Introduction of mandatory climate-related disclosures
Published: 13 April 2021
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was introduced to Parliament on 12 April 2021.
The Bill will make climate-related disclosures mandatory for most listed issuers, large registered banks, licensed insurers and managers of investment schemes. Financial entities will be required to make disclosures from 2023 at the earliest.
Details of the Bill
Disclosures will need to be made in accordance with climate standards issued by the External Reporting Board (XRB). The XRB will be able to issue guidance material on environmental, social and governance reporting and other wider aspects of non-financial reporting.
The Financial Markets Authority will be responsible for the independent monitoring and enforcement of the relevant reporting entities’ compliance with the new reporting standards.
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