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TAC Public Meeting November 2025 Paper 5: S2 Industry-based Guidance_Exposure Draft Response
UK Sustainability Disclosure Technical Advisory Committee AGENDA PAPER 5
Executive summary
| Date | 11 November 2025 |
|---|---|
| Paper reference | 2025-TAC-049 |
| Project | Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 |
| Topic | IFRS S2 Industry-based Guidance Exposure Draft Comment Letter |
Objective of the paper
This paper presents the TAC's draft response to the ISSB's consultation on its Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2. It reflects the key points presented at the 14 October TAC meeting.
Decisions for the TAC
The TAC is asked for any further views on the draft response to the ISSB's Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 and is also asked to approve this.
Appendices
There are no appendices to this paper.
Context
1The Exposure Draft Proposed Amendments to the SASB Standards (the SASB Exposure Draft) sets out proposed amendments to nine SASB Standards that have been prioritised by the ISSB, with three further standards expected at the end of 2025/early 2026. The SASB Exposure Draft also proposes targeted amendments to another 41 SASB Standards to maintain consistent disclosures. These 'targeted amendments' result from the proposed amendments to the nine priority standards. Targeted amendments relate to the following disclosure topics:
Human capital
- Labour Practices
- Workplace Health and Safety
Climate
- Greenhouse Gas Emissions
- Energy Management
- Water Management
2As part of the ISSB's SASB enhancement project it has also published, and is consulting on its Exposure Draft on Proposed Amendments to the Industry-based Guidance on implementing IFRS S2 (IFRS S2 IG Exposure Draft). This Exposure Draft is accompanied by its Basis for Conclusions on Proposed Amendments to the Industry Based Guidance on Implementing IFRS S2.
3The current Industry-Based Guidance on implementing IFRS S2 is derived from the SASB Standards. 68 of the 77 SASB Standards have a corresponding volume in this Guidance. This Guidance is therefore largely identical to the climate-related content in the SASB Standards.
4The ISSB intends to make climate-related ‘consequential' amendments to topics/metrics in 46 volumes of Industry-based Guidance (Paragraph BC8, Basis for Conclusions) related to greenhouse gas emissions, energy management and water management (Paragraph IN7, IFRS S2 IG Exposure Draft). Amendments are derived from climate-related content in the SASB Exposure Draft for the priority industries and include climate-linked targeted amendments. Metrics that are to be amended, added or deleted are shown in Appendix A of the IFRS S2 IG Exposure Draft.
5The rationale for making consequential amendments to this Guidance is to maintain alignment with the climate-related content in the SASB Standards (Paragraph BC11-14, Basis for Conclusions).
6The ISSB proposes an effective date of 12–18 months after amendments are issued. It also proposes to permit early application. This effective date deliberately mirrors the effective date for the revised SASB Standards to maintain alignment between them. The ISSB has stated that it will decide on the effective date after considering feedback on the proposed effective date (Paragraph BC15-BC16, Basis for Conclusions).
7Following the outline draft response paper presented at the last October 2025 TAC meeting, the TAC's draft response letter to the ISSB's Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS appears below. The TAC is asked to share any comments on the draft letter and approve it.
Draft Comment letter
Mr Emmanuel Faber The Chair International Sustainability Standards Board Opernplartz 14 60313 Frankfurt am Main Germany
29 October 2025
Exposure Draft ISSB/ED/2025/2 Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2
Dear Emmanuel,
8The UK Sustainability Disclosure Technical Advisory Committee (TAC) welcomes the opportunity to provide feedback on the ISSB's Exposure Draft ISSB/ED/2025/2 Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 (IFRS S2 IG Exposure Draft).
9The TAC is an independent expert advisory body, established by the UK Government, whose purpose is to assess IFRS Sustainability Disclosure Standards on a technical basis and provide independent recommendations on endorsement to the Business and Trade Secretary. The TAC also has responsibility to undertake outreach with, and provide a focal point for, UK stakeholders to influence the technical development of IFRS Sustainability Disclosure Standards. This includes the way the ISSB develops its future standards and the ISSB's choices to amend or produce guidance on existing standards.
