US companies relate to climate change than ever before. [read more]
March 9, 2016 1:19 PM |
Rio Tinto's board has endorsed a special resolution requisitioned by shareholders which requires greater disclosure in relation to certain climate change issues. [read more]
March 9, 2016 1:16 PM |
The Financial Services Council and the Australian Council of Superannuation Investors have released a guide for Australian companies on how to identify and report ESG issues. [read more]
March 9, 2016 1:13 PM |
AMP Capital has released its 2015 full year Corporate Governance Report, which discusses AMP's proxy voting over the period as well as its approach to shareholder engagement. [read more]
March 2, 2016 2:00 PM |
ASIC has published its fourth report on the regulation of corporate finance issues highlighting, among other things, a focus on risk disclosure, poll voting and cyber security. [read more]
February 17, 2016 12:43 PM |
Global Proxy Solicitation's preliminary review of 2015 board skills matrix disclosures of 161 ASX 200 companies has found that 79 were 'poor', and 32 'not disclosed'. [read more]
February 3, 2016 1:33 PM |
The Board of Taxation has released its consultation paper on the tax transparency code, recommending that disclosure be delivered in two parts. [read more]
February 3, 2016 1:22 PM |
ASIC has released the results of its review of 30 June 2015 financial reports: the majority of its enquiries related to impairment of non-financial assets and inappropriate accounting treatments. [read more]
January 20, 2016 3:18 PM |
There have been a number of recent developments relating to tax disclosure that Australian boards need to be aware of. [read more]
December 2, 2015 2:17 PM |
The UK's Financial Reporting Council has released a new report which sheds light on investors' expectations in relation to the disclosure of dividend policies. [read more]
November 18, 2015 12:23 PM |
ASIC has announced its focus for 31 December 2015 financial reports, which includes: asset values and impairments, accounting policy choices, material disclosures and the role of directors. [read more]
October 7, 2015 11:42 AM |
EY UK's review of FTSE 350 annual reports has suggested a number of areas where companies' disclosure can improve, including by clarifying what the business does and how it makes money. [read more]
October 7, 2015 11:39 AM |
AMP Capital has discussed its expectations in relation to the ASX Corporate Governance Council's new recommendations relating to disclosure of risk management and board composition. [read more]
August 19, 2015 2:32 PM |
In its interim report, the Senate inquiry into corporate tax avoidance has called for greater public transparency in relation to the tax affairs of Australian and multinational companies. [read more]
August 19, 2015 2:19 PM |
In a bid to address multinational tax avoidance, the federal government has released an exposure draft of legislation introducing country-by-country reporting for large multinationals operating in Australia. [read more]
August 19, 2015 2:10 PM |
In a move widely criticised by business, the US SEC has adopted a controversial final rule requiring public companies to disclose the ratio of their CEO's pay to the median pay of their respective employees. [read more]
August 5, 2015 2:42 PM |
The Federal Court has refused an application for preliminary discovery in relation to a potential class action against Iluka Resources (and noted the uncertainty in Australia of the fraud on the market doctrine). [read more]
July 1, 2015 6:15 PM |
The ASX has released the final version of its revised Guidance Note 8 on continuous disclosure obligations together with its detailed response to consultation submissions. [read more]
June 24, 2015 7:27 PM |
In a new paper, Chartered Accountants Australia and New Zealand has called for companies to take a 'big bang' approach to improving financial reports. [read more]
June 10, 2015 12:43 PM |
ASIC has announced its focus areas for 30 June 2015 financial reports, which include asset values, accounting policy choices, material disclosures and the role of directors. [read more]
June 10, 2015 12:37 PM |
ASIC has released an information sheet which aims to assist directors and audit committees in considering whether to impair non-financial assets. [read more]
June 3, 2015 5:36 PM |
ASIC has expanded the scope of its relief that can be granted to insolvent or financially distressed companies and registered schemes in relation to financial reporting and AGMs. [read more]
June 3, 2015 5:28 PM |
A recent academic paper has argued that directors' fear of personal liability for forward-looking statements is holding back integrated reporting in Australia. [read more]
May 6, 2015 2:12 PM |
The AUASB has invited comments on its Exposure Draft 01/15enhancements to auditor reporting, which includes a new requirement for auditors to communicate 'Key Audit Matters'. [read more]
May 6, 2015 2:02 PM |
The US SEC has (narrowly) voted to propose new rules requiring companies to disclose the relationship between executive compensation and financial performance. [read more]
April 29, 2015 5:00 PM |
UK Institute of Chartered Secretaries and Administrators has issued best practice guidance for annual reports. [read more]
April 15, 2015 2:59 PM |
With the UK's 2015 general election looming, the nation's Labour Party has vowed to improve the long-term focus of Britain's corporate community if it comes to power. [read more]
April 1, 2015 12:15 PM |
US Supreme Court decision complicates disclosure requirements, contends The WSJ. [read more]
