ASIC To Focus On Net Zero Statements And Targets

On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on 'navigating disruption'. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:

1. Sustainable financial reporting and disclosure
2. Addressing misconduct in the superannuation sector, and
3. Ensuring fair and orderly financial markets.

ASIC Chair, Joe Longo explained that in this time of unpredictability in the global economy, poor sustainable financial reporting and disclosure remains an area of serious potential harm to consumers.

ASIC Deputy Chair, Sarah Court reinforced this viewpoint noting ASIC's success in issuing guidance, conducting extensive surveillance and instituting proceedings in the Federal Court against certain superannuation trustees and Vanguard Investments Australia with respect to alleged misleading statements about exclusions and screens purported to apply to