19 July 2023: 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 second session of the PIC on 19 July 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 recruitment of members and the Chair of the TAC.
The Secretariat noted the publication of the Call for Evidence that the TAC secretariat published on 19 July.
It was noted that the International Organization of Securities Commissions was nearing a conclusion on its endorsement of the current 2 IFRS® Sustainability Disclosure Standards (IFRS S1 and S2). This decision will be of interest to the Committee.
2. Information session on IFRS Disclosure Standards
The Secretariat provided an overview of interactions and differences between each of IFRS S1 and S2 and current reporting obligations in the UK.
3. Work planning
The Committee discussed initial stakeholder reactions to the standards issued by the ISSB. It noted a need for training and capacity-building in the UK to prepare for future use of UK Sustainability Disclosure Standards. It also noted that proportionality had been built into IFRS S1 and S2.
The Committee discussed how members would work together over the coming months to identify interactions between their organisations’ remit and IFRS S1 and S2.
The Committee agreed that the Secretariat would provide information (on the matters the PIC membership would like the TAC to consider) to the TAC following appointment of its Chair.
The Committee had a broad discussion about the aspects of S1 and S2 that the TAC may decide to consider when providing endorsement recommendations to the Secretary of State.
4. Role of the PIC and the TAC in relation to reliefs
The Committee broadly discussed possible mechanisms for implementing the ‘reliefs’ detailed in IFRS S1 and S2. This discussion did not focus on the specific reliefs contained within IFRS S1 and S2, but possible legal routes to give them effect.
5. AOB, actions and next steps
None.