5 December 2023: 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 fourth session of the PIC on 5 December 2023.
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 made in forming the TAC. This included the launch of a recruitment campaign for the role of TAC Chair. The Secretariat also noted that both members and the Chair will be appointed by ministers.
The Secretariat provided an update on the Framework Document for the endorsement process, which includes the terms of reference for the PIC and the TAC.
2. Timing grid
The Secretariat presented a grid showing the minimum time required for the different stages of the endorsement process, including the TAC’s assessment and DBT’s consultation process.
The grid will be kept under review and updated as the endorsement process continues.
3. Updates on PIC member-led endorsement workstreams
PIC members who are endorsement workstream leads provided an update on progress with their workstreams. The Secretariat will continue to work with the workstream leads to support their progress.
4. DBT endorsement workstreams
The Secretariat presented an overview of the potential endorsement workstreams to be led by the Department for Business and Trade (DBT). These were discussed and in principle accepted by the Committee, subject to their future discussion by the Committee. The Secretariat will finalise the workstreams for the Committee to review.
5. AOB, actions and next steps
The Secretariat briefly alerted the Committee to the work of the Australian Accounting Standards Board and its recently published ‘Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information’.