RIAA welcomes the New Zealand External Reporting Body’s (XRB) continued engagement with the corporate and financial sector to ensure the success of the climate-related disclosure (CRD) regime. RIAA’s submissions focused on the multiple benefits of mandatory reporting regimes, not just in providing valuable and consistent information to investor and the market, but also in progressing skills and capability within organisations as they get ready to meet reporting obligations. This development results in stronger and more resilient business overall, a benefit to the economy. In addition, the ability to attract global capital relies on certain information being provided. RIAA supported international interoperability and alignment where changes are made to the CRD regime, including making all efforts to increase alignment to the ISSB standards.

For example, on Scope 3 reporting, RIAA submitted that foregoing Scope 3 reporting altogether was less preferable than supporting climate-reporting entitles (CRE) through, for example, relief for audit and assurance of the information. Further, for both Scope 3 reporting as well as the other suggested transitional changes, RIAA considers the XRB should promptly provide guidance or a framework for CREs and to work with industry to develop guidance that both upholds the underlying objectives of NZ CS 1 and the CRD regime more broadly, whilst addressing the regulatory and guidance concerns of industry.