9 ISSB Request for Information Project Initiation Plan

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11 May 2023
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18 May 2023 Agenda Paper 9 UKEB UK Endorsement Board

Executive Summary

Project Type
Project Type Influencing
Project Scope Moderate
Purpose of the paper This paper provides the UKEB with a Project Initiation Plan (PIP) for the project to respond to the International Sustainability Standards Board (ISSB) Request for Information (RfI).

Summary of the issue

The ISSB is seeking feedback on its priorities for its next two-year work plan. The Request for Information Consultation on Agenda Priorities is open for comments until 1 September 2023. The ISSB has identified four potential projects that could be added to its agenda of work over the next two years:

  1. biodiversity, ecosystems and ecosystem services;
  2. human capital;
  3. human rights; and
  4. researching integration in reporting

The ISSB is asking for stakeholder feedback on:

  • the strategic direction and balance of the ISSB's activities;
  • the criteria for assessing which sustainability-related matters to prioritise—including topics, industries and activities; and
  • the scope and structure of potential new research and standard-setting projects.

The ISSB is also seeking views on the relative priority of activities to determine potential trade-offs.

The consultation period closes on 1 September 2023. This will constrain UKEB project timelines as the final deadline does not fit easily with UKEB meeting schedule, as well as overlapping with interim reporting periods and summer holidays for a significant number of UK stakeholders.

As a result, this paper includes a number of options for the Board is asked to consider for the approval of the Final Comment Letter (FCL).

Due to the anticipated tight deadlines, preparatory Stakeholder outreach has already commenced on this project. The options discussed in the PIP take a proportionate approach to the project, reflecting both the context of the project and feedback received to date from stakeholders.

In parallel to the ISSB's RfI, the IASB has also activated a project on Climate-related risks in Financial Statements. The purpose of the IASB project is to 'explore whether and how financial statements can better communicate information about climate-related risks'[^1].

1As the UKEB remit covers connectivity between the two international Boards, the project approach will also seek to identify relevant considerations for the IASB project and engage with that team, as appropriate.

Decisions for the Board

1Does the UKEB agree with the staff recommendation that the FCL should be presented at the additional ad-hoc meeting on 2 August 2023?

2Does the Board agree that the project team should seek to identify connectivity considerations relevant for the IASB Climate-related risks in Financial Statements project during the outreach on this project and engage with the IASB project team if relevant?

3Does the Board approve the PIP for this project?

Recommendation

The Secretariat recommends that the FCL is presented at the 2 August Board meeting and that the Board approves the PIP.

Appendices

Appendix A [Draft] ISSB Request for Information Project Initial Plan (PIP)

Due Process – options to consider for approval of Final Comment Letter

1The ISSB RfI consultation period ends on 1 September 2023 which is in between the scheduled UKEB July 2023 and September 2023 meetings, and the additional ad-hoc meeting on 2 August 2023. Options and a recommendation are provided below for UKEB consideration and decision.

Options for consideration

2The Board has the following options in relation to approval of the final comment letter for the RfI:

  1. Request an extension from the ISSB to allow the UKEB 21 September 2023 Board meeting to consider and approve the Final Comment Letter (FCL).
  2. Reduce the Draft Comment Letter (DCL) consultation period[^2] to one week so that the FCL can be considered and approved at the 13 July 2023 UKEB Board meeting and rely on the stakeholder feedback gathered when doing the preparatory work (as listed above).
  3. Add to the agenda for the proposed additional ad-hoc meeting on 2 August 2023 UKEB meeting to consider and approve the FCL. This will mean additional time will need to be added to the meeting to discuss the FCL.
Option Pros Cons
FCL presented at 21 September UKEB meeting. Request deadline extension from ISSB Maximum UK stakeholder outreach, engagement, and feedback. ISSB meets between 11–15 September and may consider initial survey feedback. UKEB position would not be available for this meeting.
FCL presented at 13 July UKEB meeting ISSB deadline achieved, FCL would be likely to be one of the initial comment letters published by the ISSB. An exception to the UKEB due process would be required as stakeholders would only have one week to respond to the UKEB Invitation to Comment.
FCL presented at 2 August proposed additional ad-hoc UKEB meeting ISSB deadline achieved, no exception required from due process as stakeholders would have the required 30 days to respond to the Invitation to Comment. The proposed additional ad-hoc UKEB meeting is limited to one hour and currently has two agenda items.

Recommendation

3The Secretariat recommend incorporating the review and approval of the FCL at the proposed additional ad-hoc meeting on 2 August 2023 as this both meets the ISSB deadlines and does not require an exception to the UKEB due process.

