Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating from numerous governmental authorities and non-governmental organizations (NGOs) in recent years. Mayer Brown lawyers from around the world produced a White Paper on Global Climate Change Disclosure Initiatives and Board Corporate Governance Considerations, which can be found here, offering a thumbnail sketch of key features and differences of a dozen authorities, followed by considerations for boards concerning disclosure practices, as well as governance and risk management. We also suggest some practical steps that might be taken in order to prepare for whatever the future holds.
The White Paper includes the following quick reference chart on certain key climate-related disclosure requirements applicable (a) across 8 countries/jurisdictions and (b) under the IFRS Sustainability Reporting Standards of the International Sustainability Standards Board (ISSB). The chart touches on the following information: (i) whether compliance with the disclosure rules is mandatory, (ii) timing considerations, (iii) scope of the disclosure rules, (iv) nature of the disclosure rules, (v) how "materiality" is approached, (vi) corporate governance requirements, (vii) audit or assurance requirements, and (viii) penalties for noncompliance.
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