Board directors and senior management must give proper consideration to the risks of climate change, “with a view to ensuring that these risks are incorporated into strategic decision making, and appropriate consideration is given to the need for disclosure of relevant financial-related risks,” Norton Rose Fulbright said.
Risks that companies should consider include transitional, reputation and physical, Norton Rose said. Norton Rose pointed to statements by the Australian Securities and Investment Commission (ASIC) last month at a Senate Economics References Committee public hearing for an inquiry into carbon risk disclosure. The report was issued late on Friday of this week.
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