Changes in regulations in Australia will require companies reporting under Chapter 2M of the Corporations Act 2001, that exceed certain thresholds at certain times, to prepare a sustainability report and to have it audited or reviewed by their financial statement auditor. The sustainability report will be included as part of their annual report and include climate-related financial disclosures. Refer to our insights around mandatory climate reporting.
You may also want to report non climate related ESG or other sustainability-related information and have that information assured, or your suppliers may request you have GHG emissions assured.
For many companies, their first year of mandatory sustainability reporting will also be their first year of assurance. It is important that systems, processes, and controls are in place from day one of the reporting period. Changes to systems or processes may be required to allow you to gather the data to report.