Financial Markets Conduct (Climate-related Disclosures – Nufarm Finance (NZ) Limited) Exemption Notice 2024

The Financial Markets Conduct (Climate-related Disclosures – Nufarm Finance (NZ) Limited) Exemption Notice 2024 (Notice) exempts Nufarm Finance (NZ) Limited (Nufarm Finance) from its climate-related disclosure obligations under Part 7A of the Financial Markets Conduct Act 2013 (Act).    

Nufarm Finance has a primary listing on the ASX and has foreign exempt issuer status under the NZX rules. But for being incorporated in New Zealand, Nufarm Finance would have met all the criteria for full exemption under the Financial Markets Conduct (Climate-related Disclosures for Foreign Listed Issuers) Exemption Notice 2024.  

The Notice is subject to a number of conditions including requiring alternative reporting and disclosure, and Nufarm Finance committing to not issuing or quoting any new debt or equity securities in New Zealand or to New Zealand investors, or enhancing it’s presence in New Zealand such that it would be considered to have a “large presence” as defined in the Notice.

The key reasons for granting the exemption (as set out in full in the Statement of Reasons in the Notice) are that –

• Nufarm Finance and its Australian parent, Nufarm Limited, will soon be subject to mandatory climate reporting in Australia broadly equivalent to New Zealand requirements;
• Nufarm Finance is a sole purpose intra-group funding vehicle for Nufarm Limited;
• Nufarm Finance’s investor base is predominantly made up of Australian investors;
• The costs associated with Nufarm Finance having to prepare climate statements in accordance with Part 7A of the Act, in addition to the costs associated with preparing similar climate statements in Australia, would outweigh the benefits to investors and other interested persons in receiving climate statements prepared under the Act.

Download Financial Markets Conduct (Climate-related Disclosures – Nufarm Finance (NZ) Limited) Exemption Notice 2024 [PDF], 202KB