Australia: Is your refund policy immune from COVID-19?
The COVID-19 global health emergency has significantly impacted the ability of Australian businesses to supply services to consumers.
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On November 22, 2018 the Investment Association published its updated Principles of Remuneration (Principles) as a guide to shareholder expectations and good practice and in the belief that if these are followed, engagement on remuneration will be efficient and effective.
Key changes to the 2017 Principles of Remuneration include the following:
On November 22, 2018 the Investment Association wrote to all FTSE 350 remuneration committee chairs outlining key changes in the 2018 Principles of remuneration and highlighting items that investors will focus on at 2019 AGMs.
Issues for 2019 AGMs include the following:
On November 19, 2018, Institutional Shareholder Services (ISS) published updates to its UK Proxy Voting Guidelines (ISS Guidelines) for 2019. The updated ISS Guidelines will generally be applied for shareholder meetings held on or after February 1, 2019.
The updates include the following:
On November 14, 2018, Glass Lewis published its updated 2019 Proxy Paper Guidelines (Glass Lewis Guidelines).
The changes to the 2018 Glass Lewis Guidelines include the following:
On November 21, 2018 HM Treasury published explanatory information on the draft Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019. The draft Regulations are still in development and will be published in the due course. Their aim will be to address deficiencies in the Prospectus Directive and Transparency Directive as a result of Brexit, and they form part of planning for a no-deal scenario. As a result, the changes in the draft Regulations will not take effect if there is an implementation period after March 29, 2019.
The draft Regulations will maintain, as far as possible, the current effects of the prospectus regime, the transparency rules and the listing rules but make a number of changes, including the following:
The explanatory information also notes the Government’s intention to domesticate the remaining provisions of the Prospectus Regulation which apply from July 2019.
On November 21, 2018 HM Treasury published explanatory information on the draft Market Abuse (Amendment) (EU Exit) Regulations 2018. The draft Regulations are still in development and will be published in the due course. They are intended to address deficiencies in retained EU law relating to market abuse to ensure that it continues to operate effectively following the UK’s exit from the EU and they form part of planning for a no-deal scenario. As a result, the changes in the draft Regulations will not take effect if there is an implementation period after March 29, 2019.
The deficiencies addressed include the following:
On November 20, 2018 the Financial Reporting Council (FRC) published a call for feedback to support its review of the 2016 changes to ethical and auditing standards to implement the EU’s Audit Regulation and Directive. The FRC is consulting with stakeholders to determine how effective the changes have been in delivering high quality audit, and whether further steps are now needed to strengthen auditor independence, reduce conflicts, improve quality and preserve trust in independent audits. Among others, the FRC are seeking views in relation to the following matters:
The FRC requests comments by February 15, 2019.
COVID-19 has had and will continue to have impacts on virtually every corporation in Canada and globally.