Climate-related disclosures - Consultation on Governance and Risk Management

Tuesday 2 November 2021
12:00 - 1:00pm
Multiple Venues

The External Reporting Board (XRB) is the independent Crown entity responsible for developing and implementing accounting, audit and assurance standards for Aotearoa New Zealand.

In September 2020, the Government announced its intention to implement mandatory reporting on climate risks and tasked the XRB with developing disclosure standards to support the new reporting regime.

Climate-related disclosures will be mandatory for large listed companies with a market capitalisation of more than $60 million; large licensed insurers, registered banks, credit unions, building societies and managers of investment schemes with more than $1 billion in assets; and some Crown financial institutions (via letters of expectation). Subject to parliamentary approval, these entities could be required to make disclosures alongside wider year end reporting in 2023 at the earliest.

The disclosure standards will be based on the recommendations of the Task Force on Climate-related Financial Disclosures and are being consulted on through the three iterations – the first focused on Governance and Risk Management will be shared in this briefing.

This session will provide attendees with:

  • An summary of the TCFD and the overall objectives of the disclosure regime
  • An explanation of what is proposed to be included in the Governance and Risk Management sections of the new standards and key questions the XRB are seeking feedback on; and,
  • Future issues on the XRB’s agenda, such as scenario analysis and GHG accounting

This event will also provide opportunity to ask questions and provide direct feedback on the draft standards.

More information can be found here.

In light of the evolving Covid-19 situation, this Lunchtime Seminar will be delivered only as a webinar. The health and well-being of RiskNZ’s Members are paramount and offering the Seminar as webinar-only is the most socially conscious choice as we take measures to practice social distancing.

 

Lunchtime Seminars - Key Information

  • Lunchtime Seminar charges are $10 for all RiskNZ members, and $15 for non-members. You can pay directly via credit card online, or an invoice will be sent to you following registration.
  • Seminars commences at 12:00pm and will finish at 1:00pm.
  1. Webinar dial-in – Webinar information for logging in and participating in the webinar will be shared with registered participants at least one day before the seminar.

About the speakers:

April Mackenzie, Chief Executive

April joined the XRB as Chief Executive in December 2019 and is responsible for leading the organisation to achieve its mission and strategic objectives. This includes oversight of the XRB’s operations, people, policies, processes, and governance.

April has extensive experience in external reporting both in New Zealand and internationally.  She was a Board member for four years with the International Valuation Standards Council where she also briefly acted as Council’s Interim Chief Executive. As Global Head of Governance and Public Policy for Grant Thornton International, April was responsible for formulating and representing the Network’s positions on key regulatory policy matters.

April is well regarded for her technical expertise and has served as a technical advisor and member of a number of international bodies including the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC), the International Financial Reporting Standards Advisory Council (IFRS), the Global Public Policy Committee, and the Joint Ethics Committee of the Consultative Committee of Accounting Bodies in the United Kingdom.

April’s considerable accounting and auditing background also spans a number of organisations and roles including the New Zealand Institute of Chartered Accountants as Divisional Director of Policy, Touche Ross & Co (UK and NZ), the New Zealand Securities Commission and the New Zealand Audit Office.

April is a Fellow of Chartered Accountants Australia and New Zealand (CA ANZ) and holds a Master of Commerce (Hons) from the University of Auckland. In her limited free time, April enjoys being with her family and working on their rural property in Otago.

Dr Amelia Sharman, Director Climate Reporting

Dr Sharman has an extensive background in climate and sustainability policy areas, most recently as Head of Policy at Ara Ake, the entity responsible for accelerating energy innovation to support New Zealand’s transition to a low-emissions energy future. Previously, Dr Sharman worked for the New Zealand Productivity Commission contributing to climate and sustainability reports on New Zealand’s transition to a low-emissions economy. Most notably, Dr Sharman was at the forefront of the Commission’s analysis into climate-related financial disclosures, and subsequently developed the Commission’s final recommendation on the disclosure regime for New Zealand.

Prior to this, Dr Sharman held project management roles in the United Kingdom where she led a range of projects as a consultant to the European Commission while at consulting firm Amec Foster Wheeler (now part of Wood), including streamlining planning and reporting obligations for climate and energy policy, with a focus on the costs related to monitoring, reporting and verification under the EU ETS. Dr Sharman was also responsible for developing and implementing Amec Foster Wheeler’s European Climate Resilience Risk Assessment Framework, focused on the insurance and health sectors.

Her work in the area of sustainability includes responsibility for the international implementation of the Hydropower Sustainability Assessment Protocol, as well as management of a €1.2 million European Union LIFE+ funding project, involving hydropower sustainability assessments and training of sustainability auditors across Europe.

Dr Sharman lives with her husband and two small children in Miramar, Wellington and in her (limited) spare time enjoys gardening, cycling and beekeeping.

Register Now

Lunchtime Seminar - webinar only