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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

461ZB: Climate statements for overseas climate reporting entities

You could also call this:

"Overseas companies must report on their New Zealand climate impact"

Illustration for Financial Markets Conduct Act 2013

If you are an overseas climate reporting entity, this section applies to you, unless you are already a climate reporting entity under section 461O(1)(a). You must prepare climate statements for your New Zealand business as if it were a New Zealand company. These statements must be dated and signed by two of your directors, or one director if you only have one.

You have four months after your balance date to prepare these climate statements, which must comply with the climate-related disclosure framework. If you have one or more subsidiaries, you must prepare climate statements for your whole group's New Zealand business, not just your own.

These rules do not change any obligations your subsidiaries may have under this law.

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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=LMS775340.

Topics:
Environment and resources > Climate and energyBusiness > Industry rulesBusiness > Fair tradingMoney and consumer rights > Banking and loans
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461ZA: Group climate statements must be prepared, or

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

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461ZC: Climate statements for separate funds of registered schemes, etc, or

"Managers of investment schemes must report on climate issues for each part of the scheme."

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

461ZBClimate statements for overseas climate reporting entities

  1. This section applies to every overseas climate reporting entity, unless it is a climate reporting entity under section 461O(1)(a).

  2. The 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—

  3. prepared for its New Zealand business as if that business were conducted by a company formed and registered in New Zealand; 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, if the climate reporting entity has, on that balance date, 1 or more subsidiaries, subsection (2) does not apply and instead the 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. prepared for the group’s New Zealand business as if the members of the group were companies formed and registered in New Zealand; 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. Subsection (3) does not limit any obligation under this subpart of a subsidiary of the climate reporting entity.

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