Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Preparation of climate statements - Climate statements of climate reporting entities

461Z: Climate statements must be prepared

You could also call this:

"Big companies must write a report about how they affect the climate."

Illustration for Financial Markets Conduct Act 2013

If you are a climate reporting entity, you must make sure climate statements are prepared. These statements must be completed within 4 months after your balance date and follow the climate-related disclosure framework. They must also be dated and signed by 2 of your directors, or 1 director if you only have 1.

You do not have to do this if you have subsidiaries, or if you are an overseas climate reporting entity that is not covered by section 461O(1)(a). You are also exempt if you are only a climate reporting entity under section 461O(2).

You need to follow the rules about climate statements if they apply to you, and make sure you do what is required within the given time frame.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS775181.

Topics:
Business > Industry rulesEnvironment and resources > Climate and energy
Previous

461Y: Inspection of CRD records, or

"Letting authorised people check your climate reporting records"

Next

461ZA: Group climate statements must be prepared, or

"Big companies must write reports on how they affect the climate."

Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Preparation of climate statements: Climate statements of climate reporting entities

461ZClimate statements must be prepared

  1. Every climate reporting entity must ensure that, within 4 months after the balance date of the entity, climate statements that comply with the climate-related disclosure framework are—

  2. completed in relation to the entity and that balance date; and
    1. dated and signed on behalf of the entity by 2 directors of the entity or, if the entity has only 1 director, by that director.

      1. However, subsection (1) does not apply to—

      2. a climate reporting entity that, on the balance date referred to in subsection (1), has 1 or more subsidiaries; or
        1. an overseas climate reporting entity, unless it is a climate reporting entity under section 461O(1)(a); or
          1. a person that is a climate reporting entity only under section 461O(2).

              1. Example

              A company (incorporated in New Zealand and with no subsidiaries) is a large manager of 2 registered schemes.

              The company is also a large registered bank, so subsection (2)(c) does not apply. Subsection (1) applies to the company (and see section 461ZC, which also applies to the company in respect of its registered schemes).

            Notes
            • Section 461Z: inserted, on , by section 8 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).