March 25, 2015 12:03 PM |
Superannuation trustees facing a number of industry changes and challenges, as APRA emphasises its focus on conflicts management. [read more]
March 25, 2015 11:59 AM |
General news in shareholder activism. [read more]
March 11, 2015 2:30 PM |
The final proposal for Japan's Corporate Governance Code has been released. [read more]
March 11, 2015 10:50 AM |
Institute of Directors has published proposals to strengthen corporate governance standards centred around long-termism at board-level. [read more]
March 11, 2015 10:47 AM |
Australian Federal Court rules that the directors of Babcock and Brown did not breach continuous disclosure obligations for failing to report the firm's insolvency. [read more]
March 11, 2015 10:43 AM |
ASX proposes changes to Guidance Note 8 on continuous disclosure requirements. [read more]
March 4, 2015 12:40 PM |
International Financial Reporting Standards (IFRS) blamed for its role in financial crisis as investors call for greater emphasis on concept of prudence. [read more]
March 4, 2015 12:39 PM |
Massive write-downs and inflated values force ASIC to launch an inquiry into 33 companies. [read more]
February 18, 2015 8:44 AM |
The New York Times argues that disclosure is ineffective, calling for rules to ban bad behaviour. [read more]
February 18, 2015 8:37 AM |
Nasdaq report reveals trends in the activism industry, noting exponential growth and a shift in focus. [read more]
February 11, 2015 11:42 AM |
Recent hacking of Anthem Inc should ring alarm bells for the healthcare industry and prompt an overhaul in the sector's attitude towards cyber-security. [read more]
February 11, 2015 11:40 AM |
The Australian Accounting Standards Board releases amendments aiming to reduce immaterial disclosure in financial statements. [read more]
February 3, 2015 5:00 PM |
Shell announces support for shareholder resolution which calls for greater disclosure around the company's exposure to climate change. [read more]
January 21, 2015 2:30 PM |
Australian Federal Court considers the requirement for 'reliance' in proof of causation and if there is any basis in Australian law for 'market based causation' claims. [read more]
January 19, 2015 10:00 AM |
The modern auditing function needs to respond to continuing accounting fraud scandals, contends The Economist. [read more]
January 19, 2015 9:48 AM |
ASIC advises preparers of financial reports to focus on asset impairment and accounting treatments. [read more]
November 26, 2014 3:17 PM |
Australasian Investor Relations Association urges companies to be proactive in communicating with investors. [read more]
October 29, 2014 3:27 PM |
The UK's Department of Business, Innovation & Skills (BIS) has released a progress report on the government's implementation of measures proposed by the Kay Review to encourage long-termism. [read more]
October 29, 2014 2:08 PM |
Calls have been made for a new approach to financial reporting and valuation in order to capture increasingly important intangibles. [read more]
September 18, 2014 9:56 AM |
There is an international push for greater transparency of corporate ownership by requiring public registers of shareholdings. [read more]
September 18, 2014 9:53 AM |
Former directors, owners and sale managers of New Zealand company Feltex Carpets Limited have been found not liable for shareholder losses sustained in connection with the company's initial public offering in 2004. [read more]
September 17, 2014 9:56 AM |
ASIC and the ASX have reportedly confirmed that a listed entity is not required to release individual analyst forecasts or consensus estimates to the market. [read more]
June 23, 2014 10:34 AM |
The International Integrated Reporting Council has launched the Corporate Reporting Dialogue to improve coherence and consistency between various corporate reporting frameworks. [read more]
May 13, 2014 9:09 AM |
A new book outlines the failure of mandated US disclosure requirements. A new book controversially argues that sunlight is in fact not the best disinfectant: mandated US disclosure requirements have failed. [read more]
April 28, 2014 10:28 AM |
KPMG has found that a year after the release of ASIC's guidance on operating and financial reviews, many companies are making additional and better quality disclosures, but says there is still room for improvement. [read more]
March 10, 2014 2:23 PM |
Billabong faces potential class action. [read more]
February 24, 2014 12:42 PM |
Bentham IMF Limited has announced a potential shareholder class action against the failed Forge Group Limited, 'alleging misleading and deceptive conduct and breach of continuous disclosure obligations'. [read more]
December 10, 2013 2:47 PM |
With the 'reopening' of the IPO market, ASIC has expressed some concern about the level of disclosure in prospectuses. [read more]
November 27, 2013 3:51 PM |
Brickworks has commenced legal proceedings in the Federal Court of Australia alleging inadequate disclosure by Perpetual and Mark Carnegie of their proposal to unwind the cross-ownership structure between Brickworks and Washington H Soul Pattinson. [read more]
October 7, 2013 2:32 PM |
Allegations of corruption against Leighton Holdings reduces the company's market capitalisation by nearly $1 billion. [read more]
September 12, 2013 11:20 AM |
Boards grapple with how best to present pay numbers in remuneration reports. [read more]
September 4, 2013 1:39 PM |
The UK government has launched an action plan on business and human rights. [read more]