The XRB aims to issue its first climate standard in December 2022, meaning these entities would be required to make disclosures alongside wider year end reporting in 2023 at the earliest.ĭeveloping Climate-related Disclosure Standards Once the XRB issues its first climate standard, climate-related disclosures are 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). As a result, the XRB now has a mandate to issue climate standards as part of a climate-related disclosures framework, and guidance on non-financial matters. In October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was passed and received Royal Assent. In September 2020, the Government announced its intention to implement mandatory reporting on climate risks and tasked the XRB with developing reporting standards to support the new reporting regime. This input has provided us with valuable insights into the needs and concerns of climate related reporting entities (CREs). Following the release of the Strategy and Metrics and Targets consultation, we also ran a number of deep dive sessions which usefully informed not only the standards, but also the development of FAQs andĬlick here for past presentations and documents related to our previous rounds
#Lanuch taskboard plus#
To date, we have received 133 formal submissions plus a substantial amount of other informal feedback through direct engagement. Throughout the development of the disclosure standards, we have been committed to taking a collaborative, open and transparent approach. This consultation will be open for feedback until 27 September 2022 at 12pm.įind our consultation document, exposure drafts and supporting documents here. We are excited to announce that our third and final consultation on climate-related disclosures is now open. The External Reporting Board (XRB) is proud to play its part in addressing climate change through the establishment of a climate-related disclosure framework for Aotearoa
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