Lendlease Annual Report 2024

46 Lendlease Annual Report 2024 Climate-related strategic resilience Transitioning from the Task Force on Climate-Related Financial Disclosures to the incoming Australian Sustainability Reporting Standards. As a cross-functional team, we've carefully considered the potential impacts of climate- change using the deep knowledge of our business. Reporting transition underway In 2018, Lendlease committed to producing annual disclosures that respond to the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). We have since been reporting under the TCFD framework on an annual basis. In 2021, the Trustees of the IFRS Foundation announced the formation of the International Sustainability Standards Board (ISSB). Their remit was to prepare a high quality, comprehensive, global baseline of sustainability disclosures. In June 2023, ISSB published the first two sustainability standards, which were later endorsed by the International Organization of Securities Commissions (IOSCO). These were based on the framework developed by TCFD. As a result, TCFD considered its remit fulfilled and officially disbanded in November 2023. The Australian Government is considering legislation to amend the Australian Securities and Investment Commission Act 2001 and the Corporations Act 2001 to introduce mandatory reporting for large businesses to disclose their climate- related risks and opportunities. The Australian Accounting Standards Board (AASB) has drafted the Australian Sustainability Reporting Standards (ASRS), which are based on the ISSB IFRS