Greatest Good September 2024 Regulatory Update
Queensland overhauls discrimination laws, introduces new positive duty
Queensland Parliament has passed significant changes to the Anti-Discrimination Act 1991 (Qld), which will apply from 1 July 2025 and include a new positive duty to eliminate all unlawful discrimination, harassment and other objectionable conduct.
They have expanded their list of attributes protected under anti—discrimination law, which will also include “a combination of two or more attributes “.
The new positive duty intersects with, but is broader than, the Commonwealth Respect@Work positive duty, as well as the recent changes to the Queensland WHS regulations requiring a sexual harassment prevention plan.
Working from home clause proposed for Private Sector Award
The Fair Work Commission (FWC) has advised it intends to investigate the inclusion of a working from home term within the Clerk’s Private Sector Award 2020, which is the most prevalent Award where work from home arrangements are likely to occur.
It is intended that by implementing the term into the Award, it removes any existing award impediments and allows employers and their employees to implement workable arrangements.
Once implemented, is expected that it will serve as a model for incorporation into other modern awards, with all without adaption.
ASIC releases latest report on greenwashing
ASIC released Report 791 ASIC’s interventions on greenwashing misconduct 2023-2024, which outlines the forty-seven regulatory interventions it took to address greenwashing misconduct in the fifteen months to 30 June 2024.
The report identifies common issues such as inadequate ESG disclosures and sustainability claims that are unsubstantiated. This surveillance spanned various sectors and hunted the need for improved quality in both disclosures and data.
Report 791 and Information Sheet 271 How to avoid greenwashing when offering or promoting sustainability–related products provides guidance to prevent greenwashing. Whilst
Mandatory climate reporting bill passed
The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 was passed by Parliament on 9 September 2024. The Bill introduces the framework for Australia’s first climate-related financial disclosure regime with reporting to commence from 1 January 2025.
As reported in the January regulatory update, entities which lodge financial reports under Chapter 2M of the Corporations Act will be required to lodge climate-related financial reports. A phased-in approach will be used and subject to size thresholds as below:
Entity | Thresholds at the end of the applicable financial year | Reporting on or after |
Very large | any two of: · Consolidated revenue of $500m · consolidated assets of $1b · 500 employees | 1 January 2025 |
Large | any two of: · Consolidated revenue of $200m · consolidated assets of $500m · 250 employees | 1 July 2026 |
Medium | any two of: · Consolidated revenue of $50m · consolidated assets of $25m · 100 employees | 1 July 2027 |
Asset owners: registered schemes and registrable superannuation entities | · $5b of assets | 1 July 2026 |
Entities that are exempt entirely from lodging financial reports under Chapter 2M of the Corporations Act 2001 (Cth) are not required to prepare sustainability reports. This includes small and medium-sized businesses and asset owners that fall below all of the size thresholds.
The climate-related financial disclosures will be reported in a new 'sustainability report'. It is likely to be included in an entity's annual report to be lodged with ASIC. It is important to note that the timing of lodgement of the sustainability report is to be consistent with the timing of lodgement of the remainder of the annual report.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