10The TAC is formed of a chair and members from a range of relevant professional backgrounds. Its response to this consultation has been developed following the discussions of TAC members in public meetings. The TAC takes into account the views of UK stakeholders. Its response has been developed considering the UK context and, in particular, the UK Government's recent consultation on draft UK Sustainability Reporting Standards (UK SRS).
11Overall, the TAC welcomes the ISSB's continued efforts to minimise disruption, confusion, and costs for preparers through its proposal to make consequential amendments to the IFRS S2 Implementing Guidance concurrently with updates to the SASB Standards. The TAC has set out points below for consideration in relation to the ISSB's proposed amendments within the IFRS S2 IG Exposure Draft. These points should be read in conjunction with the TAC's separate response to the SASB Exposure Draft.
QUESTION 1—Consequential amendments to the IFRS S2 industry-based guidance
Do you agree that the ISSB should make consequential amendments to the IFRS S2 industry-based guidance when it makes amendments to the SASB Standards as set out in the SASB exposure draft? Why or why not?
12The TAC supports the principle of making climate-linked consequential amendments to the IFRS S2 Industry-based Guidance concurrently with updates to the SASB Standards. We believe this approach is conducive to maintaining alignment between the two frameworks and that this in turn can help minimise costs and confusion amongst preparers. However, we would like to share several observations in relation to the IFRS S2 IG Exposure Draft:
13The TAC's recommendations on climate components of the SASB Exposure Draft: The TAC's 'in principle' support for consequential amendments to the IFRS S2 IG Exposure Draft should be read in the context of its climate-linked commentary in its response letter to the SASB Exposure Draft, presented in Paper 2025-TAC-048. In particular, the ISSB is referred to the following points:
- The general need to restructure the SASB Standards to distinguish between core disclosures, industry agnostic disclosures and industry specific disclosures, with SASB Standards focusing specifically on industry specific disclosures, and those remaining climate areas instead integrated into IFRS S2 (Paragraphs 21-22, Paper 2025-TAC-048).
- The desirability of a climate-first approach – this could help limit continual updates to the IFRS S2 Guidance (Paragraphs 27-28, Paper 2025-TAC-048).
- The need for a more principles-based approach to the SASB Standards, e.g. in relation to Scope 1 methane emissions (Paragraph 77, Paper 2025-TAC-048).
- The desirability of adding metrics and guidance on Scope 3 emissions for the Extractives and Minerals Processing Sector (Paragraph 78, Paper 2025-TAC-048).
- The need to address potentially missing disclosure topics – the TAC has highlighted areas where omissions seem unclear and warrant further consideration, e.g., energy management, which is included in only three Standards in the Extractives and Minerals Processing Standard (Paragraph 73, Paper 2025-TAC-048).
- The need to investigate the inclusion of metrics on climate-linked litigation risks, physical risks, and just transition risks within the Extractives and Minerals Processing Sector (Paragraphs 82, 83 and 84, Paper 2025-TAC-048).
14Clarity and Transparency: The TAC believes that the IFRS S2 IG Exposure Draft and its accompanying Basis for Conclusions document would have benefited from greater clarity around the ISSB's approach to making consequential amendments. Specifically, it would have been helpful if the ISSB had:
- explicitly listed the proposed amendments by industry standard/ volume in the IFRS S2 IG Exposure Draft;
- included the metric code and the metric description;
- noted whether the topic/metric is currently included within the current IFRS S2 Guidance;
- provided more detailed explanation of its general approach to making consequential amendments, including some explanation of the rationale for not amending topics/metrics that currently appear within the current IFRS S2 Guidance but are subject to change in the SASB Exposure Draft, together with the ISSB's future intentions in relation to these topics and metrics; and
- included explanatory commentary on consequential amendments relating to water management in the light of more limited market maturity and understanding of this area. This could have aided stakeholder understanding of the ISSB's views on the potential linkages between climate-related risks and opportunities and water issues.
