Australia: APRA's discussion paper on prudential standards for superannuation

The Australian Prudential Regulation Authority has published for consultation its proposed prudential standards for the superannuation industry: see here (pdf). Amongst the matters covered are governance, risk management outsourcing and auditing.

UK: England and Wales: directors and company jointly and severally liable for discrimination compensation

The Employment Appeal Tribunal gave judgment earlier this week in Bungay v Saini [2011] UKEAT 0331_10_2709 and held that the Employment Tribunal was entitled to find that a company and two if its directors were jointly and severally liable to pay compensation in a claim for race discrimination.

UK: ABI publishes board effectiveness report and updated remuneration principles

The Association of British Insurers yesterday published a report on boardroom effectiveness (see here, pdf) and an updated edition of its remuneration principles (see here or here, pdf).

UK: Scotland: shareholder approval of directors' long-term service agreements

Should the chief executive of a public company know whether his employment contract had received shareholder approval under Section 188 of the Companies Act (2006)? Yes, according to the opinion of Lodge Hodge, given last week, in Bain v The Rangers Football Club Plc [2011] CSOH 158.

UK: Miliband wants employee representation on remuneration committees

Yesterday, at the Labour Party annual conference, the party's leader - the Rt. Hon. Ed Miliband MP - delivered a speech in which he argued that more should be done to encourage those businesses "producing" in preference to those business he described as "predators": see here. Not much detail was provided on how this might be done but it would be unrealistic to expect detailed proposals at this early stage in policy development. This said, Mr Miliband did say that remuneration committees should have an employee representative, something on which the present Government is seeking views in its consultation on executive remuneration.