TPR issues first climate change reporting fine

Article summary

The Pensions Regulator (TPR) has announced that it has issued a £5,000 fine to ExxonMobil Pension Plan (Exxon) and published a regulatory intervention report after Exxon failed to comply with climate change reporting regulations. Under the new regulations developed in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, schemes are required to publish their climate change report on a website accessible to savers so they are assured trustees are considering climate risks and opportunities in its decision-making. Failure to do so by the set deadline, as with Exxon, will result in the scheme being named in TPR compliance and enforcement bulletin.