Financial Markets Conduct (Climate-related Disclosures – Fletcher Building Industries Limited ) Exemption Notice 2024

The Financial Markets Conduct (Climate-related Disclosures – Fletcher Building Industries Limited) Exemption Notice 2024  (Notice) exempts Fletcher Building Industries Limited (FBIL) from its climate-related disclosure obligations under Part 7A of the Financial Markets Conduct Act 2013 (Act).

FBIL operates as an intra-group funding vehicle, on-lending the funds it raises to Fletcher Building Ltd (FBL) and its subsidiaries.  Each of FBIL and FBL are climate reporting entities under the Act.  FBL will be preparing climate statements for itself and its subsidiaries (including FBIL) pursuant to section 461ZA of the Act. 

The Notice is subject to a number of conditions including requiring alternative reporting (i.e. the group climate statements), disclosure, and FBIL continuing to operate principally as an intra-group funding vehicle.

The key reasons for granting the exemption (as set out in full in the Statement of Reasons in the Notice) are that –

• FBIL operates principally as an intra-group funding vehicle. The group climate statements of FBL will therefore provide more meaningful disclosure than stand-alone FBIL statements;
• FBIL’s primary users would need to look to FBL’s group climate statements to obtain a full picture of the climate-related matters relating to their investments. Having additional, stand-alone climate statements of FBIL would therefore be confusing, unhelpful and artificial in these circumstances. 

Download Financial Markets Conduct (Climate-related Disclosures – Fletcher Building Industries Limited ) Exemption Notice 2024 [PDF] 250KB