Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 296B   CONTENTS OF CLIMATE STATEMENTS - STATEMENT ABOUT THERE BEING NO FINANCIAL RISKS OR OPPORTUNITIES RELATING TO CLIMATE  

296B(1)    
Despite subsection 296A(2) , if, for a financial year:

(a)    there are none of the following for the entity:

(i) material financial risks relating to climate;

(ii) material financial opportunities relating to climate; and

(b)    none of subsections (2) , (4) and (5) of this section apply to the entity;

the climate statements for the year are:

(c)    a statement of the circumstance mentioned in paragraph (a) of this subsection; and

(d)    a statement explaining how paragraph (a) of this subsection applies to the entity for the financial year.

Entities to which subsection (1) does not apply

296B(2)    
This subsection applies to an entity for a financial year if it satisfies at least 2 of the following paragraphs:

(a)    the consolidated revenue for the financial year of the entity and the entities it controls (if any) is $200 million or more;

(b)    the value of the consolidated gross assets at the end of the financial year of the entity and the entities it controls (if any) is $500 million or more;

(c)    the entity and the entities it controls (if any) have 250 or more employees at the end of the financial year.

296B(3)    
In counting employees for the purposes of subsection (2) , take part-time employees into account as an appropriate fraction of a full-time equivalent.

296B(4)    
This subsection applies to an entity for a financial year if it is:

(a)    a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or

(b)    required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year.

296B(5)    
This subsection applies to an entity for a financial year if:

(a)    the entity is a registered scheme, registrable superannuation entity or retail CCIV; and

(b)    the value of assets at the end of the financial year of the entity and the entities it controls (if any) is $5 billion or more.

296B(6)    
For the purposes of this section, the question of whether there are any of the following for an entity is to be worked out in accordance with sustainability standards made for the purposes of this subsection:

(a)    a material financial risk relating to climate;

(b)    a material financial opportunity.

296B(7)    
For the purposes of this section:

(a)    the question whether an entity controls another entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b) ; and

(b)    consolidated revenue, the value of consolidated gross assets and the value of assets are to be calculated in accordance with accounting standards in force at the relevant time;

(even if the standards do not otherwise apply to the financial year of some or all of the entities concerned).