Events & News

RIAA's response to the AASB Exposure Draft 321, on the Australian implementation of the ISSB’s [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related and Financial Information and [Draft] IFRS S2 Climate-related Disclosures (draft ISSB Standards).

The Australian Senate sought submissions into the application of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP).

RIAA and a coalition of industry groups support the International Sustainability Standards Board’s (ISSB) proposal for a global baseline for sustainability disclosures standards.

The International Sustainability Standards Board (ISSB) sought comment on its draft climate-related disclosures standard.

The International Sustainability Standards Board (ISSB) sought comment on its draft general sustainability-related financial disclosures standard.

The Australian Accounting Standards Board (AASB) consulted on how the International Sustainability Standards Board’s (ISSB) proposed sustainability standards should be implemented in Australia.

Excluding defence companies has long been common practice for responsible investors. At a minimum, most negatively screened ‘ethical’ funds exclude the controversial weapons banned under international law: for example, chemical weapons and cluster bombs.

Following the Australian Sustainable Finance Institute’s (ASFI) Roadmap in 2020 and appointment of a board and executive in 2021, the Institute recently laid out its 2022 priorities – first off the blocks is tackling a sustainable finance taxonomy for Australia. RIAA spoke with ASFI’s chief executive Kristy Graham about plans and progress on the Institute’s taxonomy work.

The Responsible Investment Association Australasia (RIAA) has welcomed ASIC’s greenwashing guidance, saying that it will help investment managers to raise the overall quality of sustainable finance products in Australia and to better meet consumer expectations. ASIC’s new greenwashing information sheet provides clarification on the existing obligations and laws investors should comply with to avoid greenwashing, including what disclosures they should be making and how to avoid making misleading claims. “Greenwashing poses a real threat to the future of sustainable finance. Our 2021 research shows that while the majority (89%) of the Australian investment market claims to be responsible, it is just 40% of managers that are engaged in leading practice responsible investing” said RIAA CEO Simon O’Connor. “We welcome the focus on greenwashing by ASIC which reinforces that, by law, any investor making a sustainability claim must be able to substantiate this and provide supporting evidence. This guidance will be essential reading for investors and product issuers to understand how greenwashing is defined, the existing regulations they need to comply with and the questions to consider when marketing sustainability related products, such as if the product is true to label.”

The Responsible Investment Association Australasia (RIAA) will convene the Taskforce on Nature-related Financial Disclosures’ (TNFD) official Consultation Group for Australia and New Zealand, bringing together business, finance, public sector and civil society organisations to drive engagement in nature-related business and finance issues and the future adoption of the global TNFD framework. The TNFD was established in 2020 to develop and deliver an integrated risk management and disclosure framework for organisations to report and act on evolving nature-related risks, with the ultimate aim to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes. Final recommendations from the Taskforce are due in September 2023. RIAA’s role will be to provide a central point to drive the consideration, input and uptake of TNFD in our markets, working with institutional members of the TNFD Forum. This will leverage the existing work RIAA is leading including through its very active Nature Working Group, and partnerships with the Australian Department of Agriculture, Water and the Environment.