The Australian Securities and Investment Commission (ASIC) recently finalised Regulatory Guide 280 – Sustainability Reporting (RG 280) to clarify sustainability reporting requirements and assist in navigating an increasingly regulated environment.
The release of RG 280 follows a consultation period that received 60 submissions. It will assist entities that are required to prepare a sustainability report under Australia’s new climate-related financial disclosure (CRFD) regime that came into effect on January 1, 2025.
ASIC’s focus is on ensuring users are provided with high-quality, decision-useful, climate-related financial disclosures that comply with the Corporations Act and AASB S2 Climate-related disclosures (AASB S2).
RG 280 provides additional information on the sustainability reporting requirements and ASIC’s administration of those requirements, including its review of sustainability reports and exercise of relief powers.
RG 280 covers:
- the preparation of the sustainability report;
- specific issues about the contents of the sustainability report;
- sustainability-related financial disclosures outside the sustainability report; and
- ASIC’s administration of the sustainability reporting requirements, including how it reviews sustainability reports and exercises relief powers.
Looking ahead, ASIC intends to compile further guidance as the sustainability reporting regime matures, including in relation to:
- the development and delivery of a suite of educational materials on the core concepts underpinning sustainability reporting requirements;
- the directors’ declaration for entities lodging a statement of no material climate-related financial risks and opportunities;
- information on decisions on significant or novel relief applications to illustrate the application of the approach to sustainability reporting relief; and
- an annual review of sustainability reporting as part of ASIC’s annual surveillance program.
Download Regulatory Guide 280 (PDF 811 KB)
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