25 January 2024: UK Sustainability Disclosures Policy and Implementation Committee (PIC) – summary minutes
Updated 15 November 2024
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UK Sustainability Disclosures Policy and Implementation Committee (PIC)
Summary minutes of the fifth session of the PIC on 25 January 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 noted that DBT is exploring the format and mechanism for the publication of UK Sustainability Reporting Standards (UK SRS).
The Secretariat also provided an update on recruitment for the TAC Chair.
The Secretariat and the Committee will continue to consider the links between any UK SRS and the Environmental Reporting Guidance, as published by the Department for Energy Security and Net Zero (DESNZ), and other reporting guidance.
2. Financial Conduct Authority (FCA ) update on plans and timing
The FCA provided an update on the prospective timings for future policy work on the International Sustainability Standards Board (ISSB) standards in the context of disclosure rules for UK-listed companies, and dependencies with the work of the Committee.
3. PIC endorsement workstream updates
Committee members who are endorsement workstream leads confirmed the planned dates for providing updates to the Committee regarding their workstreams.
The Secretariat will continue to work with the workstream leads to support their progress and will arrange focused meetings when required.
4. AOB, actions and next steps
The Committee discussed the working relationship between the Committee and the TAC, and the steps for initiating and providing information on the matters the PIC membership would like the TAC to consider, to inform the TAC’s assessment of ISSB standards.