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May 2024 ESG Policy Update—Australia | K&L Gates LLP

AUSTRALIAN UPDATE - Updated Bill to Introduce Climate-Related Financial Reporting Regime - Background - The Australian Government released the first reading draft of the Treasury Laws...

Australia Announces Updated Climate-Related Financial Reporting B

New Australian bill mandates annual sustainability reports for corporations, with revised start dates and expanded ASIC enforcement powers. Learn about key changes.

The Australian ESG landscape

Government flags $10m provision for ASIC greenwashing enforcement

The latest budget papers have outlined a $10 million provision for ASIC greenwashing enforcement activity as well as funds for a sustainable labelling regime to be partially met by industry levies.

The need for collaboration to avoid greenwashing

Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “game changer” for a fund’s demand with advisers.

Does self-reporting to ASIC reduce enforcement possibility?

Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.

'Leave your ego at the door': Being confident about ESG

Adviser willingness is the key hurdle to the uptake of ESG matters by financial advisers; they should not feel afraid or embarrassed if they are less familiar with what clients are seeking.

Sustainable investment must be real not faked: ASIC

Investors on the hook for artificial intelligence abuse

UniSuper's Transurban holdings raise greenwashing concerns