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Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Assurance engagements - Assurance practitioner access to information

461ZHE: Assurance practitioner may require information and explanations from director or employee

You could also call this:

"Assurance practitioners can ask company directors or employees for information to help with climate reports"

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If you are a director or an employee of a company that has to report on climate issues, an assurance practitioner can ask you for information and explanations. The assurance practitioner needs this information to do their job properly. You have to give them the information and explanations they ask for.

If you do not give the assurance practitioner the information or explanations they ask for, you can be charged with an offence and have to pay a fine of up to $50,000.

If you are an employee and you are charged with an offence for not giving information or explanations, you can defend yourself if you can prove you did not have the information or you could not give the explanations because of your job.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1001929.

Topics:
Business > Industry rulesEnvironment and resources > Climate and energyMoney and consumer rights > Banking and loans
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461ZHD: Climate reporting entity must give assurance practitioner access to information, or

"Companies must let experts check their climate change records"

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461ZI: Lodgement of climate statements, or

"Sending climate reports to the government on time"

Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Assurance engagements: Assurance practitioner access to information

461ZHEAssurance practitioner may require information and explanations from director or employee

  1. An assurance practitioner appointed for an assurance engagement under this Part is entitled to require from a director or an employee of the climate reporting entity the information and explanations that the assurance practitioner thinks necessary for the performance of their duties as assurance practitioner.

  2. A director or an employee who fails to comply with a requirement to provide information or an explanation under subsection (1) commits an offence and is liable on conviction to a fine not exceeding $50,000.

  3. In any proceeding against an employee for failing to comply with a requirement to provide information or an explanation under subsection (1), it is a defence if the employee proves that—

  4. the employee did not have the information required in their possession or under their control; or
    1. by reason of the position occupied by the employee or the duties assigned to them, they were unable to give the explanations required.

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      Notes
      • Section 461ZHE: inserted, on , by section 25 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).