17 April 2024: UK Sustainability Disclosures Policy and Implementation Committee (PIC) – summary minutes
Updated 4 December 2024
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UK Sustainability Disclosures Policy and Implementation Committee (PIC)
Summary minutes of the eighth session of the PIC on 17 April 2024.
For more information on the remit and responsibilities of the Policy and Implementation Committee, see our Framework for developing UK Sustainability Reporting Standards, which is referred to as the ‘Framework Document’ in these minutes. Also in these minutes, ‘Committee’ refers to the PIC. ‘The Secretariat’ refers to the PIC Secretariat, provided by DBT.
1. PIC and Technical Advisory Committee (TAC) updates
The Secretariat provided an update on the progress of the Framework Document and the TAC Chair recruitment and member appointments.
2. Update on a potential commission from the PIC Secretariat on IFRS S1
The Secretariat presented on a planned request for information on IFRS® S1 from the Committee’s member organisations, and some other organisations, to support the Committee’s future discussions. The request would focus on the interactions between IFRS S1 and UK public policy.
3. Climate scenarios
The Department for Energy Security and Net Zero (DESNZ) presented a paper on this workstream, which sought views on the requirements for climate-related scenario analysis in IFRS S2, including whether specific scenarios should be prescribed.
The Committee will await any discussion on the matter from the TAC to inform the next steps. The Committee, in the meantime, agreed that further discussion would be orientated around the provision of any extra guidance to support companies using the standard.
4. Conversion factors and data quality
DESNZ provided an update related to this workstream. This included user engagement survey findings and options to continue providing (and potentially further develop) UK conversion factors.
The Committee discussed some technical points related to the topic and it was agreed that follow-up discussions across government would be arranged.
5. AOB, actions and next steps
None.