Mandatory reporting

What is the implementation timetable?

The mandatory disclosure reporting regime will apply for financial years ending on or after 31 December 2023. This means that the first statements complying with the new regime will be issued in 2024.

The requirement for greenhouse gas emissions to be subject to independent assurance will only apply to financial years ending on or after 27 October 2024.

There is also transitional relief for certain other of the more onerous requirements under the regime, recognising that it may take time to develop the capability to produce high-quality climate-related disclosures.

Who regulates compliance?

The Financial Markets Authority (FMA) is responsible for enforcing compliance, under its existing statutory powers, including monitoring the disclosures.

Climate Disclosure Regime Summary Timeline

The FMA has indicated that it will take a broadly educative and constructive approach at first, moving to a proactive regulatory role as the regime becomes more established. The FMA has said that its enforcement approach during the early years of the regime will focus on serious misconduct as the sector learns and builds capability.

2022 2023 2024 2025

December 2022

XRB issues climate standards

First reporting year begins

AUGUST 2023

FMA expected to publish guidance on record keeping

Second reporting year begins

First climate statement published <4 months of balance date (or 3 months for NZX listed issuers)

Content based on NZCS 1, 2 and 3, including:

• Governance

• Strategy

• Risk management

• Metrics and target (including scope 1 and 2 GHG emissions)

Some transitional relief for first climate statements

Third reporting year begins

Second climate statement published <4 months of balance date (or 3 months for NZX listed issuers)

For second and subsequent climate statements:

• Transitional relief no longer applies

• Disclosure of scope 3 GHG emissions required

• Assurance required for GHG emissions disclosures