FMA releases final record keeping guidance for climate reporting
The Financial Markets Authority (FMA) has put out its final guidance for climate reporting entities (CREs) on meeting their record keeping obligations.
Wednesday, October 4th 2023, 10:31AM
The guidance sets out principles and the FMA’s expectations on CREs for creating, keeping, and maintaining records that prove climate statements comply with the Financial Markets Conduct Act (FMCA) and the Aotearoa New Zealand Climate Standards framework.
The FMA is responsible for monitoring and enforcing the Climate Related Disclosures (CRD) regime.
The FMA received 13 submissions from a range of stakeholders during the formal consultation.
FMA climate related disclosures manager Jenika Phipps says there were several amendment based on the feedback and most submitters supported the FMA’s overall approach.
The purposes of climate standards, as set out in the Financial Reporting Act are to provide for, or promote, climate-related disclosures, to:
- encourage entities to routinely consider the short, medium, and long-term risks and opportunities that climate change presents for the activities of the entity or the entity’s group
- enable entities to show how they are considering those risks and opportunities
- enable investors and other stakeholders to assess the merits of how entities are considering those risks and opportunities.
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