Sustainability Reporting Update – June 2025

Bentleys Audit Team
May 22, 2025

In Australia, our sustainability reporting implementation timeline is earlier than many other jurisdictions. Therefore our Group 1 entities are already several months into the first year of mandatory climate-related reporting, with the first reports being issued for year-ending 31 December 2025 for our largest Australian companies.

The following resources have recently been issued:

  • ASIC have released Regulatory Guide 280 Sustainability Reporting which explains ASIC’s interpretations of the sustainability reporting requirements and how ASIC will administer and enforce the sustainability reporting requirements.
  • The AASB has established a AASB S2 knowledge hub which includes information to assist in preparing climate-related financial disclosures using AASB S2 Climate-related disclosures.

 

CLICK HERE for previous updates and articles from Bentleys regarding Sustainability Reporting and Carbon Accounting.

 

Greenwashing update

In our December 2024 update, we reported that ASIC had referred three cases of potential greenwashing to the Court.

The outcomes for the Vanguard Australia and Mercer Superannuation cases were reported in December 2024. At that time, we were still waiting for the outcome of the Active Super case.

We can now provide a complete update on the outcomes across all of the cases, and also provide details on a further case against Clorax :

COMPLETED 2025
COMPLETED 2024
Active Super (formerly LGSS) (24-121MR)

Active Super (formerly LGSS) was found guilty by the court of misleading the public in relation to statements made on their website, emails etc regarding bans on investments which were a risk to the environment and the public.
Vanguard Australia (24-213MR)

Vanguard Australia were found to have made misleading statements by the Court.
Mercer Superannuation (Australia) (24-173MR)

Mercer were found to have made misleading statements.
PENALTY APPLIED
$10.5 MILLION
$12.9 MILLION
$11.3 MILLION
TOTAL PENALTIES APPLIED
$34.7 MILLION
ACTION AGAINST CLORAX
ACCC took court action against Clorax for claiming that bags were made from recycled ocean plastic whereas the small print noted that the plastic was collected from communities that were up to 50km from the shoreline.
 
PENALTY APPLIED
$8.25m plus share of ACCC legal costs.

The outcomes from these cases are a strong reminder to entities that any environmental claims made should be clear, transparent, true and supportable.

Want to know more about how Bentleys can help you?

For assistance with your financial reporting requirements, contact your local Bentleys audit and assurance advisor. We’re here to help you get where you want to be.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.

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