Don't delay; start preparing for the new climate-related disclosures regime: That was the FMA's key message to an Institute of Finance Professionals New Zealand (INFINZ) Masterclass in Auckland last week.
FMA's Jenika Phipps, Manager, Climate-related Disclosures, gave the audience of CEOs, CFOs, Board members and Directors an overview of the FMA's expectations and approach to monitoring for entities that fall under the new the climate-related disclosures regime. Jacco Moison, Head of Audit, Financial Reporting and Climate-related Disclosures, then talked about how climate impacts financial statements and audits, and what this might mean for directors.
Both emphasised the critical role that directors play in the successful implementation of the new regime. As well as ensuring their disclosures provide context, address material issues, and demonstrate transparency and consistency, directors need to ensure that they upskill themselves and that their organisation has put the necessary resources, processes and procedures in place to upskill their governance body and other teams. Jenika added: "This could include ensuring appropriate expertise is available to provide oversight and that the right people, internally and externally, are working together."
