Mandatory climate reporting standards - What directors need to know

On 26 June, the International Sustainability Standards Board (ISSB) issued its finalised standards for sustainability (IFRS S1) and climate disclosure (IFRS S2), representing a significant milestone in global efforts to harmonise reporting frameworks.

In parallel, the Australian Government is currently developing a mandatory climate change reporting framework which is expected to come into force from July 2024. The domestic climate standards will likely mirror those recently issued by the ISSB.

AICD Policy and experts will provide an update on the proposed mandatory climate reporting framework, the standards against which organisations will be required to report, and what actions directors can take to get ready.

The panel will discuss and cover:

• The International Sustainability Standards Board (ISSB) climate and sustainability standards, with a focus on IFRS S2 (climate standard)
• The Australian Government’s proposed mandatory climate disclosure framework (including scope, timeframes, and liability settings);
• What steps directors can take to support high quality climate reporting.

Climate risk reporting will be one of the most significant corporate governance issues on board agendas in 2023, so make sure you understand how new obligations will impact your business.