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TAC Public Meeting July 2025 Paper 4: Due Process Summary
Executive summary
| Field | Value |
|---|---|
| Date | 10 June 2025 |
| Paper reference | 2025-TAC-039 |
| Project | Proposed amendments to IFRS S2 |
| Topic | Due process summary |
Objective of the paper
This paper presents a 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 approves the due process summary.
Appendices
Appendix – Due process summary
This paper has been prepared by the Secretariat for the UK Sustainability Disclosure Technical Advisory Committee (TAC) to discuss in a public meeting. This paper does not represent the views of the TAC or any individual TAC member.
Due process summary
1The TAC's Due Process Policy (DPP)¹ states that the TAC would usually publish a due process summary for its work in developing a comment letter.
2Following the submission of the comment letter on the proposed amendments to IFRS S2 to the ISSB, the final due process summary is tabled for approval in this meeting.
3The appendix includes a copy of the final due process summary.
Questions for the TAC
| Does the TAC have any comments on the due process summary in the appendix? | |
| Does the TAC approve the due process summary? |
Next steps
4The final due process summary will be published on the FRC website.
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:
|
| A final comment letter is prepared and approved by the TAC. | Mandatory | The TAC approved the comment letter at a public meeting on 10 June 2025. The TAC's approval was subject to a number of final comments and the TAC authorised the Chair to resolve any edits arising from those comments. |
| The final comment letter is submitted to the ISSB or other consultative body and published on the FRC website. | Mandatory | The final comment letter was submitted to the ISSB and published on the FRC website. |
| A stakeholder feedback summary is prepared and approved by the TAC. The stakeholder feedback summary is 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 accompanied the paper with the comment letter that was tabled in the June 2025 meeting: see Appendices 2(a) and 2(b) |
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 approves the final due process summary. The final due process summary will then be published on the FRC website. |
| A lessons learnt exercise is performed by the TAC. | Optional | The TAC decided not to perform a lessons learnt exercise due to the limited scope of the project. |
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 meetings on 13 May 2025 and 10 June 2025. Meetings agendas, technical papers, summaries and recordings, are available on the FRC website. Due to a technical problem, the last approximately 10 minutes of the June meeting was recorded but not live streamed. However, the recording was then made available on the FRC website. Overall, the meetings have complied with due process. |
Conclusion
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/ ↩