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Climate Governance Initiative.

AICD has joined the Climate Governance Initiative as host of the Australian Chapter.

Climate change is creating diverse risks and opportunities for organisations. Investors, regulators, employees and other stakeholders are now challenging directors to address climate risk at an organisational level.


The Climate Governance Initiative is an active network of bodies globally that promote the World Economic Forum Climate Governance Principles for boards and effective climate governance within their jurisdictions. The CGI network seeks to mobilise, educate and equip directors with the skills and knowledge necessary to address climate change at the board level.

The principles, endorsed by the AICD, support directors to gain climate awareness, embed climate considerations into board decision-making, and understand and act upon the risks and opportunities that climate change poses to their organisations.

The AICD endorses the CGI Charter, available here.   

Climate Governance Initiative Australia aims to bring together the expertise of climate governance leaders to meaningfully contribute to the discourse on climate change governance.

We aim to activate the director community through education based on the principles as adapted for Australia, on strategies for embedding climate considerations into Australian boardrooms’ strategic decision making. As the long-term stewards of Australian organisations, the director community has a vital role in addressing the issue of climate change in Australia to ensure a sustainable future and a robust, competitive Australian economy.

Through Climate Governance Initiative Australia, the AICD encourages non-executive directors to serve as advocates within their boards for the adoption of strategies that are aligned with the best-available recommendations of the scientific community, to achieve net-zero carbon emissions by 2050 or earlier, consistent with a global average temperature rise of no more than 1.5°C above pre-industrial levels.

The AICD is hosting Climate Governance Initiative Australia to support our members better to meet the challenges and opportunities of governing climate change risk.

Specifically, we aim to support the AICD membership and Australian director community more broadly with strategies for embedding climate considerations into boards’ strategic decision-making.

As host, our members have access to a global network of non-executive directors and support from experts leading their organisations’ governance response to climate change.

The AICD is proud to be the Australian home for this important conversation amongst directors.

With more than 50,000 members, no other organisation in Australia is better positioned, both in mission and reach, to impact the conversation on climate change at the board level.

As host of the Climate Governance Initiative Australia, the AICD is collaborating with five partner bodies as well as senior non-executive directors to support governance practice. The partner bodies are PwC, Deloitte, MinterEllison, Herbert Smith Freehills and the Pollination Group.

The CGI Steering Committee and CGI Advisory Committee will help drive the activity of the Climate Governance Initiative Australia. Membership of those Committees is listed below.

Steering Committee

  • Maxine Brenner
  • Ming Long AM GAICD
  • Geoff Summerhayes GAICD (Chair)
  • Michael Ullmer AO FAICD
  • Dr Katherine Woodthorpe AO FAICD
  • Timothy Stutt / Mark Smyth (Herbert Smith Freehills)
  • Will Symons / Rebekah Cheney GAICD (Deloitte)
  • Samantha Vincent / Jon Chadwick (PwC)
  • Sarah Barker / Kate Hilder (MinterEllison)
  • Zoe Whitton / Kate Rayson (Pollination Group)

Advisory Committee

  • Penny Bingham-Hall FAICD (Chair)
  • Ms Jillian Broadbent AO
  • Michael Coleman FAICD
  • Ken Dean FAICD
  • Naomi Edwards FAICD
  • Joe Morrison
  • Dr Don Russell
  • Diane Smith-Gander AO FAICD
  • David Thodey AO FAICD

A director's guide to mandatory climate reporting

The director’s guide to mandatory climate reporting provides practical guidance to Australian directors to effectively oversee the transition to mandatory climate reporting.

WEBINARS

Climate webinars.

Our interactive webinars offer you an efficient way to refine your knowledge and catch up on current governance issues.

Mandatory climate reporting standards - What directors need to know

Mandatory climate reporting will represent the biggest shift in Australian corporate reporting in a generation, and is likely to take effect from July 2024. Join the AICD and expert panellists to find out what this key policy change means for directors and the organisations they govern.

Preparing for new climate reporting and disclosure standards

With increased pressure on organisations to disclose their climate impacts and exposure to risk, boards are increasingly having to factor reporting and disclosure expectations into their discussions. Join this webinar to find out more.

NFP Climate governance guide - Starting the journey to Net Zero

Is your NFP board thinking about climate change and how it impacts the organisation? Join this webinar to understand the practical steps NFP directors can take now to start their climate journey.

 

An introduction to reporting on nature-related risks

Is your board thinking about nature-related risks and opportunities as you address climate change? Join us for an introduction to biodiversity loss as an interdependent, but distinct, issue to climate change, and examine new frameworks integrating nature-related financial reporting.

Sustainability or ESG Committees - How to structure your board

This session will provide practical guidance to prepare you and your board for appropriate governance structures to integrate climate change into your decision making.

Connecting climate change and strategy

Climate change is now increasingly material not only as a sustainability concern, but as a strategic driver for boards.  Join us to explore how to integrate climate change into your organisation’s strategy and consider ways to create commercial value in an economy transitioning to net zero.

Greenwashing – An emerging key risk for boards

This webinar facilitated by MinterEllison will discuss practical steps for how companies and boards can reduce legal and reputational exposures.

 

 

The Chair’s Guide to Climate Action

This webinar facilitated by Deloitte discusses with David Thodey AO FAICD, Chair Tyro, Xero and Great Barrier Reef Foundation and Sharon Thorne, Deloitte Global Chair, how boards have adopted practices to transform the way their companies address climate change while also enhancing long-term enterprise value.

Opportunities in climate adaptation: How to future proof your organisation

Is your board thinking about how the organisation adapts to a changing climate?

Find out why climate adaptation is a material issue for boards and what other leading organisations are doing to secure their future.


FEATURED COURSE

 

Introduction to Climate Governance

This engaging self-paced e-learning module is designed to provide you with an introduction to the climate literacy you need to begin navigating the complexities of climate change for your organisation.

WEF PRINCIPLES

World Economic Forum (WEF) Climate Governance Principles

Set Up Effective Climate Governance on Corporate Boards Guiding principles 

Climate Accountability on boards

The board should take responsibility for ensuring the company’s long-term resilience to climate risks.

Subject Command (Climate)

The board should be properly informed about climate-related risks and opportunities and able to make relevant decisions.

Board Structure

The board should implement the right board and committee structures to ensure climate risks and opportunities are understood, managed, and reported.

Material Risk & Opportunity Assessment

The board should ensure that management fully identifies climate-related risks in the short, medium, and long-term & takes appropriate action according to the materiality of the risks.

Strategic & Organisational Integration

The board should ensure that management factors material climate-related risks and opportunities into the company’s strategy, risk management processes and investment decisions.

Incentivisation

The board should align executives’ incentives with the long-term success of the business. This may include climate-related targets in executive incentive schemes.

Reporting & Disclosure

The board should ensure that the company discloses its material climate-related risks, opportunities, and strategic decisions to all stakeholders – especially investors and regulators. These disclosures should be included in financial reporting.

Exchange

The board should stay informed on current best practice in climate governance by maintaining dialogue with peers, policy-makers, investors and others.

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