This New Zealand legal opinion confirms that company directors have a duty to ensure that their businesses are identifying foreseeable and material nature-related risks and to take such risks into account in decision making. The main risk to directors of businesses dependent on nature-based services (particularly in the primary, tourism and manufacturing sectors) is to underestimate the potential impact of nature-related risks (whether or not the business contributes to or has control over the risk). Directors will increasingly be expected to ensure processes are in place to: identify their businesses’ dependencies on nature; assess their businesses’ exposure to material nature-related risks; and manage financially material nature-related risks, as they would any other serious business risk.