Climate reporting for Crown financial institutions
Crown financial institutions will be expected to report on their exposure to climate risk.
Last year, Aotearoa New Zealand became the first country in the world to announce its intention to introduce a mandatory requirement on certain large companies and financial organisations to report on climate risks. Legislation to this end is expected to pass before the end of the year.
It was also announced at the time that Crown financial institutions with greater than $1 billion in total assets under management, such as ACC and the NZ Super Fund, would be expected to report on climate risks.
Letters of expectation released from the Minister of Finance, Grant Robertson to Crown financial institutions give effect to that announcement.
The letters of expectation state that Crown financial institution’s climate reporting should be in line with the Task Force on Climate-related Financial Disclosures framework, which is widely acknowledged as international best practice.