10 October 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 third session of the PIC on 10 October 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 that the TAC Secretariat’s call for evidence on IFRS® S1 and IFRS S2 will be closing on 11 October.
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.
The Committee discussed the timing implications of this and the Secretariat agreed to continue to update the Committee on these implications.
2. Timelines
The Secretariat provided an update in relation to timelines.
3. Endorsement workstream proposals: for PIC members to lead and Secretariat to oversee
The Secretariat presented a paper that was previously shared with the Committee, which highlighted the specific elements of IFRS S1 and / or S2 that the PIC would likely need to consider in the future.
The Secretariat clarified that these workstreams concern public policy interactions – in line with the Committee’s remit as set out in its Terms of Reference – and not any technical assessments.
The Committee noted that it will be useful for the TAC to highlight to the International Sustainability Standards Board (ISSB) whether any additional guidance to the standards should be produced.
The Committee discussed the forthcoming Adoption Guide from the ISSB and the potential implications for the UK endorsement process – it agreed to monitor this.
4. AOB, actions and next steps
The Secretariat will consider how it shares information on the matters the PIC membership would like the TAC to consider with the TAC.