Mandatory disclosure of climate-related risks and opportunities
This webinar, held jointly by the XRB and CAGTR, discussed the Financial Sector (Climate –related Disclosure And Other matters) Amendment Bill which is open for written submissions to 28 May 2021.
The Bill requires Climate Reporting Entities (listed companies and large financial institutions) to prepare Climate Statements that comply with Climate Standards to be issued by the XRB. The standards will reflect the framework proposed by the Task Force on Climate-related Financial Disclosures and the Bill also provides for the XRB to issue non-binding guidance on ESG and other non-financial matters.
The Climate Statement will require assurance to the extent that there are disclosures on greenhouse gas emissions. The new regime will be monitored by the FMA and non-compliance can have severe consequences.
In this webinar, Sanel Tomlinson (XRB) chaired a panel discussion with Lucas Kengmana (Guardians of NZ Superannuation) giving a preparer's perspective on implementation of climate-related disclosure, Nicola Swan (Chapman Tripp) spelling out the key features of the Bill, Misha Pieters (XRB) commenting on assurance, and Sanel Tomlinson outlining the XRB’s plans for development of the climate standards and guidance.