Climate Change Disclosures
Hear April McKenzie, Chief Executive XRB, discuss the proposed climate-related disclosure standards.
Overview
The External Reporting Board (XRB) is the independent Crown entity responsible for developing and implementing accounting, audit and assurance standards for Aotearoa New Zealand.
In September 2020, the Government announced its intention to implement mandatory reporting on climate risks and tasked the XRB with developing disclosure standards to support the new reporting regime. Climate-related disclosures will be mandatory for large listed companies with a market capitalisation of more than $60 million; large licensed insurers, registered banks, credit unions, building societies and managers of investment schemes with more than $1 billion in assets; and some Crown financial institutions (via letters of expectation). Subject to parliamentary approval, these entities could be required to make disclosures alongside wider year-end reporting in 2023 at the earliest.
The disclosure standards will be based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and are being consulted on through the three iterations – the first focused on Governance and Risk Management will be shared in this briefing.
This session will provide attendees with:
- A summary of the TCFD and the overall objectives of the disclosure regime
- An explanation proposed inclusions in the Governance and Risk Management sections of the new standards and key questions the XRB are seeking feedback on; and,
- Future issues on the XRB’s agenda, such as scenario analysis and GHG accounting
April Mackenzie
April joined the XRB as Chief Executive in December 2019 and is responsible for leading the organisation to achieve its mission and strategic objectives.
April is a Fellow of Chartered Accountants Australia and New Zealand (CA ANZ), and has extensive experience in external reporting both in New Zealand and internationally including as a Board member for the International Valuation Standards Council and as Global Head of Governance and Public Policy for Grant Thornton International.
April has served as a technical advisor and member of a number of international bodies including the International Public Sector Accounting Standards Board (IPSASB), the International Federation of Accountants (IFAC), the International Financial Reporting Standards Advisory Council (IFRS), the Global Public Policy Committee, and the Joint Ethics Committee of the Consultative Committee of Accounting Bodies in the United Kingdom.
