20 March 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 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 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
皇冠体育app Secretariat provided an update on recruitment for the TAC Chair, and that dates were being planned for the TAC鈥檚 meetings.
2. Contextual information from the PIC to the TAC听听听
皇冠体育app 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庐 S1 and IFRS S2.
皇冠体育app Secretariat will prepare the letter, which will be sent by the Department for Business and Trade (DBT).
3. Disclosure of the judgement behind no material climate-related risks and opportunities听听听听听听
皇冠体育app 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鈥檛 have any climate-related risks or opportunities to explain how they reached that conclusion.
皇冠体育app Committee considered the interaction between this obligation and IFRS S2.
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.
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.
皇冠体育app 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.
皇冠体育app workstream will be brought back to the Committee in due course for further discussion.
5. Carbon offsetting, carbon credits and carbon pricing听听听听听听聽
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听听听听听听听听听听听听聽
皇冠体育app Committee noted the International Sustainability Standards Board (ISSB)鈥檚 March meetings, which discussed the ISSB鈥檚 plans following their Consultation on Agenda Priorities in 2023.
皇冠体育app Committee noted that the Canadian Sustainability Standards Board has published its 2 draft standards for comment.