ASIC has published Regulatory Guide 280 Sustainability Reporting, which provides guidance on ASIC’s role in administering the requirements for climate-related financial disclosures under the Corporations Act.
The guide discusses who must prepare sustainability reports, the content required, the interaction between sustainability reporting requirements and other reporting obligations and disclosures and ASIC’s administration of the reporting requirements. Background.
The new requirements commenced for the largest corporate entities for financial years beginning on or after 1 January 2025 and will gradually apply to other large companies and financial institutions over time.
ASIC says it will take a pragmatic and proportionate approach to supervision and enforcement as industry adjusts to the new requirements, including considering and deciding any applications for relief from one or more of the sustainability reporting requirements.
From 2026, in administering the sustainability reporting requirements, if ASIC considers that a statement made by an entity in a sustainability report is incorrect, incomplete or misleading, ASIC may direct the entity to:
- confirm that the statement is correct or complete;
- explain the statement;
- provide information or documents that substantiate or support the statement;
- correct, complete or amend the statement; and/or
- publish the corrected, completed or amended statement, or give the statement to specified persons, in accordance with the direction.
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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.
