Consultation: Climate-related disclosures timing challenge

Final date for submission	CLOSED
Consultation paper	Climate-related disclosures timing challenge
Resulting document	Financial Markets Conduct (Requirement to Include Climate Statements in Annual Report) Exemption Notice 2023

 

December 2023  

The Financial Markets Conduct (Requirement to Include Climate Statements in Annual Report) Exemption Notice 2023 is now in force.    The notice provides relief to listed issuers and registered banks who are Climate Related Entities (CREs) from the requirement to include in the annual report a copy of or link to the climate statement, subject to certain conditions.    The exemption applies to all climate statements for accounting periods that end while the exemption is in force from 8 December 2023 to 7 December 2025. All exempted CREs will get two years (i.e. two reporting cycles) of relief under this exemption.   Read the notice on the FMA website or the New Zealand legislation website. 

September 2023 

After carefully considering submissions, the FMA has agreed in principle to grant an exemption (with conditions) for climate reporting entities who are listed issuers or registered banks from the requirement to include a copy of, or link to, their climate statements in their annual report for a period of two years.  

We may consult with interested stakeholders on the drafting of the exemption notice that will give effect to our decision. If you would like to be added to the list of stakeholders please email your request to us.  

We aim to have a notice in place to give effect to this decision before the end of 2023. 

 

July 2023

Under the Climate-related Disclosures requirements of the FMC Act, climate reporting entities (CREs) must prepare and lodge climate statements within four months after their balance date. However, some CREs are facing a timing challenge because they are subject to other reporting obligations that mean climate statements will need to be prepared within three months.  

We are considering using our exemption power to exempt certain CREs from the requirement to include a link to their climate statements in their annual report, with conditions, for a period of two years. 

We invite your feedback on the exemption proposals discussed in the consultation paper. Please use the feedback form provided.