12 August 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 10th session of the PIC on 12 August 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 acknowledged responses to its request for information on IFRS® S1 from the Committee. The Secretariat will provide a summary in due course.
The TAC Secretariat provided an update on the progress of the TAC, including the 3 meetings held to date (in May to July) and their content.
The Committee discussed the TAC’s planned discussion topics in upcoming meetings.
2. Minister and policy direction updates
The Secretariat presented on the new DBT ministers appointed following the general election in July. Other Committee members provided their own updates.
3. PIC progress review and forwards-look
The Secretariat presented on the progress so far regarding the Committee workstreams, including identifying next steps. A brief update was provided on financed emissions, which the TAC will discuss in a future meeting.
The Secretariat also presented on the forward-look for the Committee – this included the objective for the Committee to come to conclusions on workstreams by the end of the calendar year.
There will also be a need for some implementation-related discussions to be held in Committee sessions for the rest of the calendar year.
4. GHG Protocol
The Department for Energy Security and Net Zero (DESNZ) presented a paper on this workstream, which sought views on the references to the GHG Protocol in IFRS S2. This followed the first discussion held in the March Committee session.
Following from previous comments, the Committee focused its discussion on the due process that would typically be required to require a specific methodology in a UK-adopted standard, and whether this level of due process had been met for the references to the GHG Protocol.
The workstream will be brought back to the Committee in due course for further discussion, alongside the due process considerations for the references to the SASB standards in IFRS S1 and IFRS S2, to come to a conclusion.
5. AOB, actions and next steps
The Committee briefly discussed the definition of materiality and the importance of consistency between that used by the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).
The Committee noted that that the TAC tentatively approved a recommendation to maintain the provisions in S1 relating to materiality.
The Committee noted the recent Consultation on the new Public Offers and Admission to Trading Regulations regime (POATRs) from the FCA.