As electricity prices rise and we move towards a carbon‑constrained future, companies are looking for ways to manage their exposure to changing electricity prices and to purchase electricity from renewable sources. Generators are also looking beyond retailers as potential offtakers to support the de ...

There has been a global proliferation of voluntary reporting standards that companies might adopt with respect to disclosure of climate change-related financial risk. ...

COVID-19 continues to impact ASX-listed entities across all sectors. Among others, market volatility and uncertain business conditions have made M&A challenging in the immediate term.  ...

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. ...

Rapid legal and regulatory responses to COVID-19; ASIC consults on pre-IPO relief for voluntary escrow and pre-disclosure communications; ASX compliance update; FIRB flags potential fee refunds for COVID-19 application withdrawals; and ACCC outlines enforcement priorities for 2020 and permits coordination to respond to COVID-19. ...

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. ...

Australia's modern slavery reporting regime was introduced one year ago, and 2020 will see the first set of modern slavery statements published by reporting entities. ...

The Australian Government has tabled the Crimes Amendment (Combatting Corporate Crime) Bill 2019 (the 2019 Bill) in the Senate, and the Attorney-General's Department has released Draft Guidance on the steps a body corporate can take to prevent an associate from bribing foreign public officials for public consultation (the Draft Guidance). Like the 2017 version of the Bill that lapsed earlier this year (the 2017 Bill), if passed, the 2019 Bill will strengthen Australia's foreign bribery laws, including by introducing a new corporate offence of failure to prevent bribery by an associate, and will introduce a Deferred Prosecution Agreement (DPA) scheme for resolving serious corporate criminal matters. Partner Rachel Nicolson, Senior Associate Andrew Wilcock and Associate Lewis Winter report on the key differences between the 2017 and 2019 Bills, and the content of the Draft Guidance. ...

The Australian Law Reform Commission released for consultation today a set of proposals aimed at overhauling the federal corporate criminal responsibility regime. This comes in the wake of criticisms that the current system is ineffective in preventing, deterring and prosecuting serious corporate crime. Whilst the reforms offer a clearer, consistent and more rational framework for addressing corporate misconduct in Australia, some elements (such as the adoption of a general 'associate' model for criminal attribution) will no doubt raise concern given their capacity to significantly extend corporate liability. We examine some of the key proposals and their likely impact. Partner Christopher Kerrigan and Senior Overseas Practitioner Cindy McNair report. ...

The High Court's first decision on the financial assistance prohibition in section 260A of the Corporations Act supports a conservative approach to the prohibition, and in particular highlights the danger of 'taking a view' on the no material prejudice exception. ...