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Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill

New Zealand Forthcoming 2021

This omnibus bill will amend the Financial Markets Conduct Act 2013, the Financial Reporting Act 2013, and the Public Audit Act 2001 by implementing a single broad policy to broaden non-financial reporting by requiring and supporting the making of climate-related disclosures by certain FMC reporting entities and supporting related matters. In October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was passed and received Royal Assent. As a result, the XRB now has a mandate to issue climate standards as part of a climate-related disclosures framework, and guidance on environmental, social and governance (ESG) matters.

Scope

Climate

Issuer name

New Zealand Parliament

More information

Subject to parliamentary approval, these entities could be required to make disclosures alongside wider year end reporting in 2023 at the earliest.

Organizations covered by the instrument

Large private and listed companies

Target organization notes

Climate-related disclosures will be mandatory for large listed companies with a market capitalisation of more than $60 million; large licensed insurers, registered banks, credit unions, building societies and managers of investment schemes with more than $1 billion in assets; and some Crown financial institutions (via letters of expectation).

Industry scope

All/none specified

ESG coverage - E (Environment)

Climate & GHG emissions

Status

Forthcoming

Country

New Zealand

Region

Asia Pacific

Date of publication

2021

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

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