22 May 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 ninth session of the PIC on 22 May 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 presented on a planned request for information on IFRS® S1 from the Committee’s member organisations and some other organisations, to support the Committee’s future discussions, which will be made in due course.
The Secretariat is planning for the next phase of Committee meetings, as the TAC has been established and will shortly begin its analysis of IFRS S1 and IFRS S2. The Secretariat noted the publication of the Framework Document and the sending of 2 letters to the TAC, which allows it to start work.
2. Scope 3 emissions, including implications for SMEs and the value chain
A presentation seeking views on policy matters related to Scope 3 emissions reporting requirements was delivered by DBT and the Department for Energy Security and Net Zero (DESNZ). This followed the Call for Evidence ran by DESNZ in October to December 2023.
Given the existing UK landscape for Scope 3 reporting, it was suggested that matters relevant for the Committee included investigating the value of Scope 3 reporting, the impacts on reporting entities (including those across value chains), coherence with existing requirements, and links to delivery of environment and climate policy objectives.
The Committee discussed the topic and agreed to provide written comments to inform the next steps for this discussion.
3. Public minutes
The Secretariat noted the requirement to publish summary minutes for each meeting and agreed a process to do so with the Committee.
4. AOB, actions and next steps
None.