In the wake of the world rapidly transitioning to a low carbon economy, Company and Director responsibilities are becoming a major focal for financial regulators. Companies are being forced to respond to these developments or risk being left behind or becoming exposed to unforeseen litigation. Directors need to adopt a more proactive approach to considering and disclosing foreseeable climate-related risks to the companies they oversee. If they do not then they are at risk of breaching duty of care, skill and diligence obligations.
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Business resilience and sustainability Report for Climate Change Liability
The Financial Stability Board Task Force on Climate-Related Financial Disclosures (TCFD) in June 2017 released recommendations for voluntary climate-related financial disclosures. These recommendations provided a framework for investors and companies to appropriately assess and price climate-related risk and opportunities. These recommendations have been embraced by APRA and ASIC as the preferred market standard for voluntary climate change-related disclosures.
Further, ASIC have now updated Regulatory Guides 228 and 247, whilst APRA expects climate risk to be assessed within prudential risk management standards CPS 220 and SPS 220.
What does this mean?
If you are exposed to the weather, you are exposed to climate change; and need to understand, then address these risks in your company reporting’s. Company’s and directors who consider climate change risks actively, disclose them properly and respond appropriately will reduce exposure to liability.
How does CelsiusPro help discharge these obligations?
CelsiusPro, with over 2000+ climate related Assignments, 500+ Clients in 50 countries can provide a simple to understand and easy to read Climate Change - Business Resilience and Sustainability Report which will assist Companies and Directors discharging their climate change disclosure obligations.
The report provides a risk assessment of how the weather impacts the business and then suggests insurance options that could be considered to help mitigate these risks in the future.
If you take any of the suggested risk mitigating solutions the cost of the Report is rebated.