June 16, 2021
On the Horizon – Briefing note on TCFD-aligned mandatory disclosure in New Zealand
Canadian and other regulators globally are considering how best to embed disclosure and governance of climate-related financial risks and opportunities into financial reporting. This briefing note canvasses recent legislative initiatives in New Zealand as another example of a regulatory path towards net zero.
In April 2021, the New Zealand Government introduced the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill, an omnibus Bill that will amend the Financial Markets Conduct Act 2013, the Financial Reporting Act 2013, and the Public Audit Act 2001. The Bill will make climate-related disclosures mandatory for approximately 200 organisations that meet a NZ $1 billion asset threshold, including most listed issuers, large registered banks, licensed insurers, and managers of investment schemes, which are designated as ‘climate reporting entities’.
This is a Canada Climate Law Initiative publication.