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Almost 40% of banks, insurers and superannuation funds say climate-related events could have a "material or moderate impact on their direct operations", according to APRA.
APRA has said it intends to issue draft guidance on how super funds can demonstrate clear understanding of ESG risks, manage those risks, and reflect ESG considerations in investment strategy.
In a week that saw the Commonwealth Government commit Australia to reducing greenhouse gas emissions by 43% below 2005 levels by 2030 and commit to establishing new standardised and internationally-aligned reporting requirements for climate risks for large businesses, ASIC, APRA and ACCC leaders shared their views on ESG regulations, disclosure and oversight.
The recent decision on Hill v Zuda Pty Ltd [2022] HCA 21 has confirmed that regulation 6. 17A has no application to an SMSF. For many years there was a level of debate about whether SMSFs were permitt
This article charts the recent developments in this area including the Basel Committee on Banking Supervision’s draft principles on the effective management & supervision of climate-related financial risks.