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20 March 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 seventh session of the PIC on 20 March 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 provided an update on recruitment for the TAC Chair, and that dates were being planned for the TAC’s meetings.

2. Contextual information from the PIC to the TAC   

The Committee discussed and agreed the information about the matters the PIC membership would like the TAC to consider, which will be sent to the TAC ahead of its assessment on IFRS® S1 and IFRS S2.

The Secretariat will prepare the letter, which will be sent by the Department for Business and Trade (DBT).

The Secretariat presented a paper on this workstream. Climate-disclosure obligations in the Companies Act 2006 include a requirement for entities that have concluded they don’t have any climate-related risks or opportunities to explain how they reached that conclusion.

The Committee considered the interaction between this obligation and IFRS S2.

4. GHG Protocol

The Department for Energy Security and Net Zero (DESNZ) presented a paper on this workstream, which sought views on the references to the GHG Protocol in IFRS S2.

Specific views were sought on matters such as the need for a prescribed methodology in IFRS S2, the role of any additional guidance, and whether there were technical challenges not yet discussed.

The Committee discussed how the GHG Protocol is widely used (which could support ease of adoption) but recognised that it is due to be updated and there should be consideration of due process and how updates are managed.

The workstream will be brought back to the Committee in due course for further discussion.

5. Carbon offsetting, carbon credits and carbon pricing       

DESNZ provided an update related to this workstream, noting the usefulness of the requirements in IFRS S2, and where additional policy work on this topic would go further.

6. AOB, actions and next steps             

The Committee noted the International Sustainability Standards Board (ISSB)’s March meetings, which discussed the ISSB’s plans following their Consultation on Agenda Priorities in 2023.

The Committee noted that the Canadian Sustainability Standards Board has published its 2 draft standards for comment.

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