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Australian companies are on the verge of being required to publicly disclose their governance processes over climate-related risks. Good governance will play a central role in the transition.
In brief:
- Multiple factors, including consumers buying less insurance to offset the higher cost of living, are making digital transformation essential in the sector.
- In an environment of unprecedented change and uncertainty, insurance leaders must mobilise their people to adopt new tools and ways of working.
- New lessons from the 30% of transformations that do succeed suggest how the sector should be approaching transformation and the questions insurers must ask.
The introduction of a mandatory climate-related financial disclosure regime in Australia (for financial years starting on or after 1 January 2025) will require companies to disclose how climate-related issues are embedded within their governance approach, along with their strategy, risk management, and metrics and targets.
The two sides of governance in climate-related reporting explores the role of governance in two dimensions:
- Governance of climate risks and opportunities as required by the proposed Australian Sustainability Accounting Standards (ASRS standards)
- Governance of reporting to enable robust disclosure and manage reporting risk For many organisations, the transition represents a significant uplift in the amount of disclosures that an entity must make.
Download the two sides of governance in climate-related reporting here
Summary
The EY Sustainability Disclosure Hub offers practical guidance to assist companies across the region prepare for mandatory reporting of climate and sustainability-related reporting. Please reach out to our Sustainability Disclosure Hub team to discuss what the requirements in the exposure draft mean to you.