On 25 February 2022, the FCA published Primary Market Bulletin No. 38 stating that it has added to its knowledge base a new technical note concerning Task Force on Climate-Related Financial Disclosures (TCFD) aligned climate-related disclosure requirements for listed companies. The technical note concerns:
- Listing Rule (LR) 9.8.6R(8) and LR 14.3.27R which require premium listed commercial companies and certain standard listed companies to include a statement in their annual financial report setting out:
- Whether they have made climate-related financial disclosures consistent with the TCFD’s recommendations and recommended disclosures in their annual financial report.
- Where they have not made disclosures consistent with some or all of the TCFD’s recommendations and/or recommended disclosures, an explanation of why, and a description of any steps they are taking or plan to take to be able to make consistent disclosures in the future – including relevant timeframes for being able to make those disclosures.
- Where they have included some, or all, of their disclosures in a document other than their annual financial report, an explanation of why.
- Where in their annual financial report (or other relevant document) the various disclosures can be found.
- LR 9.8.6R(8) and LR 14.3.27R which set out important obligations for listed companies to include a statement setting out whether they have included in their annual financial report (or another document) climate-related financial disclosures consistent with the TCFD recommendations and recommended disclosures, and to explain non-inclusion.