New Zealand’s government has announced major changes to its mandatory climate-related disclosures regime in a bid to revitalize domestic capital markets. The key reform will raise the threshold for required climate-risk reporting by listed companies from NZ$60 million in market capitalization to NZ$1 billion, approximately US$573 million. Alongside this, certain managed investment schemes will be fully excluded from the regime, and personal liability rules for company directors under the climate disclosure regime will be relaxed.

The backdrop for these changes includes concerns that the previous threshold and compliance requirements had become burdensome for smaller and mid-sized companies, potentially discouraging listings on the New Zealand Stock Exchange (NZX). Since 2020, 34 companies have listed on the exchange while 37 have delisted, raising questions about the attractiveness of the market. Some firms reported compliance costs up to NZ$2 million under the existing climate-reporting rules.

Under the revised rules, the number of reporting entities is expected to drop roughly by half: from around 164 reporting entities to about 76. The government stresses that the climate-statement requirement remains for large banks, insurers, and other major institutions, but many smaller listed issuers and funds will be freed from mandatory disclosure. The reforms will be included in the upcoming Financial Markets Conduct Amendment Bill, with passage expected by early 2026.

While the changes aim to strike a balance between robust disclosures and competitive capital markets, they have drawn mixed reactions. Some industry groups welcomed the move as a “practical and sensible” step to make listings more accessible and reduce compliance drag. Others, particularly from the responsible-investing community, warned that loosening mandatory climate disclosures could reduce transparency, undermine investor confidence, and position New Zealand out of step with growing global disclosure regimes.

In short, New Zealand’s policy shift signals a recalibration of its climate-reporting requirements, moving from comprehensive coverage of many listed entities toward a more targeted regime focused on the largest players. Companies and investors should watch carefully how these changes impact disclosure obligations, investor expectations and the attractiveness of New Zealand’s capital market in the evolving global ESG landscape.

资料来源

https://esgnews.com/new-zealand-lifts-climate-reporting-thresholds-to-revive-capital-markets/