WELLINGTON, Oct 22 (Reuters) – New Zealand will ease climate-reporting rules and lift thresholds for how big a company needs to be before it has to report how climate change impacts their business, in a bid to revive capital markets, Commerce and Consumer Affairs Minister Scott Simpson said. The government will raise the market-cap threshold for mandatory climate disclosures to NZ$1 billion ($573.30 million) from NZ$60 million, remove managed investment schemes from the regime, and adjust director and company liability settings. Simpson said compliance had cost some firms up to NZ$2 million and may be deterring listings. Since 2020, 34 companies have listed on the NZX, including six IPOs, while 37 have de-listed. The changes follow June reforms that made forward-looking financial information optional for NZX listings. "We're making common-sense adjustments so the regime is fit for purpose," Simpson said. The measures will be included in the Financial Markets Conduct Amendment Bill. ($1 = 1.7443 New Zealand dollars) (Reporting by Lucy Craymer, Editing by Franklin Paul)
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