NZ CRG Annual Climate Statements

On May 11, NZ CRG discussed climate reporting compliance for 2024.

  • NZ CRG said from early 2024 certain large firms will be required to prepare annual climate statements, and lodge them with NZ CRG; discussed considerations re same.
  • It also reminded that the NZ XRB has published New Zealand climate standards.
  • Follows NZ XRB May 2023 issued latest news, information for May 2023, see #171968.
  • Lodgment Requirement
  • Explained that NZ GVT has introduced a requirement for large entities to prepare and lodge annual climate-related disclosures (climate statements); these entities are called climate reporting entities (CREs) under the Financial markets conduct act 2013.
  • Said that CREs will be required to lodge climate statements with the Registrar of Financial Service Providers within four months after the balance date of the entity.
  • CREs with a balance date of Dec. 31 will be the first to file their climate statements.
  • An entity will be considered a CRE re an accounting period if it meets an asset- or revenue-based threshold listed below for each of their 2 preceding accounting periods.
  • Said that about 200 entities are expected to meet these thresholds at this stage.
  • NZ CRG is preparing to accept, make publicly viewable, climate statements from early 2024; NZFiMA is the regulator and will provide guidance, monitoring and enforcement.
  • Thresholds
  • Listed issuers that have equity or debt securities exceeding NZD 60mn; registered banks, credit unions and building societies that have total assets exceeding NZD 1bn.
  • Licensed insurers that have total assets over NZD 1bn or total premium revenue over NZD 250mn; managers of investments schemes that have total assets over NZD 1bn.
  • This threshold re managers of investment schemes is in respect of all the schemes.
  • Effectiveness
  • For CREs with balance date of Dec. 31, climate statements are due by Apr. 30, 2024.
  • Other CREs required to file within four months after the balance date of the entity.
  • In Jun. 2023, NZFiMA proposed class exemption from climate reporting, see #176560.

Regulators NZ CRG
Entity Types Bank; BS; Corp; CU; IA; Ins; Inv Co
Reference PR 5/11/2023; ESG; Citation: Financial markets conduct act 2013;
Functions Compliance; Environment; Financial; Legal; Reporting; Treasury
Countries New Zealand
Products Banking; Corporate; Equity; Fixed Income; Fund Mgt; Insurance; Securities
Regions AP
Rule Type Final
Rule Date 5/11/2023
Effective Date 4/30/2024
Rule Id 172229
Linked to Rule :171968
Reg. Last Update 5/11/2023
Report Section International

Last substantive update on 05/12/2023