Around 200 entities in New Zealand will be required to produce climate-related disclosures. These climate reporting entities include:
- All registered banks, credit unions, and building societies with total assets of more than $1 billion.
- All managers of registered investment schemes (other than restricted schemes) with greater than $1 billion in total assets under management.
- All licensed insurers with greater than $1 billion in total assets or annual premium income greater than $250 million.
- Listed issuers of quoted equity securities with a combined market price exceeding $60 million.
- Listed issuers of quoted debt securities with a combined face value of quoted debt exceeding $60 million.
Issuers listed on growth markets are excluded from the climate reporting entity definition.
Crown Financial Institutions with greater than $1 billion in total assets under management are additionally required to produce climate-related disclosures.
Managers of registered investment schemes will be required to make disclosures on a fund-by-fund basis. This ensures investors receive the information needed to understand the impact of climate change on the future performance of their investment.
Overseas incorporated organisations will be required to make disclosures if their New Zealand business is over the thresholds outlined above. This will ensure their New Zealand stakeholders’ needs are met.
The thresholds will be increased from time to time to reflect the movements in the consumers price index.