10 Technical Advisory Committee Update

Executive Summary

Purpose of the paper

The UK Sustainability Disclosure Technical Advisory Committee (TAC) held its final meeting on 5 December 2024 to finalise its recommendations following an assessment of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2).

Summary of the Issue

The TAC has been tasked by the Department for Business and Trade¹ (DBT) to assess the IFRS Sustainability Disclosure Standards from a technical perspective and provide advice² to the Secretary of State on whether their endorsement would be conducive to the long-term public good in the UK.

The UKEB is represented on the TAC by a Board Member, who is appointed as a full member of the TAC to reflect the need to maintain connectivity between UK adopted international accounting standards and UK Sustainability Reporting Standards.

This paper presents a summary of matters considered at the December 2024 meeting for the Board's consideration. At the time of writing, official minutes had not yet been issued.

Question for the Board

n/a

Recommendation

n/a

Appendices

Appendix A: UK Sustainability Disclosure TAC meeting schedule

TAC meeting – December 2024

1The 5 December 2024 TAC agenda³ included a review of, and voting on, the final technical assessment and endorsement recommendations⁴ and a summary of the due process⁵ adopted. The TAC Secretariat will publish an official record of the meetings and final decisions in due course.

2A verbal update will be provided by the UKEB TAC committee member at the UKEB's 12 December 2024 meeting.

3Appendix A contains a summary of the TAC's draft technical assessment and endorsement recommendations, and Appendix B contains links to the agenda and papers of previous UK Sustainability Disclosure TAC meetings.

Appendix A: Draft technical assessment recommendations

A1The table below provides a summary of the TAC's draft technical assessment and endorsement recommendations.

Appendix B: UK Sustainability Disclosure TAC meeting schedule

B1UK Sustainability Disclosure TAC meetings were scheduled for the following dates:

1. 31 May 2024 - meeting summary
2. 18 June 2024 - meeting summary
3. 15 July 2024 - meeting summary
4. 3 September 2024 - meeting summary
5. 8 October 2024 - meeting summary
6. 5 and 15 November 2024 - meeting summary
7. 28 November 2024 - cancelled
8. 5 December 2024 – final meeting and recommendations

B2The public meeting agenda, technical papers and summary minutes from the TAC meetings can be found on the UK Sustainability Disclosure Technical Advisory Committee website⁶.