MinterEllison is proud to have partnered with the Australian Institute of Company Directors and Deloitte through the Climate Governance Initiative Australia to update A director’s guide to mandatory climate reporting.

In recent weeks the mandatory climate reporting legislation finally passed and an Australian Sustainability Reporting Standard was approved by the AASB on 20 September. The new standard details the required content of climate-related reporting for companies.

This represents the biggest change in corporate reporting for a generation.

To support directors, the updated Guide incorporates the latest international and Australian developments. It focusses on the key components of the reporting regime, including:

• An overview of the reporting framework;
• Key director responsibilities; and
• Practical steps boards can take to help their organisations navigate this important change.

The updated Guide is accompanied by six updated fact sheets covering essential topics such as scope 3 emissions, assurance and verification pathways, and the application of US and EU reporting requirements.

In his foreword to the updated Guide, ASIC Chair Joe Longo highlights the key role that directors are expected to play in overseeing the introduction of new climate disclosures, as well as the opportunities to create long-term value for their companies:

'The most successful and resilient companies will look at mandatory climate reporting not as a compliance exercise, but as an opportunity to demonstrate how they are building long-term value.'

At MinterEllison we couldn't agree more, we strive to think 'beyond compliance'. The updated Guide is a valuable resource for companies and directors grappling with how to do that.