Switzerland Announces Mandatory Climate Reporting For Large Companies
The Swiss government announced its planned timeline for mandated climate disclosure for major companies, joining the ranks of countries boosting sustainability reporting requirements.
Swiss public companies, banks and insurance companies with 500 or more employees, more than CHF 20 million in total assets, or CHF 40 million in turnover will be required to report publically on climate issues in 2024 (2023 financial year events) utilizing the TCFD-aligned disclosures.
During its meeting on 18 August 2021, the Federal Council decided on parameters for the future mandatory climate reporting by large Swiss companies. The Federal Department of Finance is to prepare a consultation draft by summer 2022.