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On The Record

Climate Change Risk Reporting Case Dropped

Climate Change Risk Reporting Case Dropped

Proceedings filed by Environmental Justice Australia discontinued.

The proceedings commenced against Commonwealth Bank in the Federal Court of Australia have been discontinued at the request of Environmental Justice Australia.

Commonwealth Bank has welcomed this, confirming the allegations that CBA was not compliant with its statutory reporting obligations are incorrect.

Claims that such action has changed how CBA reports on climate change are untrue, with our 2016 and 2017 Annual Reports being compliant with statutory reporting obligations.

The section in the 2017 Annual Report regarding climate change as a business risk was the result of careful and extensive consideration over many months by the Board and senior executives and was already well advanced when the claim was served.