In this episode of the Herbert Smith Freehills Tax Bites podcast, Toby Eggleston partners with Consulting Professor Graham Cooper and fellow partner Ryan Leslie to dive deep into recent Federal Court decisions on the anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936. The discussion begins with insights into the Minerva Financial Group vs. Commissioner of Taxation, highlighting the saga of restructuring for an IPO and the accompanying tax implications. Also explored is t...
Apr 26, 2024•42 min
Tony Damian and Andrew Rich are back! Himalayan Bites kicks off with our Q1 2024 review.
Apr 24, 2024•5 min
Join Partners Michael Vrisakis and Andrew Eastwood and solicitor Abby Sutherland in conversation on reasonable steps obligations and conflicted remuneration, as illuminated in the recent case of Australian Securities and Investments Commission v R M Capital Pty Ltd [2024] FCA 151.
Apr 23, 2024•18 min
Lucy McCullagh, Alice Molan, Mark Hatfull and Naomi Hutchings delve into the multifaceted world of carbon offset projects working toward Australia’s net zero and nature positive goals, from regulatory considerations to project finance and structuring. Key concepts are outlined including the Carbon Farming Initiative Act, the Australian Carbon Credit Unit (ACCU) scheme and the need to comply with financial services laws. They anticipate continued growth in the offset market driven by domestic and...
Apr 22, 2024•24 min
Andrew Eastwood and Bryony Adams discuss an important Federal Court judgment handed down recently in ASIC v Noumi Ltd which has wide-ranging implications for organisations facing litigation and regulatory proceedings and their approach to legal professional privilege, particularly those in the banking and financial services sectors.
Apr 19, 2024•36 min
Andrew Eastwood and Bryony Adams discuss an important Federal Court judgment handed down recently in ASIC v Noumi Ltd which has wide-ranging implications for organisations facing litigation and regulatory proceedings and their approach to legal professional privilege, particularly those in the banking and financial services sectors.
Apr 19, 2024•36 min
In this episode, we return with Part 2 of our discussion with Bill Siegel, the CEO of Coveware. We look closely at Coveware itself (and its history), the scope of Coveware’s services, how threat actor negotiations unfold, banning ransom payments, the role of the cyber simulation and what makes a good simulation. We also discussed the role of the board during an incident and managed to squeeze some cyber predictions out of Bill, including the impacts of AI on the cyber landscape. This is a “must ...
Apr 16, 2024•32 min
This month Jojo Fan spoke with Cindy Hui, General Counsel for Alibaba's International Digital Commerce Group. Cindy shares her tips for young women looking to enter new tech industries, and the trend towards work-life integration enabled by increased connectivity and new ways of working.
Apr 12, 2024•6 min
In our first Podcast on the work of the Treasury Taskforce, Stephanie Panayi and Andrew North delved into the merger reform proposals that were under consideration by the Treasury Taskforce preceding today’s Government announcement. Leveraging Andrew's extensive knowledge of the UK and EU merger regimes, we dissect several key aspects of the Treasury’s consultation including: 🔹 why the ACCC considers there is a case for merger reform 🔹 the reform models on the table and how the merger test may...
Apr 10, 2024•32 min
Jacqueline Wootton, Christine Wong and Christopher Hicks discuss the intersection between corporate criminal responsibility and ESG in a Third Wheel X Investigate 360 collaboration episode exploring governance, social licence to operate and the regulation of ESG issues under criminal standards. The serious risks associated with criminal matters are underlined, from corporate penalties and investigations through to individual prosecution and reputational consequences as well as the patchwork of i...
Apr 10, 2024•34 min
UK Employment Law changes in force from 6 April It is estimated that 55% of the UK workforce is planning on requesting flexible working hours once some significant changes to Employment Law, including to the flexible work request regime, come into effect from Saturday 6 April. https://hsfnotes.com/employment/2024/03/29/uk-april-2024-hr-checklist/ Employers need to be aware of these changes, which extend to family leave rights, redundancy protection, tribunal compensation award limits, minimum wa...
Apr 05, 2024•18 min
Climate-related risk is probably one of the better understood concepts under ASRS, however, how will companies expand that framework to include disclosure of their management (i.e. identification, assessment, prioritisation and monitoring) of climate-related opportunities as well? The ASRS risk management pillar requires companies to deep dive into their risk management framework (processes, policies and perspectives) and use scenario analysis as a tool to stress test company performance. While ...
Apr 05, 2024•8 min
The new regime will require unprecedented levels of forward-looking information to be included in corporate reporting, as well as dependencies on estimation and third-party data with respect to Scope 3 emissions. Directors will also be asked to declare their reporting is compliant with the ASRS. The modified liability has been reshaped various times throughout Australia’s journey towards mandatory climate-related disclosures. It will be important for companies to understand what is (and importan...
Apr 05, 2024•11 min
Climate-related metrics and targets are already a key area of focus for stakeholders, but under the new regime there will be more granularity than has been disclosed in the past. The ASRS metrics & targets pillar requires companies to take the leap towards granular quantitative disclosures (including in relation to Scope 3 emissions). In this episode, we talk about the need for a deep understanding of the related metrics, assumptions, interim targets and contingencies and how they factor int...
Apr 05, 2024•9 min
Many Australian companies with overseas parent companies, operations, assets or subsidiaries will likely be required to comply with, and report against, multiple reporting regimes. Translation of global standards into local law has meant that the different reporting regimes worldwide each come with their own nuances and thresholds for application. In this episode, we talk through some of the key regimes, including ways in which companies are moving to address the reporting challenge.
