During the 9th Annual General Counsel Summit in Sydney on August 7, 2023, general counsel from some of Australia’s leading corporations listed greenwashing, data breaches, and regulatory changes as their most pressing concerns. This discussion highlighted a sense of increased vigilance from regulatory bodies such as the Australian Securities & Investment Commission (ASIC) and the Australian Prudential Regulation Authority.
According to Luke Barrett, general counsel for pension fund UniSuper, both ASIC and the Australian Prudential Regulation Authority have upped efforts to ensure companies are functioning within their statutes. Barrett expressed concern over ‘greenwashing’, a practice where companies exaggerate their sustainability efforts. This concern is not unfounded, as ASIC has indicated prosecuting greenwashing as a key priority in 2023.
Merinda Timpany, legal, risk & compliance counsel at international tire and car repair business, Mycar Tyre & Auto, focused on modern slavery concerns. She stated that it’s important to ensure suppliers are compliant with regulations to mitigate any risks involved in their supply chains. This comes on the back of modern slavery laws introduced in Australia in 2019, which call upon medium and large companies to report on any risks of modern slavery in their supply chains.
Security concerns in a new age were brought up by Scott Stierli, the general counsel at financial services property portal REA Group. With mounting privacy and cyber-security legislation, Stierli emphasized the importance of understanding the handling of sensitive customer data within the company.
Meanwhile, Nathan Hinde, head of legal, compliance and stakeholder relations at online gaming company PointsBet, underscored the importance of anticipating and adapting to regulatory changes in this rapidly progressing digital age.
Understanding the role of regulators was another vital conversation during the summit. General counsels were encouraged to be proactive in liaising with regulators, especially in navigating upcoming regulatory changes. Corporate legal teams were encouraged to not only focus on managing relations with regulatory bodies but also effectively translate the implications of regulations to their internal stakeholders.
Within an evolving technology-driven landscape, these shared concerns among general counsel emphasize the importance of remaining adaptable and vigilant in addressing impending legal challenges.