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TAC Public Meeting May 2024: Meeting Summary

Date: 31 May 2024 Time: 10:00-13:00 Location: FRC Office, 8th Floor, 125 London Wall, London, EC2Y 5AS The recording of the meeting and agenda papers are available online.

Attendance

Name Designation
Sally Duckworth Chair
David Harris Member
Dia Desai Member
Harriet Cullum Member
Hilary Eastman Member
Jeremy Osborn Member
Joseph Noss Member
Nick Rowbottom Member
Peter Hogarth Member
Scott Barlow Member
Supriya Sobti Member
Jenny Carter Member appointed by the Financial Reporting Council (FRC)
Paul Lee Member appointed by the UK Endorsement Board (UKEB)
Mike Ashby Observer from the Department of Business and Trade (DBT)
Mita Gandhi Observer from the Bank of England (BoE)
Carlos Martin Tornero Observer from the Financial Conduct Authority (FCA)
Sarah-Jayne Dominic Secretariat

Apologies

Name Designation
Craig Mackenzie Member
Madeleine Evans Member

Private meeting

The TAC held a private meeting at 09.30 to 09.55 to discuss confidential and administrative matters.

1. Welcome and apologies

The Chair welcomed members and observers to the inaugural public meeting of the TAC.

The Chair noted that the TAC was quorate and read out the attendees—both in person and online. The Chair noted apologies from Craig Mackenzie and Madeleine Evans.

Two members declared interest in the Transition Plan Taskforce which was discussed in relation to Agenda Item 3.

The Chair noted that the meeting will be held in accordance with the Terms of Reference and that the papers for the meeting were made available online.

2. Assessment approach

The TAC considered the proposed assessment approach in Agenda Paper 2 that will be used by the TAC to assess IFRS® Sustainability Disclosure Standards.

The TAC discussions covered the endorsement criteria, including the process the TAC will use to ensure that all criteria have been considered during the assessment of IFRS S1 and IFRS S2.

The TAC approved the assessment approach, subject to addressing the comments raised during the meeting and approval by the Chair.

3. Work plan for technical assessment of IFRS S1 and IFRS S2

The TAC considered the proposed technical work plan in Agenda Paper 3 that will be used by the TAC to assess IFRS S1 and IFRS S2 for prospective endorsement in the UK. This includes the proposed priority technical areas to be discussed in future meetings.

The TAC discussions included:

  • depending on the views obtained from this additional stakeholder engagement.
  • regulations in other jurisdictions and flagged that it would be helpful to consider what is happening in these jurisdictions during the assessment of IFRS S1 and IFRS S2.
  • the need to prioritise its time and resources and considered whether some technical areas require more time. The TAC also discussed the interrelated nature of some of the technical areas.
  • transition plans and agreed to move this technical area into the priority list for future discussion.
  • cross-industry metrics (other than greenhouse gas emissions) in IFRS S2 and agreed to move this technical area into the priority list for future discussion.
  • targets and agreed to move this technical area into the priority list for future discussion. The TAC agreed that 'carbon credits' might be discussed as part of the discussion on targets.
  • industry-based guidance in IFRS S2 and noted that an assessment of the content in this guidance is out of scope, but the instruction 'shall refer to and consider' is an area the TAC plans to discuss further.

The TAC approved the work plan and technical areas identified, subject to addressing the comments raised during the meeting and approval by the Chair.

4. Project plan and target timeline

The TAC considered the proposed overview of the project plan, including a target timeline, to be used by the TAC for the technical assessment of IFRS S1 and IFRS S2 for prospective use in the UK.

The TAC approved the project plan, including the target timeline, subject to addressing the comments raised during the meeting and approval by the Chair.

5. Any other business

There was no AOB.

The meeting ended at 12:00.

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Name TAC Public Meeting May 2024: Meeting Summary
Publication date 14 June 2024
Format PDF, 87.4 KB
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