Apr 05, 2024•14 min
Disclosure under this pillar is not just headline statements and overarching direction. These mandatory climate-related disclosures will mean that a company’s “strategy” will need to include comprehensive disclosure of how climate considerations are integrated into decision-making. The ASRS strategy pillar requires companies to focus not just on its transition plan and overarching strategic pathway for the company, but also how climate-related risks and opportunities are expected to impact on bu...
Apr 05, 2024•8 min
Board and management oversight of climate issues is not a new concept, but deciphering and disclosing how this occurs in practice is often a challenge. The ASRS governance pillar requires quite granular disclosures of the board and management’s role in overseeing climate-related risks and opportunities. In this episode, we talk about how to articulate accountabilities and reporting ‘flows’ within the business, in a way that will support your disclosures longer term.
Apr 05, 2024•7 min
How can companies prepare for the assurance requirements when they’re still a moving target in and of themselves…? In this episode, we talk about the current proposal from the Australian Auditing and Assurance Standards Board (AUASB) for phased assurance (with consultation open until 3 May 2024). We also talk through some practical steps that companies can be taking now to prepare for assurance of climate reporting.
Apr 05, 2024•11 min
Now legislation for Australia’s new climate reporting regime has finally been introduced into Parliament, what impact will it have for corporates?... (and when?). The new climate reporting regime is likely to require a significant uplift in corporate reporting – and will require considerable resources and effort over the next 12-18 months. This episode talks about how the regime will phase in, and how it might impact companies in practice.
Apr 05, 2024•12 min
The new reporting regime will be a prompt for companies to critically assess whether existing governance arrangements are ‘fit for purpose’ (and disclosure) in respect of climate impacts, risks and opportunities. In this episode, we talk about how companies are stress-testing their governance arrangements, reconsidering the division of responsibility, board and management skill sets, and updating current governance documents (e.g. charters, agendas).
Apr 05, 2024•9 min
The process to test and verify the integrity of climate-related information will be critical in ensuring public disclosures match internal practices, and that claims can be substantiated if challenged. As well as being a baseline expectation of the board, a thorough verification process will be important to substantiate claims and underpin assurance. In this episode, we talk about verification approaches, key learnings so far, and linkages to more fulsome auditing of reports in due course.
Apr 05, 2024•6 min
Given the scale of the exercise to report against the new climate reporting regime, what sort of foundational steps should companies be considering now? In this episode, we share our insights into common pain points and suggested focus areas to help identify aspects of reporting for front loading, ahead of the new regime commencing.
Apr 05, 2024•8 min
The shift from voluntary (or no) climate-related reporting to full compliance with the Australian Sustainability Reporting Standards (ASRS) will require differing degrees of uplift for each company, but it is difficult to know where to start. Conducting a gaps analysis can help to identify priority areas for uplift and areas where underlying processes and procedures need to be strengthened. In this episode, we talk about the gap analysis exercises being undertaken in the market and share some of...
Apr 05, 2024•11 min
This is Episode 3 of Cross Examining Cyber, where we cross examine Bill Siegel, CEO & Co-Founder of Coveware. We could have talked to Bill for hours, so we have broken this podcast in two. Part 1 covers a range of issues including the establishment of Coveware, the value of good data, cyber extortion payment trends, cyber extortion “business models” and the challenging geopolitics we all face. Here we go… +++ Cyber Risk Survey 2024 now live! Following the success of our inaugural Cyber Risk ...
Apr 03, 2024•31 min
The basics of redundancy processes in the UK have been unchanged for some time, so the forthcoming changes from 6 April could be a trap for the unwary, if usually confident managers are not careful. Speakers: Nick Wright, Partner, London and Anna Henderson, Professional Support Consultant, London
Apr 02, 2024•22 min
In this episode, join Partner Peter Jones, Regional Head of Emerging Technology (APAC) Susannah Wilkinson, Senior Associate Anjelica Balis and Solicitor Nayan Bhathela as they explore the impact of quantum computing on the financial services sector.
Mar 27, 2024•25 min
In this episode associate Mark Peters and partner Toby Eggleston discuss the potentially huge changes to the stamp duty regime in Victoria for commercial property. While it initially sounds straightforward, there are a number of nuances and potential issues for future transactions. More details can be found in our tax insights: https://hsfnotes.com/taxaustralia/2024/03/22/commercial-and-industrial-property-tax-victorian-duty-reforms/
Mar 25, 2024•20 min
Isabella Kelly fires up the crystal ball and invites Tim Stutt and Mel Debenham to share their ESG predictions for 2024. Mel discusses the timing tightrope for decarbonisation projects, Commonwealth environmental legislative reform and a very different approach to regulation. Tim queries if there is an elastic start date for mandatory climate reporting, whilst the required corporate uplift crystallises. Shifting landscapes emerge for Australia’s Sustainable Finance Strategy, post-Voice referendu...
Mar 25, 2024•28 min
Under the new offence of failure to prevent fraud, companies can incur liability as a result of acts by their "associated persons". In this episode Elizabeth Head, Rob Hunt and Shannan Casey-Black discuss the types of third parties that can be "associated persons" for this purpose, consider how this compares with similar concepts under the Bribery Act 2010 and the Criminal Finances Act 2017, and provide some advice to companies as they start to think about their risks in this area. You can also ...
Mar 22, 2024•15 min
In this 23rd episode of our series of commercial litigation update podcasts, we look at the government's plans for the litigation funding industry, and a consultation on proposals regarding public access to court documents. We also consider two recent cases on costs – more specifically costs against non-parties and security for costs – and a recent privilege decision from the Court of Appeal. This episode is hosted by Maura McIntosh, a professional support consultant in our litigation team, who ...
Mar 21, 2024•18 min
