UK premium-listed companies which do not undertake climate reporting in line with the Task Force on Climate-related Financial Disclosure (TCFD) recommendations will be asked to justify the omission and provide a description of measures being taken to allow them to do so in the future.
The new disclosure rules were announced yesterday by UK securities regulator the Financial Conduct Authority (FCA), after an open consultation on the topic.
Companies identified under the scope of the new rules will be expected to start including a ‘compliance statement’ in their annual reports from spring 2022.
The disclosure rules will only impact commercial businesses with a premium listing on the London Stock Exchange (LSE), which includes commodity majors such as Anglo American, Glencore, Royal Dutch Shell and BHP; and fund houses like Legal & General, Schroders and Aviva.
Securing a premium listing requires companies to meet enhanced disclosure and corpo…