24 November 2020

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3. The AusNCP Independent Examiner considered the six admissibility criteria of the Initial Assessment process, engaged with the parties (the Notifiers and ANZ), and determined to accept the complaint and offer ‘good offices’ to the parties.

4. The following observations were made during the Initial Assessment.

4.1. The Complaint raises multiple issues, some of which are outside the scope of the OECD Guidelines– particularly regarding divestment from fossil fuels. But most aspects of the Complaint are within the scope of the OECD Guidelines – particularly regarding disclosure, target-setting and scenario analysis. These are issues of responsible business conduct, and the subject of expectations in the OECD Guidelines.

4.2 The issue of investment in fossil fuel and renewable energy, and addressing climate change impacts, are broader than whatever may be agreed (or disputed) between ANZ and the Notifiers. Some of these issues are also being addressed in other processes underway in Australia – the Royal Commission into National Natural Disaster Arrangements (Royal Commission) and the Australian Sustainable Finance Initiative (ASFI). The AusNCP Independent Examiner will provide a copy of this Initial Assessment to ASFI for its consideration.

4.3 The AusNCP’ ‘good offices’ processes will be offered to the parties, to be facilitated by the Independent Examiner, focussing on the issues around disclosure, target-setting and scenario analysis.

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