21 November 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 14th session of the PIC on 21 November 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 the Department for Business and Trade (DBT).
1. Summary of PIC discussions on endorsement of IFRS S1 and IFRS S2
The secretariat presented a paper which summarised the committee’s work to date. This included a review of the conclusions from each of the committee’s endorsement workstreams.
The committee discussed the draft paper. Following feedback, the secretariat will update it and share for the next committee session in December.
2. Next steps on reliefs
Following the previous committee session, the secretariat presented on the group’s progress in discussing the approach to transitional reliefs in both standards. The secretariat will consider how to take the agreed position forwards.
3. Any other business, actions and next steps
The secretariat noted that the next committee session would aim to conclude the committee’s work on endorsement, in anticipation of the forthcoming consultation on the draft UK Sustainability Reporting Standards (UK SRS).
The committee noted that the UK government summary of responses to the Call for Evidence on UK greenhouse gas emissions reporting: Scope 3 emissions has been published.
The committee noted the progress of the Technical Advisory Committee (TAC), which is on track to finalise its recommendations to the Secretary of State for Business and Trade in December.