4The PIP is prepared based on the above recommendation but if the Board prefers a different approach the PIP will be updated with the Board's preferred option and uploaded to the UKEB website.

Question for the Board

1Does the UKEB agree with the staff recommendation that the FCL should be presented at the additional ad-hoc meeting on 2 August 2023?

Appendix A: Draft Project Initiation Plan ISSB Request for Information

Project Type Influencing
Project Scope Medium

Purpose

A1This paper sets out the approach and plan to influence the International Sustainability Standards Board (ISSB) Request for Information Consultation on Agenda Priorities (RfI).

Background

ISSB Request for Information

A2The ISSB published its RfI on 4 May 2023 and requested comments by 1 September 2023. The ISSB has requested that its preferred method of feedback will be from an online survey but that comment letters will also be accepted.

A3The project will provide both a formal comment letter and also replicate the relevant content from the UKEB comment letter in the online survey and submit both to the ISSB.

A4The RfI has the following questions (emphasis added on the specific projects the ISSB is considering):

  1. Question 1—Strategic direction and balance of the ISSB's activities.
  2. Question 2—Criteria for assessing sustainability reporting matters that could be added to the ISSB's work plan.
  3. Question 3—New research and standard-setting projects that could be added to the ISSB's work plan.
  4. Question 4—New research and standard-setting projects that could be added to the ISSB's work plan: Biodiversity, ecosystems and ecosystem services.

A5The UK does not yet have an endorsement framework in place for the adoption of ISSB Sustainability Disclosure Standards. Until that framework is in place, the UK Government, has asked the UKEB, the Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) to engage with the International Sustainability Standards Board (ISSB) and to respond to their consultations, according to their respective regulatory objectives and functions. This request was publicly announced in Lord Callanan's letter to the ISSB regarding their exposure drafts of IFRS S1 and IFRS S2.

A6The UKEB is carrying out work to consider the overlap or impact of the proposed ISSB IFRS Sustainability Disclosure Standards with IFRS Accounting Standards. In other words “connectivity” between the two sets of standards and the information that is produced as a result of their use. This means that the UKEB project will in the main focus on the following areas:

  1. researching integration in reporting; and
  2. the relative priority of activities/projects to determine potential trade-offs.

A7However, if, during the technical work and outreach with stakeholders, we identify issues that relate to the other matters and which are within the UKEB's remit, appropriate comments on those matters will also be developed for consideration and approval by the Board.

Integration in reporting project

A8In the RfI, the ISSB's proposed research project on integration in reporting considers integrated disclosures beyond the requirements on connected information in the financial statements and sustainability-related financial disclosures, that are included in S1 and S2.

A9The project may include creating a corporate reporting framework that integrates disclosure across multiple documents. In addition, as it would be a larger project than the initially considered 'connectivity' project it would require more of the ISSB's resources.

A10The ISSB is also seeking stakeholder views on:

  1. The relative priority and timeliness of advancing this project in the context of ISSB's mission to build out a suite of 'sustainability' standards;
  2. Whether and how the ISSB should work with the IASB;
  3. Whether the project should utilise IASB's Exposure Draft Management Commentary, the Integrated Reporting Framework, both or other materials in pursuing this work.

A11In March 2023, the IASB activated a narrow-scope maintenance project 'Climate-related Risks in the Financial Statements'. This project is to 'explore whether and how financial statements can better communicate information about climate-related risks'[^3].

A12The IASB notes that it will consider the work of the ISSB in the project scope, to the extent that it applies to the financial statements.

A13As the UKEB remit covers connectivity between the two international Boards it is appropriate that some of the work undertaken as part of this project will also be used by the UKEB to consider its influencing work on the IASB's Climate-related Risks in the Financial Statements project.

Project outreach completed

A14In preparation for the ISSB RfI project on integration in reporting the following activities have already been undertaken during 2023:

  1. Board discussions of preparatory papers on connectivity themes;
  2. UKEB Advisory and Working Group discussions on preparatory papers;
  3. Engagement with IFRS Foundation staff on their project direction;
  4. Engagement with UK Stakeholders on the connectivity themes identified so far; and
  5. Engagement with other National Standard Setters and other international stakeholders.

Project milestones

A15A proportionate approach is proposed, incorporating the mandatory milestones listed in paragraph 5.3 of the UKEB's Due Process Handbook (Handbook)[^4]. The table below provides a brief description of the work we intend to do as part of this project.

| Milestone/activity | Brief description |

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| Strategic Report | | Our performance this year... |

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