30 Apr BIGGEST CLIMATE RISK IS DO NOTHING: APRA; VIRTUAL AGMs, ONE YEAR ON
Welcome to this week’s business and media intelligence update, with insights collected by the Cannings team over the past seven days.
BIGGEST CLIMATE RISK IS DO NOTHING: APRA
- The prudential regulator has warned financial institutions to prepare for the impact of climate change, saying the biggest risk the sector faces is being unprepared. APRA chairman, Wayne Byres, said it was critical for banks, insurers and superannuation funds to be aware of the changes occurring around them and plan for contingencies. Read more in The AFR.
VIRTUAL AGMs, ONE YEAR ON
- After a year of practice, companies are better prepared to host virtual AGMs, adding more interactive tools, including live questions and video streams, to improve the experience for investors. Amy Borrus, executive director at the Council of Institutional Investors, said investors are expecting public companies to “do a better job this year of providing meaningful ways for their shareholders to participate in virtual annual meetings.” Read more in The Wall Street Journal.
CONSUMERS ARE SITTING ON PILES OF CASH. WILL THEY SPEND IT?
- With nowhere to go, households have been accumulating lots of cash. The Economist gathered data on personal saving for 21 rich countries and found that households would probably have stashed away $3 trillion in the first nine months of 2020. But the question is, will they spend it? Read all about it in The Economist.
WANT TO SAVE $1 BILLION A YEAR?
- Google, notorious for office perks such as massage tables, catered cuisine and corporate retreats, has changed tact, with employees still working from home. The move has saved Google’s parent company, Alphabet, $268 million in expenses from company promotions, travel and entertainment this quarter, compared to the same period a year earlier. On an annualised basis, that would be more than $1 billion. Read more here.
THE REALITY OF WORKING FROM HOME
- Meanwhile, HSBC manager Johnny Frostick, is the latest financial employee to weigh in on the work-till-you-drop culture during a pandemic that’s obliterated the lines between office and home life. Frostick, who experienced a heart attack, hopes to inspire flexible work culture with his LinkedIn article about his near-death experience, which has been viewed almost eight million times. Read his post here, and more in The AFR.
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