Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill 2021

The Bill sets out the mechanics of the new climate-related reporting regime, and the substance of the reporting requirements to be set out in applicable climate standards, which are to be prepared by the External Reporting Board (the XRB). [...] 1.3 The Law Society’s submission focuses on: (i) some practical issues with the proposed timing for the new climate-related disclosure requirements to take effect; and (ii) a drafting suggestion to clarify the relationship between the obligation to include certain information in a climate-reporting entity’s annual report, and the Companies Act 1993 section specifying the information a company must. [...] 2.3.2 The Law Society therefore encourages the Financial Markets Authority (the FMA) to work with the XRB to provide guidance for climate-reporting entities on the approach to: (i) interpretation of the climate standards (once released by the XRB); and (ii) enforcement of the new climate-related disclosure regime. [...] Adding express reference to new Part 7A of the Financial Markets Conduct Act 2013 in s 211 of the Companies Act 1993 3.1 The Law Society recommends including an express reference to the new Part 7A of the Financial Markets Conduct Act 2013 in section 211(1)(b) of the Companies Act 1993. [...] 2 The relevant requirements are set out in new Part 7A of the Financial Markets Conduct Act 2013, proposed s 461ZP 3 a) Proposed section 461ZO(1), which obliges a climate-reporting entity that is required to prepare an annual report under the Companies Act 1993 (or any other enactment) to include a statement that the entity is a climate-reporting entity, as well as a link to the site where the fol.