So there's four main elements to the bill. The first is it introduces mandatory climate-related disclosures for most listed issuers, along with large registered banks, licensed insurers, and registered managers of investment schemes. Secondly, it requires that the disclosures be made in accordance with climate standards that will be issued by the External Reporting Board—known as the XRB to those in financial circles. Thirdly, the Financial Markets Authority—known as the FMA—will be responsible for enforcing compliance, and it will do that under its current existing statutory powers, including monitoring the disclosures. Fourthly, the XRB will be able to issue guidance material on environmental, social, and governance reporting and other wider aspects of non-financial reporting. 