Already a subscriber?Former superannuation fund chief David Atkin has warned that Australia is seeking to “cherry-pick” which global sustainability reporting standards it is prepared to adopt, putting it at odds with major economies.
The reporting regime is due to be phased in locally over four years from January next year after businesses received a six-month reprieve from an earlier June 30, 2024, start date because of concerns about the draft legislation. The global reporting standards were designed by the ISSB, but the Australian Accounting Standards Board has recommended that Australian companies report specific climate-related disclosures, but not the broader sustainability-related risks and opportunities they face over the short, medium and long term.
Last month, ISSB chairman Emmanuel Faber pointed to Australia, Hong Kong and Singapore as the three countries to indicate they would use the ISSB framework only partially. Mr Atkin said a key challenge for companies and governments trying to shift to more sustainable practices was the lack of recognised solutions, as well as the size of the task.“We don’t have all the tools,” he said. “We don’t have all the frameworks. We don’t have all the information that we need. It’s a bit like flying the plane while building it at the same time.
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