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Climate Change No Longer A Mere Environmental Concern – It’s A Business Risk

Chapman Tripp experts have stated that management of climate risk is not about compliance and understanding climate risk is key to mid-long term strategy and resilience.

Nicola Swan and Daniel Kalderimis of Chapman Tripp today publicly released their directors’ tool kit Managing climate risk in New Zealand in 2020, with practical advice for directors covering key issues, baselines for identification and management of climate risk, and minimum questions that boards should consider.

“We’ve included insights from observing trends in climate change litigation and other litigation involving major social issues, and attempt to give directors the benefit of advice that they might wish we had had ten years from now,” says Swan, who will be joining the partnership at Chapman Tripp next month.

“Eliminating hindsight is difficult, particularly with an issue overlaid with emotion and quickly evolving social expectations. Taking action now is critical for businesses intending to stay aligned with their shareholders and stakeholders through to 2030,” Swan adds.

The tool kit for directors, Managing climate risk in New Zealand in 2020 builds on the Chapman Tripp 2019 legal opinion on directors’ duties to raise material climate-related financial risk at the board table.

Specific requirements for climate change risk reporting on a 'comply or explain' basis were announced in September this year. The firm’s commentary on this can be viewed here.

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