ASFI Research Paper: First Nations Disclosures

This research paper provides the first consolidated review of how First Nations rights, governance and material risks are reflected in Australia’s current disclosure landscape. It highlights major gaps across existing corporate and sustainability reporting frameworks, where First Nations materiality, governance and data sovereignty remain largely unrecognised.

The paper identifies the shifts already underway, including Dhawura Ngilan, the role of RAPs, and the First Nations Minimum Social Safeguards in the Australian Sustainable Finance Taxonomy. It also outlines a practical pathway to build more credible, culturally grounded First Nations disclosures.

Key Recommendations

• Transitioning leadership of any future disclosure framework to a First Nations-led organisation, ensuring cultural legitimacy and governance integrity.

• Building sector readiness and capability through education and technical support that strengthen understanding of First Nations governance, materiality and data sovereignty.

• Laying the groundwork for future co-design of a voluntary First Nations disclosure framework, including sector pilots, stronger partnerships and alignment with existing initiatives such as RAPs and Dhawura Ngilan.

The paper sets a clear direction for improving the quality, consistency and cultural legitimacy of First Nations disclosures across the financial system.