19 June 2024

FMA and XRB issue user guides to help users of climate statements


Media Release
MR No. 2024 – 22

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – and the External Reporting Board – Te Kāwai Ārahi Pūrongo Mōwaho (XRB) – have jointly produced a set of guides designed to help people understand the Climate-related Disclosures (CRD) regime and the information being provided in climate statements which are now starting to be published by climate reporting entities.

The “What You Need to Know” guide provides an overview of the CRD regime for people such as primary users (existing and potential investors, lenders, and other creditors) of climate statements, journalists and other intermediaries who use or communicate climate-related information.

It includes information on:

  • the purpose of disclosing climate-related information 
  • key legislative requirements 
  • key considerations and context about the information in climate statements 
  • the roles of the FMA, XRB and relevant government agencies.  

The “Navigating Climate Statements” guide is a more detailed explanation of the information disclosed in climate statements. Given that climate statements are a new type of disclosure, this guide highlights the importance of topics such as uncertainty, comparability and context when evaluating and judging the information they contain.

XRB Chief Executive, April Mackenzie, said: “We aim for these joint XRB/FMA guides to support the market in getting value from the information contained within climate statements.”

FMA Head of Auditing, Financial Reporting and CRD, Jacco Moison, said: “With reporting now underway and the first climate statements being published, we want to help inform the public of the purpose of the regime.”

View the CRD - What you need to know guidance page

Download the Navigating Climate Statements guide from the XRB



The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 introduced a requirement for ‘large’ entities such as listed issuers, registered banks, licensed insurers, credit unions, building societies and managers of registered managed investment schemes (other than restricted schemes) (MIS managers) to publish annual climate statements in accordance with Climate Standards issued by the XRB.

The purpose of the CRD regime is to:

  • Encourage entities to routinely consider the short-, medium-, and long-term risks and opportunities that climate change presents for the activities of the entity or the entity’s group;
  • Enable entities to show how they are considering those risks and opportunities; and
  • Enable investors and other stakeholders to assess the merits of how entities are considering those risks and opportunities.

The Climate Standards state the ultimate aim is to support the allocation of capital towards activities that are consistent with a transition to a low-emissions, climate-resilient future.

The FMA is responsible for monitoring and enforcement of the CRD regime. It will monitor whether climate statements comply with the Financial Markets Conduct Act 2013 and the XRB’s Climate Standards.

Annual climate statements must comply with Aotearoa New Zealand Climate Standards (Climate Standards) issued by the XRB. The XRB also prepares guidance to support Climate Reporting Entities (CRE’s) required to prepare climate-related disclosures in accordance with the Climate Standards. 

Media contacts:

Andrew Park
FMA Media Relations Manager
[email protected] 
021 220 6770

Emily Marden
XRB Head of Communications and Engagement
[email protected]
027 4140340