Given the global nature of business in Australia, it is important to align our climate reporting requirements with international practice on climate related financial disclosure. Any obligations for climate related financial disclosures that are developed in Australia should align with the reporting requirements currently under development by the International Sustainability Standards Board (ISSB) when they become available for jurisdictional adoption.

Broadly speaking, FINSIA agrees that it is appropriate to review the IFM at this point, given it has been in place since 2017. 

While it is our opinion that the current model which ensures ASIC’s regulatory activities are paid for by those creating the need for regulation rather than taxpayers is appropriate and should continue, it is also our view that aspects of the current system need to be reviewed.