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TAC Commission letter from the Secretary of State
Department for Business & Trade
Kevin Hollinrake MP Minister of State Department for Business and Trade Old Admiralty Building Admiralty Place Whitehall London SW1A 2DY
17 May 2024
Sally Duckworth Via Financial Reporting Council 8th Floor 125 London Wall London EC2Y 5AS
Dear Sally,
Congratulations on your success in our recruitment campaign for the role of UK Sustainability Disclosure Technical Advisory Committee (TAC) Chair – I am pleased to be working with you.
I am writing to notify you that the TAC can now commence its analysis of IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures).
The TAC's terms of reference are set out in the 'Endorsement Framework' that is attached to this letter. As you are aware, the TAC's ultimate goal is to advise the Secretary of State whether the endorsement of the recently-published IFRS Sustainability Disclosure Standards would be conducive to the long-term public good in the UK. The target date for the TAC to provide its recommendations is at the end of 2024 and we expect the TAC to provide its advice based upon a rigorous technical analysis of IFRS S1 and S2.
My officials will write to you separately to provide additional contextual information for you to have regard to when providing your recommendations.
We look forward to receiving your recommendations.
Yours sincerely,
KEVIN HOLLINRAKE MP Minister of State for Enterprise, Markets and Small Business