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TAC Public Meeting June 2025 Paper 4: Due Process Summary
UK Sustainability Disclosure Technical Advisory Committee
AGENDA PAPER 4
Executive summary
| Category | Description |
|---|---|
| Date | 10 June 2025 |
| Paper reference | 2025-TAC-037 |
| Project | Proposed amendments to IFRS S2 |
| Topic | Due process summary |
Objective of the paper
This paper presents a brief summary of the due process followed in the development of the TAC's comment letter on the proposed amendments to IFRS S2 Climate-related Disclosures issued by the International Sustainability Standards Board (ISSB).
Decisions for the TAC
The TAC is asked whether it has any comments on and tentatively approves the due process summary.
Appendices
Appendix – Due process summary
Due process summary
The TAC's Due Process Policy (DPP)1 states that the TAC would usually publish a due process summary for its work developing a comment letter.
2A draft due process summary is tabled alongside the TAC's final comment letter on the proposed amendments to IFRS S2 for discussion and tentative approval in this meeting.
3The appendix includes a copy of the draft due process summary.
Questions for the TAC
- Does the TAC have any comments on the due process summary in the appendix?
- Does the TAC tentatively approve the due process summary?
Next steps
4The final due process summary will be tabled at a future meeting for discussion and approval.
Appendix – Due process summary
Project initiation
| Due process tasks | Status | Comments |
|---|---|---|
| A project management plan, including target timeline, is prepared and approved by the TAC. The project management plan is published on the FRC website. | Expected | The project management plan was approved at a public meeting on 13 May 2025 and is available on the FRC website. |
Project delivery, including performing technical analysis
| Due process tasks | Status | Comments |
|---|---|---|
| The TAC, and FRC as TAC Secretariat, undertake outreach with UK stakeholders. | Expected | The FRC as TAC Secretariat undertook outreach with UK stakeholders by identifying key stakeholders and engaging with them via interviews and roundtables. Such stakeholders included industry bodies/trade associations, investment management bodies, asset managers, insurers, banks, non-governmental organisations and carbon accounting methodology developers. |
| A draft comment letter with an invitation to comment is prepared, approved by the TAC and published on the FRC website. | Optional | The TAC decided not to undertake a public consultation as the comment period was only 60 days and the proposals were targeted amendments. The TAC undertook targeted outreach with UK stakeholders instead. |
| Research activities are reviewed and noted by the TAC. | Optional | The TAC Secretariat's research activities included:
|
| Mandatory | The TAC is asked whether it has any comments on and approves the comment letter in Agenda Paper 3 of this meeting. The final comment letter will be submitted to the ISSB once it has been approved and it will also be published on the FRC website. Expected if a draft comment letter has been published | A standalone stakeholder feedback summary was not prepared as the TAC decided not to undertake a public consultation. However, a summary of stakeholder feedback is included in the paper with the comment letter. |
Project closure
| Due process tasks | Status | Comments |
|---|---|---|
| A due process summary is prepared and approved by the TAC. The due process summary is published on the FRC website. | Expected | The TAC is asked whether it has any comments on and tentatively approves the draft due process summary. The final due process summary will be tabled at a future meeting. |
| A lessons learnt exercise is performed by the TAC. | Optional | The TAC will conclude on whether to perform a lessons learnt exercise in a future meeting. |
TAC meetings
| Due process tasks | Status | Comments |
|---|---|---|
There are a number of requirements in the TAC's ToR relating to meetings, including that:
|
Mandatory | The project was discussed in a meeting on 13 May 2025 and is to be discussed in a meeting on 10 June 2025. Meetings agendas, technical papers, summaries and recordings, are available on the FRC website. As at 3 June 2025, the meetings have complied with due process. |
Conclusion
As at 3 June 2025, the development of the comment letter has complied with due process.
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The TAC's DPP is available at: https://www.frc.org.uk/library/external-groups/uk-sustainability-disclosure-tac/uk-sustainability-disclosure-tac-terms-of-reference/ ↩