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Shareholder resolutions
Shareholders are becoming increasingly aware of climate change risks. Since early 2017, both Australian and foreign companies have faced a wave of climate change-related shareholder activism. Ceres maintains a Climate and Sustainability Shareholder Resolutions Database, which at February 2020 showe ...
Disclosure of climate-related financial risk: major change is imminent
There has been a global proliferation of voluntary reporting standards that companies might adopt with respect to disclosure of climate change-related financial risk. ...
Treasurer temporarily amends continuous disclosure laws during COVID-19 crisis
The Treasurer has used his emergency powers under the Corporations Act (the Act) to temporarily modify the operation of Australia's continuous disclosure laws. The Treasurer's release states that the changes are designed to enable listed companies to more confidently provide earnings guidance ...
What courts and regulators expect from corporate compliance
The recent decision of ACCC v Bupa Aged Care contains valuable lessons on the importance of compliance programs. They include how quickly improving or implementing such programs can lead to lower penalties; the extent to which regulators and courts favourably view effective compliance programs when assessing penalties, and what features they consider to be essential. ...
OAIC's landmark case against Facebook to have major implications on Privacy Act
As Privacy Awareness Week this year called for individuals to #rebootyourprivacy and debate continues over the privacy protections for the COVIDSafe application, another step has been taken in the Australian Information Commissioner's (Commissioner) landmark case against Facebook, Inc and Facebook Ireland Ltd (together, Facebook) which will have major implications for the Privacy Act 1988 (Cth) (Privacy Act) and digital businesses operating from offshore entities. ...
Federal Court refuses to order disclosure of class action respondent's insurance policies
In contrast to a previous decision, the Federal Court has refused to order the disclosure of the respondent's insurance policies to the applicant in a class action. We explore this decision and also highlight the way in which the court's reasoning differed from a prior decision that found in favour of disclosure. ...
Continuous disclosure during COVID-19: shining the spotlight on earnings and debt
In its latest compliance update, ASX reiterated that entities in financial difficulty (including with respect to their debt arrangements) will receive no special treatment. On earnings guidance, it was acknowledged that many listed entities have taken the opportunity to withdraw guidance issued before the outbreak of COVID-19. ASX also strongly encouraged entities to review their published guidance in light of COVID-19 and to either update it if it was not current or withdraw it in this highly uncertain climate. ...
ASIC's New Document Production Guidelines
ASIC has released its new Document Production Guidelines, which govern how it expects electronic and hard copy records to be produced in response to compulsory notices. ...
COVID-19 and continuous disclosure: how you get ready
It is critical that listed entities understand how COVID-19 is likely to impact their businesses and are prepared to make necessary disclosures to the ASX. To date, the majority of ASX-listed entities have not made any disclosure in relation to COVID-19. In this update we have set out a number of scenarios that should be considered by listed clients as part of the proper and ongoing assessment of the need for disclosure under the ASX Listing Rules. ...
Court clears Vodafone/TPG merger in keenly awaited decision
The Court, in the biggest merger litigation in Australia in 10 years, found against the ACCC and held that the merger would not have the likely effect of substantially lessening competition. Fiona ...