TCFD Reporting

TCFD Reporting - New mandatory climate-related financial disclosure requirements

TCFD Reporting – BEIS recently released guidance to help limited liability partnerships (LLPs) and in-scope companies understand how to meet new mandatory climate-related financial disclosure requirements (TCFD Reporting) under the Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 and Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022.

BEIS states that the regulations were made on 17 January 2022 and apply to reporting for financial years beginning on or after 6 April 2022. It also included the scope criteria of:

All UK companies that are currently required to produce a non-financial information statement, being UK companies that have more than 500 employees and have either transferable securities admitted to trading on a UK regulated market or are banking companies or insurance companies (Relevant Public Interest Entities (PIEs)).
> UK registered companies with securities admitted to AIM with more than 500 employees.
> UK registered companies not included in the categories above, which have more than 500 employees and a turnover of more than £500mn.
> Large Limited Liability Partnerships (LLPs), which are not traded or banking LLPs, and have more than 500 employees and a turnover of more than £500mn.
> Traded or banking LLPs which have more than 500 employees.

The UK will become the first G20 country to enshrine in law mandatory TCFD reporting and aligned requirements for Britain’s largest companies and financial institutions to report on climate-related risks and opportunities.

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