Do the financial statements of the NZX50 reflect the impact of climate change?

An analysis of NZX50 July to December 2022 reporters

Last year, we released reports investigating how climate change was reflected in the financial statements of NZX50 March and June reporters. In this latest edition, we look at NZX50 companies reporting between 1 July and 31 December 2022. We examine how climate-related impacts on the financial statements were disclosed and how auditors considered climate-related impacts in key audit matters (KAMs).

Given the recent extreme weather events globally and here in Aotearoa New Zealand, and the fact that NZX50 reporters have to apply the External Reporting Board’s (XRB) new Climate Disclosure Standards for periods starting this year, there is increasing interest from investors, and the regulator, in how companies are handling Environmental, Social, Governance (ESG) factors as well as how these impacts are reflected in financial statements.

This report includes a review of several consumer staples and discretionary businesses and the two dual-listed banks. How are they reporting the impact of climate change on their businesses?

Key findings

13 businesses on the NZX50 with July-December year ends have completed their financial reporting.

0 businesses included a quantification of the impacts of climate risk (physical or transition risks) in their financial statements.

3 reporters mentioned upcoming climate-related financial disclosures in their financial statements while 8 mentioned this in the front-half of their annual report or in a separate sustainability report (outside the financial statements).

1 audit report included mention of climate change in KAMs.


8 reporters discussed the impact of climate-related risks in their financial statements.

10 reporters included some non-financial climate-related information outside of the financial statements.

4 businesses noted the use of green finance.

Contact us

Karen Shires

Karen Shires

Chief Risk & Reputation Officer, PwC New Zealand

Tel: +64 21 501 043

Jonathan Skilton

Jonathan Skilton

Partner, Sustainability Reporting & Assurance Leader, PwC New Zealand

Tel: +64 21 355 879

Tiniya du Plessis

Tiniya du Plessis

Partner, PwC New Zealand

Tel: +64 21 495 856

Mariann Trieber

Mariann Trieber

Executive Director, PwC New Zealand

Tel: +64 21 062 1812

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