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ARTICLE · 23 MARCH 2021

ASIC Signals Increasing Expectations For Climate Change Disclosures

Jones Day
Jones Day
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Commissioner Armour's statement is consistent with an accelerating international trend of regulators raising the standards in relation to climate-related disclosures.

AustraliaEnvironment
Mark Crean
Mark Crean
Courtney Dixon
Courtney Dixon
Leon Ferera
Leon Ferera
Shannon Finch
Shannon Finch
Tim L'Estrange
Tim L'Estrange
Michael Lishman
Michael Lishman
Leah Ratcliff
Leah Ratcliff
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In Short

The Situation: After conducting a period of market surveillance, Australian Securities & Investments Commission ("ASIC") Commissioner Cathie Armour recently released a statement reiterating ASIC's expectation that disclosing and managing climate change risk is a key responsibility of directors.

The Result: ASIC identified that since its last review in 2017-2018 there has been a significant increase in the level of engagement and standards of disclosure on climate-related matters by Australian listed companies, and there is now broad-based board oversight of climate change risk in each of the companies included in the review.

Looking Ahead: Commissioner Armour's statement is consistent with an accelerating international trend of regulators raising the standards in relation to climate-related disclosures. While ASIC is adopting a consultative approach to improving disclosure practices, serious disclosure failures could lead to enforcement action.

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