ASIC has released a draft regulatory guide on the sustainability reporting regime for consultation. Background here and here.
From 1 January 2025, large Australian businesses, financial institutions and registrable superannuation entities will need to prepare annual statutory sustainability reports containing climate-related financial disclosures under Chapter 2M of the Corporations Act.
The draft Regulatory Guide includes guidance on who must prepare a sustainability report, how the regime will interact with existing legal obligations and how ASIC will administer the sustainability reporting requirements. This includes specific guidance on ASIC’s approach to granting relief from the regime and use of its new directions power.
The draft RG also addresses specific issues about the contents of the sustainability report and sustainability-related financial disclosures outside the sustainability report.
Separately the Australian Sustainable Finance Institute has launched further public consultation on the development of an Australian sustainable finance taxonomy.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
