How are NZX financial stocks responding to climate-related reporting?

Highlights

  • A milestone in NZ’s financial sector history was witnessed recently as New Zealand became the first country to introduce compulsory climate-related reporting for the said sector.
  • Heartland Group Holdings to hold its upcoming ASM via online.
  • Ascension Capital passes a resolution for the re-elation of its retiring director.

New Zealand has become the first country across the globe, mandating its financial firms and institutions to disclose and act prudently on risks and opportunities associated with climate and related issues.

It is noted that on passing its third reading, the Financial Sector (Climate-related Disclosures) Amendment Bill is hugely expected in helping the country to achieve its commitment for net-zero emissions by 2050.

Further deliberations on the bill’s strategy and targets will soon follow.

Amid the given backdrop, let us now delve into the popular NZ-listed financial stocks.

NZ financial stocks- HGH, ANZ, ACE

Image source: © 2021 Kalkine Media New Zealand Ltd, data source- Refinitiv

Heartland Group Holdings Limited (NZX:HGH)

First on the list is Heartland Group Holdings Limited, which is the largest reverse mortgage provider in New Zealand. On 28 October, HGH has declared to organise an online Annual Shareholder Meeting.

Also, the Company intends to pass various business-related resolutions in the ASM.

At the closing bell, on 22 October, Heartland Group Holdings fell by 0.42% at NZ$2.350.

Related Read: Do these 5 NZX financial stocks have healthy YTD returns?

Australia and New Zealand Banking Group Limited (NZX:ANZ)

We would now talk about Australia and New Zealand Banking Group Limited, the leading banking group across Australasia. The Company has notified its stakeholders that due to remediation and restructuring expenses, its statutory and cash profit (after tax) for the second half of 2021 would significantly be impacted by NZ$129 million.

It is pointed out that on 28 October, ANZ would publish its annual results for FY21.

At the closing bell, on 22 October, Australia and New Zealand Banking Group declined by 0.37% at NZ$29.450.

Do Read: Why these 4 NZX value stocks are worth following in October

Ascension Capital Limited (NZX:ACE)

Last on the list is Ascension Capital Limited, functioning as an investment company. In its recently held ASM, the Company carried out a resolution for the re-election of its retiring director, John Cilliers.

Also, directors were given authority to determine BDO, ACE auditor’s remuneration for the upcoming year.

At the closing bell, on 22 October, Ascension Capital was flat at NZ$0.001.

Must Read: How Crucial Is NZ Finance Sector’s Role In Climate Change? A Look At 5 Related Stocks

Bottom Line

The mandatory climate-related disclosures would encourage the financial institutions to become more conscious of their business decisions, thereby becoming more sustainable.

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