BWD Strategic
A BWD Strategic resource

AASB S2 report reviews

Climate-related disclosure analysis across 45 Australian AASB S2 annual reports for FY2025. Browse by TCFD pillar to compare how companies interpret each disclosure requirement.

Browse pillarsAll companiesRead the insights
45
Companies
26
Industries

Insights

View all →
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 body oversight and management's role
Paragraphs 5–7, Aus7.1

Strategy

Climate-related risks and opportunities
Paragraphs 10–11
Business model and value chain
Paragraph 13
Strategy and decision-making
Paragraph 14
Financial position, financial performance and cash flows
Paragraphs 15–21
Climate resilience and scenario analysis
Paragraph 22

Risk Management

Processes for identifying, assessing and managing climate-related risks
Paragraphs 24–26, Aus26.1

Metrics & Targets

Climate-related metrics
Paragraphs 29–31
Climate-related targets
Paragraphs 33–36, Aus37.1

Companies (45)

View all →
CompanyASX CodeIndustryAuditorReporting Group
AGL Energy LimitedAGLElectric & Gas UtilitiesPricewaterhouseCoopersGroup 1
AMP LimitedAMPAsset & Wealth ManagementErnst & YoungGroup 1
Ampol LimitedALDFuel Refining & RetailKPMGGroup 1
Beach Energy LimitedBPTOil & Gas ProducersErnst & YoungGroup 1
BHP Group LimitedBHPDiversified Metals & MiningErnst & YoungGroup 1
BlueScope Steel LimitedBSLSteelErnst & YoungGroup 1
Coles Group LimitedCOLFood & Grocery RetailErnst & YoungGroup 1
Commonwealth Bank of AustraliaCBABanksPricewaterhouseCoopersGroup 1
CSL LimitedCSLPharmaceuticals & BiotechnologyDeloitte Touche TohmatsuGroup 1
Data#3 LimitedDTLSoftware & IT ServicesPricewaterhouseCoopersGroup 1
Downer EDI LimitedDOWInfrastructure & Facilities ServicesPricewaterhouseCoopersGroup 1
Endeavour Group LimitedEDVFood & Grocery RetailDeloitteGroup 1
Fortescue LtdFMGIron Ore MiningPricewaterhouseCoopersGroup 1
GPT GroupGPTDiversified REITPricewaterhouseCoopersGroup 1
Harvey Norman Holdings LimitedHVNRetailErnst & YoungGroup 1
Iluka ResourcesILUMineral SandsPricewaterhouseCoopersGroup 1
Insurance Australia Group LimitedIAGInsuranceKPMGGroup 1
JB Hi-Fi LimitedJBHRetailDeloitte Touche TohmatsuGroup 1
Lendlease GroupLLCResidential & Property DevelopmentKPMGGroup 1
Metcash LimitedMTSFood & Grocery RetailErnst & YoungGroup 1
Mirvac GroupMGRDiversified REITPricewaterhouseCoopersGroup 1
New Hope Corporation LimitedNHCThermal Coal MiningErnst & YoungGroup 1
NEXTDC LimitedNXTSoftware & IT ServicesPricewaterhouseCoopersGroup 1
Nickel IndustriesNICNickel Mining & ProcessingKPMGGroup 1
Origin Energy LimitedORGElectric & Gas UtilitiesErnst & YoungGroup 1
Pepper MoneyPPMConsumer & Mortgage LendingDeloitteGroup 1
Qantas Airways LimitedQANAirlinesKPMGGroup 1
QBE Insurance GroupQBEInsurancePricewaterhouseCoopersGroup 1
Rio TintoRIODiversified Metals & MiningPricewaterhouseCoopersGroup 1
Santos LimitedSTOOil & Gas ProducersErnst & YoungGroup 1
Scentre GroupSCGRetail REITErnst & YoungGroup 1
Sonic Healthcare LimitedSHLHealthcare ProvidersPricewaterhouseCoopersGroup 1
Stanmore ResourcesSMRMetallurgical Coal MiningErnst & YoungGroup 1
StocklandSGPDiversified REITPricewaterhouseCoopersGroup 1
Suncorp Group LimitedSUNInsuranceKPMGGroup 1
Telstra Group LimitedTLSTelecommunicationsDeloitte Touche TohmatsuGroup 1
Ventia Services GroupVNTInfrastructure & Facilities ServicesDeloitteGroup 1
Viva Energy GroupVEAFuel Refining & RetailKPMGGroup 1
Wesfarmers LimitedWESRetailErnst & YoungGroup 1
Whitehaven CoalWHCThermal Coal MiningErnst & YoungGroup 1
WiseTech Global LimitedWTCSoftware & IT ServicesKPMGGroup 1
Woodside EnergyWDSOil & Gas ProducersErnst & YoungGroup 1
Woolworths Group LimitedWOWFood & Grocery RetailDeloitte Touche TohmatsuGroup 1
Worley LimitedWOREngineering & ConstructionPricewaterhouseCoopersGroup 1
Yancoal AustraliaYALThermal Coal MiningDeloitteGroup 1