Insight

Criminalisation of “wage theft” – What proposed new laws could mean for directors?

The Labor Government is pushing ahead with its promise to criminalise “wage theft”, but what does this mean for directors? As part of its Secure Australian Jobs Plan, the Federal Government is proposing to legislate amendments to the Fair Work Act 2009 (Cth) (“FW Act”) to help curb the widespread problem of so-called “wage theft”. The proposed reforms will have significant implications for directors, including the exposure to criminal liability.

28 June 2023

Insight

CPS 511 Remuneration governance – halfway there?

APRA’s CPS 511 Remuneration requires APRA-regulated entities (banks, insurers and superannuation RSEs) to make significant changes to remuneration governance systems supporting the design of remuneration arrangements and award of variable remuneration. The new prudential standard is already in effect for large ADIs and will apply to large insurers and superannuation RSEs from 1 July 2023.

28 June 2023

Insight

Best practice climate governance and reporting: a look at ASX50 trends

According to a consultation paper released by Treasury in December 2022, there is likely to be a mandatory climate-related financial risk disclosure regime commencing in 2024, with first reports required for the 2024/2025 financial year. This regime will likely be aligned with the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), and reflect the standards being finalised by the International Sustainability Standards Boards (ISSB) when available for jurisdictional adoption. The mandatory regime is expected to initially focus on large listed entities and large financial institutions – with other entities to follow in subsequent phases.

28 June 2023

Insight

Workplace gender equality legislative changes

Since 2019, Australia’s gender pay gap has stagnated at between 13-14%. Relevantly for Boards, in response to the stagnation of Australia’s gender pay gap, the Commonwealth Government has legislated amendments to Australia’s gender pay gap reporting regime in two key respects[1]:

28 June 2023

Insight

International Comparison of Cyber Security Regulatory Settings: KWM report commissioned by the AICD

The increasing regularity of high-profile cyber incidents is a constant and costly reminder that effective cyber resilience is fundamental to realising the promised benefits of digitisation.

28 June 2023

Insight

Tax in the age of ESG: the importance of effective tax governance

Companies operating in today’s modern business environment face significant scrutiny from regulators concerning their approach to Environmental, Social and Governance (ESG) matters. In particular, the ATO continues to sharpen its focus on reviewing the tax governance framework of organisations as an integral component of its justified trust engagement program. To ensure that tax risks are identified as early as possible, a robust tax governance framework has quickly become a key pillar of any organisation’s wider ESG strategy.

28 June 2023