The new regime will require unprecedented levels of forward-looking information to be included in corporate reporting, as well as dependencies on estimation and third-party data with respect to Scope 3 emissions. Directors will also be asked to declare their reporting is compliant with the ASRS.

The modified liability has been reshaped various times throughout Australia’s journey towards mandatory climate-related disclosures. It will be important for companies to understand what is (and importantly, what is not) protected under the modified liability regime – and for how long. In this episode, we talk about the liability regime underpinning the proposed legislation, along with transitional arrangements for directors’ declarations.