Mandatory reporting is coming. Are you ready?
In Australia, mandatory sustainability reporting is set to be phased in starting from 2025. Large entities that will need to conform include those meeting specific criteria under the Corporations Act.
These requirements will apply to large businesses and financial institutions, including those that are National Greenhouse and Energy Reporting (NGER) reporters and certain registered schemes and superannuation entities. The first group will start reporting for financial years beginning on or after the 1st of January 2025.
These criteria are based on revenue, assets, and employee numbers. Here are some examples of the thresholds:
Group 1: Entities with consolidated revenue of $500 million or more, end-of-financial-year (EOFY) consolidated gross assets of $1 billion or more, or EOFY employees of 500 or more.
Group 2: Entities with consolidated revenue of $200 million or more, EOFY consolidated gross assets of $500 million or more, or EOFY employees of 250 or more.
Group 3: Entities with consolidated revenue of $50 million or more, EOFY consolidated gross assets of $25 million or more, or EOFY employees of 100 or more.
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