From www.klgates.com: Directors of reporting entities in Australia must ensure that sustainability reports present a true and fair view of the organization while complying with existing laws against misleading conduct.

ASIC’s Consultation Paper 380 outlines directors’ responsibilities, including the duty to assess climate-related risks, establish adequate reporting systems, and maintain written sustainability records.

New enforcement powers for ASIC allow for scrutiny and correction of misleading statements in sustainability reports, with transitional arrangements providing limited immunity for certain disclosures made in initial years.