Climate change disclosures

Overview

The External Reporting Board (XRB) is the independent Crown entity responsible for developing and implementing accounting, audit and assurance standards for Aotearoa New Zealand. In September 2020, the Government announced its intention to implement mandatory reporting on climate risks and tasked the XRB with developing disclosure standards to support the new reporting regime. Climate-related disclosures will be 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). Subject to parliamentary approval, these entities could be required to make disclosures alongside wider year end reporting in 2023 at the earliest.

The disclosure standards will be based on the recommendations of the Task Force on Climate-related Financial Disclosures and are being consulted on through the three iterations – the first focused on Governance and Risk Management will be shared in this briefing.

This session covers:

• A summary of the TCFD and the overall objectives of the disclosure regime
• An explanation of what is proposed to be included in the Governance and Risk Management sections of the new standards and key questions the XRB are seeking feedback on; and,
• Future issues on the XRB’s agenda, such as scenario analysis and GHG accounting

See more information on the XRB website.

Speakers

April Mackenzie, Chief Executive, XRB

April joined the XRB as Chief Executive in December 2019 and is responsible for leading the organisation to achieve its mission and strategic objectives. This includes oversight of the XRB's operations, people, policies, processes, and governance.

April has extensive experience in external reporting both in New Zealand and internationally.  She was a Board member for four years with the International Valuation Standards Council where she also briefly acted as Council’s Interim Chief Executive. As Global Head of Governance and Public Policy for Grant Thornton International, April was responsible for formulating and representing the Network’s positions on key regulatory policy matters.

Dr Amelia Sharman, Director Climate Standards, XRB

Dr Sharman has an extensive background in climate and sustainability policy areas, most recently as Head of Policy at Ara Ake, the entity responsible for accelerating energy innovation to support New Zealand's transition to a low-emissions energy future. Previously, Dr Sharman worked for the New Zealand Productivity Commission where she developed the Commission’s final recommendation on the climate-related disclosure regime for New Zealand.

Prior to this, Dr Sharman was a consultant to the European Commission while at consulting firm Amec Foster Wheeler (now part of Wood), focusing on climate and energy policy. She also worked for the International Hydropower Association where she contributed to the international implementation of the Hydropower Sustainability Assessment Protocol.

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