Update on Parliamentary process

8 July 2021

Update on Parliamentary process

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill is making its way through Parliament and is currently at Select Committee stage. This bill provides the mandate for the XRB to prepare a climate-related disclosure standard for New Zealand.

In total, 55 submissions to the Select Committee were received. The XRB’s submission is available to read here.

Key themes of the submissions included on the:

  • Scope of the bill (that it should either be widened or narrowed)
  • Proposed penalty regime
  • Need for transitional arrangements 
  • Assurance requirements
  • Location of the climate statement/public accessibility of the statement 
  • Alignment with international regimes and other financial accounting practice