Minerva Analytics Ltd

The landmark case filed by the Australasian Centre for Corporate Responsibility (ACCR) accusing Santos Ltd of #greenwashing has been brought to the Federal Court of Australia. In the world’s first ever court case to challenge the legitimacy of a company’s #netzero emissions plan, ACCR alleges that Santos engaged in misleading or deceptive conduct regarding statements made in its 2020 Annual Report. #Australia #climatechange #greenhousegasemissions #cleanenergy #carbondioxide #methaneemissions

The International Corporate Governance Network has issued recommendations to the European Commission aimed at harmonising shareholder rights and creating more cohesive legislation. The non-profit organisation, which is backed by investors with €71 trillion assets under management, suggested that a revision to the #Shareholder Rights Directive II should focus on removing the remaining barriers to a modern and efficient #voting process. #splitvoting #corpgov #stewardship #sustainability #shareholders #investors

The Taskforce on Nature-related Financial Disclosures (TNFD) has published a discussion paper setting out draft guidance on #nature transition planning. For #corporates and #financialinstitutions, the paper details how to develop and disclose a transition plan in line with the TNFD recommended disclosures. #climatechange #systemicrisks #corpgov #biodiversity

Starbucks #shareholders are suing the company’s executives, alleging they misled #investors about future growth and revenues, which artificially inflated the stock buyback program. Multiple shareholders have filed a derivative complaint in Washington federal court, alleging that misleading projections by the company’s former CEO and current and former directors led to a stock buyback program that was overinflated by more than $227 million. #fiduciaryduties #abuseofcontrol #corpgov #stocktrading

Two Ohio #pensionfunds have joined in a #lawsuit against Boeing’s #boardofdirectors for failing to address ongoing safety issues that have harmed the #company and its #investors. The lawsuit, filed by Attorney General Dave Yost on behalf of the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio, accuses Boeing board members of breaching their #fiduciaryduties by failing to properly oversee the company. #whistleblower #regulatorycompliance #shareholders #accountability

An #American regulator has charged and imposed penalties totalling $7 million on four companies for making misleading disclosures linked to the 2019 SolarWinds #databreach. The U.S. Securities and Exchange Commission fined #cybersecurity firms Check Point Software and Mimecast $995,000 and $999,000, respectively. Tech companies Unisys and Avaya faced larger fines, with Unisys paying $4 million and Avaya $1 million. #publicdisclosure #cyberattack #shareholders #US #corpgov

Southwest Airlines has condemned a shareholder’s proposal to replace board members, calling it an “unnecessary and inappropriate” attempt to “maximise disruption.” Elliott Investment Management L.P. one of Southwest’s largest #shareholders with a 10% stake, proposed to remove eight members of the airline’s #boardofdirectors and elect eight of its own candidates. #airlineindustry #shareholderproposal #corpgov #stewardship #investors

#Canada will set mandatory climate-related disclosures for large federally incorporated private companies, as part of two sustainable finance initiatives aimed at achieving net zero by 2050. Deputy prime minister and minister of finance Chrystia Freeland confirmed the government will amend the Canada Business Corporations Act to mandate this disclosure, with specific regulations under development to define their scope. #sustainability #environemnt #climatedisclosures #parisagreement #netzero

The #UK public’s expectations on what defines a good business have shifted, with growing demands for companies to make a more positive impact, according to SEC Newgate Group. The fourth edition of SEC Newgate’s annual ESG monitor found that the public’s criteria for a good business is no longer based solely on profit as 57% of respondents expect companies of all sizes to play a more active role in society. #ESG #Stewardship #Sustainability #environment #politics #companies

As the Australian AGM season commences, this blog article by Stewardship Senior Analyst Thomas Bolger provides an in-depth analysis of recent trends in shareholder engagement. Annual General Meetings are an opportunity for #shareholders to gather, ask boards questions and provide input on future strategic direction, as well as vote on #executivepay, #directorelections and other important matters. In recent years, one notable development in the #Australianmarket has been an increased focus on #environmental and #social issues, with Australian #shareholders focusing particularly on #climatechange. #Sustainability #ShareholderResolutions #CorpGov #FilingRules