Directors will not face extra liability for forward-looking statements under Australia’s proposed new regime for disclosing climate-related financial risks, and should not require a so-called safe harbour to protect them from legal action.

That’s the view of barrister Sebastian Hartford Davis, one of the country’s top legal experts on financial climate risks. His advice was sought by the Australian Council of Superannuation Investors, Investor Group of Climate Change, and the Responsible Investment Association Australasia as part of their response to the government’s consultation on a new disclosure regime.