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Governance 5 min read Published Updated Credibility 40/100

Governance Briefing — June 26, 2024

Australia tabled legislation mandating ISSB-based climate reporting, embedding director responsibility for scenario analysis, assurance, and transition planning across listed and large entities.

Zeph Tech Research Lead

Research lead, Zeph Tech

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Executive briefing: On 26 June 2024 the Australian Government introduced the Treasury Laws Amendment (Financial Market Infrastructure and Climate-related Disclosures) Bill 2024 to Parliament. The bill requires phased adoption of IFRS S1/S2-aligned climate disclosures with board attestations covering governance, risk management, metrics, and targets.

Key governance signals

  • Director declarations. Entities in Group 1 must provide director declarations on climate statements from FY2025, expanding personal accountability.
  • Assurance ramp-up. Limited assurance becomes mandatory in the second year of reporting, necessitating audit committee oversight of climate control frameworks.
  • Transition plan scrutiny. Boards must describe decarbonisation strategies, financing approaches, and scenario assumptions within the governance section of disclosures.

Action checklist

  • Update board charters to allocate climate reporting responsibilities across audit, risk, and sustainability committees ahead of FY2025 filings.
  • Integrate scenario analysis processes with enterprise risk management, documenting director challenge and approval of material assumptions.
  • Work with assurance providers to map evidence chains for Scope 1, Scope 2, and material Scope 3 data to satisfy limited assurance in year two.

Sources

Zeph Tech guides Australian boards through climate governance charters, scenario challenge workshops, and assurance readiness for the new disclosure regime.

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