12 August 2024: UK Sustainability Disclosures Policy and Implementation Committee (PIC) 鈥� summary minutes
Updated 9 January 2025
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UK Sustainability Disclosures Policy and Implementation Committee (PIC)
Summary minutes of the 10th session of the PIC on 12 August 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 鈥楩ramework Document鈥� in these minutes. Also in these minutes, 鈥楥ommittee鈥� refers to the PIC. 鈥樆使谔逵齛pp Secretariat鈥� refers to the PIC Secretariat, provided by DBT.
1. PIC and Technical Advisory Committee (TAC) updates聽聽聽聽聽聽聽聽聽
皇冠体育app Secretariat acknowledged responses to its request for information on IFRS庐 S1 from the Committee. 皇冠体育app Secretariat will provide a summary in due course.
皇冠体育app TAC Secretariat provided an update on the progress of the TAC, including the 3 meetings held to date (in May to July) and their content.
皇冠体育app Committee discussed the TAC鈥檚 planned discussion topics in upcoming meetings.
2. Minister and policy direction updates聽聽聽聽聽聽聽聽聽聽聽聽聽
皇冠体育app Secretariat presented on the new DBT ministers appointed following the general election in July. Other Committee members provided their own updates.
3. PIC progress review and forwards-look聽聽聽聽聽聽
皇冠体育app Secretariat presented on the progress so far regarding the Committee workstreams, including identifying next steps. A brief update was provided on financed emissions, which the TAC will discuss in a future meeting.
皇冠体育app Secretariat also presented on the forward-look for the Committee 鈥� this included the objective for the Committee to come to conclusions on workstreams by the end of the calendar year.
皇冠体育appre will also be a need for some implementation-related discussions to be held in Committee sessions for the rest of the calendar year.
4. GHG Protocol
皇冠体育app 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. This followed the first discussion held in the March Committee session.
Following from previous comments, the Committee focused its discussion on the due process that would typically be required to require a specific methodology in a UK-adopted standard, and whether this level of due process had been met for the references to the GHG Protocol.
皇冠体育app workstream will be brought back to the Committee in due course for further discussion, alongside the due process considerations for the references to the SASB standards in IFRS S1 and IFRS S2, to come to a conclusion.
5. AOB, actions and next steps聽聽聽聽聽聽聽聽聽聽聽聽聽
皇冠体育app Committee briefly discussed the definition of materiality and the importance of consistency between that used by the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).
皇冠体育app Committee noted that that the TAC tentatively approved a recommendation to maintain the provisions in S1 relating to materiality.
皇冠体育app Committee noted the recent Consultation on the new Public Offers and Admission to Trading Regulations regime (POATRs) from the FCA.