On 29 June the FSB Taskforce on Climate-related Financial Disclosures publishes its Recommendations. Focused on climate-related “Financial” disclosures, they expect the disclosures to be included in annual financial reporting. The disclosures involved should reflect correct pricing of climate-related risks. The Recommendations provide guidance (e.g on KPIs) related to certain financial categories – core Elements of financial statements. The Recommendations related to Strategy and Metrics & Targets are subject to materiality assessment. Those on Governance and Risk Management are not subject to a materiality assessment, as the climate theme by definition is felt to be material for disclosure in these areas. It is assumed that listed companies of all sectors need to have Board oversight and defined management roles as well as processes for integrated risk management in place addressing climate change.