BWD Strategic
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AASB S2 report reviews

Climate-related disclosure analysis across 11 Australian AASB S2 annual reports for FY2025. Browse by TCFD pillar to compare how companies interpret each disclosure requirement.

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11
Companies
9
Industries

Insights

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External · BWD Strategic

The first mandatory climate reports are in. Some are embarrassing.

Luke Heilbuth on why early AASB S2 filings lean toward compliance over strategy, and what that signals about board-level understanding of climate risk.

AASB S2 Pillars

Governance

Governance 5-6
Governance body oversight of climate-related risks and opportunities
Governance 7-10
Management's role in the governance processes, controls and procedures

Strategy

Strategy 11-12
Climate-related risks and opportunities
Strategy 13
Business model and value chain
Strategy 14
Strategy and decision-making
Strategy 15-16
Transition plans
Strategy 17-19
Climate resilience and scenario analysis
Strategy 20
Current financial effects
Strategy 21-22
Anticipated financial effects

Risk Management

Risk Management 23-24
Processes for identifying and assessing climate-related risks and opportunities
Risk Management 25-26
Processes for managing climate-related risks
Risk Management 27-28
Integration with overall risk management

Metrics & Targets

Metrics and Targets 29
Climate-related metrics
Metrics and Targets 30-31
Industry-based metrics
Metrics and Targets 32-34
Greenhouse gas emissions (Scope 1, 2 and 3)
Metrics and Targets 35-36
Internal carbon prices
Metrics and Targets 37
Climate-related targets

Companies (11)

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CompanyASX CodeIndustryAuditorReporting Group
AMP LimitedAMPFinancial ServicesErnst & YoungGroup 1
GPT GroupGPTREIT (Commercial Property)PricewaterhouseCoopersGroup 1
Iluka ResourcesILUMining / Mineral SandsPricewaterhouseCoopersGroup 1
Pepper MoneyPPMFinancial ServicesDeloitteGroup 1
QBE Insurance GroupQBEInsurancePricewaterhouseCoopersGroup 1
Rio TintoRIOMining (Iron Ore, Aluminium, Copper)PricewaterhouseCoopersGroup 1
Santos LimitedSTOOil & GasErnst & YoungGroup 1
Scentre GroupSCGREIT (Retail Centres)Ernst & YoungGroup 1
Viva Energy GroupVEAEnergy / Fuel RetailKPMGGroup 1
Woodside EnergyWDSOil & GasErnst & YoungGroup 1
Yancoal AustraliaYALCoal MiningDeloitteGroup 1