Companies Act 2014 section 1587

Application of Part

Section 1587 sets out the phased timeline for when different categories of companies must begin complying with the corporate sustainability reporting requirements under Part 28 of the Act.

• From financial years starting on or after 1 January 2024, large public-interest entities with more than 500 employees (or groups with more than 500 employees headed by such entities) must comply with the Chapter 2 sustainability reporting rules
• From financial years starting on or after 1 January 2025, all other large applicable companies must comply, and from 1 January 2026, listed small and medium-sized companies, small non-complex banking institutions, and captive insurance or reinsurance undertakings are brought within scope
• Chapters 4 to 7 covering sustainability reporting assurance and auditor duties apply to assurance engagements for financial years from 1 January 2024, with all other provisions in those chapters taking effect from 6 July 2024, and Chapter 3 requirements (except section 1607) commence from 1 January 2028
• Employee numbers for threshold purposes are calculated using the method in section 317, and for groups the figures are aggregated across all subsidiaries, using each subsidiary's most recent financial year ending before the parent's year-end where year-ends differ