The same law firm that has sued CBA argues ANZ must lift disclosure of nature risks to comply with duties under the Corporations Act.
ANZ Bank is facing mounting pressure to disclose in its annual report risks relating to the loss of biodiversity, after a shareholder accused it of slipping behind rivals as global regulators increase focus on financial reporting around impacts on nature.
ANZ will release its next annual report at the end of October. Ms Rossiter is seeking an undertaking that appropriate disclosures about biodiversity risk are made in it. In correspondence dated September 21, ANZ said there were “no global biodiversity goals that give clear targets and allow for harmonised metrics” and “limited appropriate data to help financial institutions understand the impact of biodiversity loss on them and to usefully model future scenarios”.ANZ describes biodiversity as a “serious issue” on its website and said it was a “material issue” in its “ESG supplement” report.
G7 finance ministers, the Organisation for Economic Co-operation and Development and the Dasgupta Review for the UK government have increased focus on obligations of corporates to respond to loss of biodiversity as part of their ESG policies.
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