Uncovering greenwashing: ASIC’s latest pursuit of accountability – Judgment against Active Super
Last week, the Federal Court found that the superannuation fund Active Super had made misleading representations concerning its commitment to environmental, social and governance (ESG) factors in its investment decision-making. On 10 August 2023, the Australian Securities and Investments Commission (ASIC) commenced proceedings against the Local Government Superannuation Scheme (LGSS), as trustee of Active Super, […]
ReadmoreMandatory sustainability reporting regime: An update – Second reading debate completed
In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]
ReadmoreAustralia’s strongest environmental laws have commenced in NSW with significant changes to EPA powers and penalties for environmental offences
The Environment Protection Legislation Amendment (Stronger Regulation and Penalties) Act 2024 (the Amendment Act) has now commenced, which introduces into NSW the strongest environmental laws in Australia. The overhaul has occurred at the same time as the NSW Environment Protection Authority (EPA) has carried out criminal investigations into the asbestos-contaminated mulch, which emphasised the need […]
ReadmoreASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct
Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]
ReadmoreBusy day in Parliament – Victorian Government responds to stamp duty and apartment design standards
On Thursday 21 March 2024, the Victorian Government released its responses to the inquiries in relation to land transfer duty fees and apartment design standards. Key takeaways are provided below. Commercial and Industrial Property Tax The government in its response confirmed its commitment to abolish and replace stamp duty with the Commercial and Industrial Property […]
ReadmoreHutchinson Builders v ACCC: Full Court finds termination of subcontract did not contravene “boycotting” laws; clears Hutchies of wrongdoing
Hutchinson Builders (Hutchies) is Australia’s largest privately owned construction company. Throughout its 110+ year history it has delivered countless significant projects across Australia. One such project, which was the subject of the Full Court’s decision in J Hutchinson Pty Ltd v ACCC, was a construction project located in South Brisbane known as the “Southpoint Project”. […]
ReadmoreThe Montague Precinct and Fishermans Bend – Have your say on Victoria’s largest urban renewal project
The Department of Transport and Planning (DTP) has released the draft Montague Precinct Infrastructure Plan (PIP) and draft Development Contributions Plan (DCP) for Fishermans Bend. These documents are on public exhibition until 23 February 2024 and will have a substantial impact on landholdings across the Fishermans Bend urban renewal area. The Fishermans Bend urban renewal […]
ReadmoreA new Banking Code of Practice is on the horizon
Background The Australian Banking Association’s (ABA) Banking Code of Practice (the Code) contains a set of contractually enforceable industry standards that customers and small businesses can expect subscribing banks to uphold. The Code has been in place in various forms since 1993, including a range of protections that are intended to complement and set higher […]
ReadmoreThe City of Melbourne Street Network is Changing – Have your say on the Future Streets Framework
The City of Melbourne (Council) has proposed the Future Streets Framework (Framework). The Framework seeks to implement the strategic directions of the Transport Strategy 2030, which seeks to reallocate more space to people walking and cycling in the Melbourne CBD, reduce central city through-traffic and transform precincts around major transport interchanges into pedestrian thoroughfares. New […]
ReadmoreASIC commences proceedings against Vanguard Investments
Further to our series of articles on ESG, on 24 July 2023 ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Vanguard Investments Australia Ltd (Vanguard) alleging misleading conduct in relation to claims about the applicability of environmental, social and governance (ESG) criteria applied to investments in an investment fund offered by […]
ReadmoreMinister intervenes in the ‘Great Wall’ of high rise development in Frankston
Last week the Minister for Planning approved Amendment C162, which applies the Design and Development Overlay Schedule 14 (DDO14) on an interim basis (until 27 October 2023), to land bordered by Nepean Highway, Kananook Creek Boulevard, Beach Street and Wells Street, Frankston (the Amendment). The Amendment amends Planning Scheme Map No. 4DDO and inserts a […]
ReadmoreBuild-to-Rent short series | Subdivisional solutions
The Gadens Build-to-Rent short series will focus on emerging property and development issues that affect Build-to-rent (BTR) projects – covering planning, subdivision structuring, fund through models and management issues. Click through the following links to read each instalment. Build-to-Rent short series | Has the planning scheme caught up? Subdivisional solutions BTR Projects often seek to […]
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