WELLINGTON (Reuters) -New Zealand will ease climate-reporting rules and lift thresholds for how big a company needs to be before it has to report how climate change impacts their business, in a bid to revive capital markets, Commerce and Consumer Affairs Minister Scott Simpson said.
The government will raise the market-cap threshold for mandatory climate disclosures to NZ$1 billion ($573.30 million) from NZ$60 million, remove managed investment schemes from the regime, and adjust director and company liability settings. Simpson said compliance had cost some firms up to NZ$2 million and may be deterring listings. Since 2020, 34 companies have listed on the NZX, including six IPOs, while 37 have de-listed.
The changes follow June reforms that made forward-looking financial information optional for NZX listings.
“We’re making common-sense adjustments so the regime is fit for purpose,” Simpson said.
The measures will be included in the Financial Markets Conduct Amendment Bill.
($1 = 1.7443 New Zealand dollars)
(Reporting by Lucy Craymer, Editing by Franklin Paul)
Comments