A legal opinion by one of Australia’s top experts on climate financial risk says new disclosure laws should not expose directors to new liabilities.
Directors will not face extra liability for forward-looking statements under Australia’s proposed new regime for disclosing climate-related financial risks, and should not require a so-called safe harbour to protect them from legal action.
“Compared to financial reporting, climate disclosures involve substantial use of forward-looking information and may depend upon external parameters that are subject to uncertainty, such as climate scenarios,” the consultation paper says.
Hartford Davis and top commercial barrister Noel Hutley, SC, co-authored the three related legal opinions that previously established directors have a duty to consider and manage climate risk. ACSI, the IGCC and the RIAA believe Hartford Davis’ latest opinion, provided exclusively toThere are a few key strands to Hartford Davis’ latest opinion.
ACSI chief executive Louise Davidson says the legal opinion should provide a level of comfort to directors and investors alike.
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