22 February 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 sixth session of the PIC on 22 February 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 shared an updated plan for the endorsement workstreams.
The Secretariat provided an update on the recruitment of the Chair of the TAC.
2. Status of Sustainability Accounting Standards Board (SASB) standards and industry-based guidance in IFRS S1 and IFRS S2
The Secretariat presented a paper which considered the status of the SASB standards and Industry-based Guidance in relation to IFRS® S1 and IFRS S2.
The Committee discussed the topic, and a particular focus was the legal meaning of the phrase ‘shall refer to and consider’ which is contained within IFRS S1 and IFRS S2.
A number of follow-up actions were assigned to Committee members. This included flagging this topic to the TAC for its consideration.
3. UK Sustainability Reporting Standards (UK SRS) endorsement mechanism
The Secretariat presented on the endorsement process and the mechanism for publishing UK SRS. If UK SRS are published on a website for voluntary use by UK companies, further legislation or regulation would be required to introduce any requirements for UK companies to use UK SRS.
The Committee discussed the topic, and several follow-up papers and discussions were noted for action.
4. AOB, actions and next steps
None.