16 September 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 11th session of the PIC on 16 September 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 the Department for Business and Trade (DBT).
1. PIC and Technical Advisory Committee (TAC) updates
The secretariat noted the upcoming publication of the committee minutes.
The TAC secretariat provided an update on the progress of the TAC, highlighting the issues the TAC has raised for the committee or specific government departments to consider.
2. Summary of feedback received from the secretariat’s commission on IFRS S1
The secretariat presented on the feedback received from committee members and other government representatives regarding IFRS (International Financial Reporting Standards) S1.
The committee noted the suggestion from the TAC (from the TAC’s July meeting) for the PIC to consider developing jurisdictional guidance on what sustainability-related information an entity is required to disclose in line with existing UK legislation, as an implementation matter.
The committee agreed to discuss whether a definition of sustainability is required in a future session.
3. Carbon offsetting, carbon credits and carbon pricing
The Department for Energy Security and Net Zero (DESNZ) presented an update, explaining the current plans for work on voluntary carbon markets and how that links to the work to assess IFRS S2.
The secretariat and DESNZ agreed to discuss specific next steps.
4. Sustainability Accounting Standards Board (SASB) ambulatory references
The secretariat presented a paper on the ambulatory references to the SASB standards in IFRS S1 and S2. It was noted that the previous committee discussion on SASB (in February 2024) also covered the due process for reviewing and updating SASB standards – this will be revisited at a future committee session.
5. Any other business, actions and next steps
None.