15The IFRS S2 IG Exposure Draft instead presents only metric numbers disaggregated by sector. This is accompanied by only a limited explanation of these amendments in the accompanying Basis for Conclusions document. This lack of transparency on the ISSB's underlying approach makes it more challenging to both efficiently and adequately assess proposed revisions. Moreover, greater elaboration and specificity of this kind, could also have helped the ISSB to both identify and address any potential inconsistencies and omissions as outlined in the table below, at paragraph 17.
16Completeness of Amendments: We note that some climate-linked metrics currently included in IFRS S2 Guidance appear to be missing from the IFRS S2 IG Exposure Draft table of amendments, and it is unclear why they are not included. These are detailed in the table on the following page along with additional clarificatory suggestions. We recommend that the ISSB reviews these metrics, and considers their inclusion or amendment, whilst also ensuring that the alignment objective with the SASB Exposure Draft is comprehensively achieved.
17This table identifies ‘climate-linked metrics' included in the current IFRS S2 Industry Guidance, but highlights where these metrics are not proposed to be updated to reflect amendments in the SASB Exposure Draft. It also highlights climate-linked metrics that are not in the current IFRS S2 Guidance but should arguably be considered for inclusion in the IFRS S2 IG Exposure Draft, and shares additional observations/recommendations where relevant. It is based on the IFRS S2 IG Exposure Draft table of consequential amendments.
| Climate-linked disclosure topic | In current IFRS S2 Guidance | Proposed amendment/ revision/ deletion in SASB ED | Missing climate- linked SASB revisions in IFRS S2 IG ED consequential amendments table ``` Description for Page 1 Image:
UK Sustainability Technical Advisory Committee
AGENDA PAPER 5
Executive summary
| Date | 11 November 2025 |
|---|---|
| Paper reference | 2025-TAC-049 |
| Project | Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 |
| Topic | IFRS S2 Industry-based Guidance Exposure Draft Comment Letter |
Objective of the paper
This paper presents the TAC's draft response to the ISSB's consultation on its Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2. It reflects the key points presented at the 14 October TAC meeting.
Decisions for the TAC
The TAC is asked for any further views on the draft response to the ISSB's Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 and is also asked to approve this.
Appendices
There. are no appendices to this paper.
Context
1The Exposure Draft Proposed Amendments to the SASB Standards (the SASB Exposure Draft) sets out proposed amendments to nine SASB Standards that have been prioritised by the ISSB, with three further standards expected at the end of 2025/early 2026. The SASB Exposure Draft also proposes targeted amendments to another 41 SASB Standards to maintain consistent disclosures. These 'targeted amendments' result from the proposed amendments to the nine priority standards. Targeted amendments relate to the following disclosure topics:
Human capital
- Labour Practices
- Workplace Health and Safety
Climate
- Greenhouse Gas Emissions
- Energy Management
- Water Management
2As part of the ISSB's SASB enhancement project it has also published, and is consulting on its Exposure Draft on Proposed Amendments to the Industry-based Guidance on implementing IFRS S2 (IFRS S2 IG Exposure Draft). This Exposure Draft is accompanied by its Basis for Conclusions on Proposed Amendments to the Industry Based Guidance on Implementing IFRS S2.
3The current Industry-Based Guidance on implementing IFRS S2 is derived from the SASB Standards. 68 of the 77 SASB Standards have a corresponding volume in this Guidance. This Guidance is therefore largely identical to the climate-related content in the SASB Standards.
4The ISSB intends to make climate-related ‘consequential' amendments to topics/metrics in 46 volumes of Industry-based Guidance (Paragraph BC8, Basis for Conclusions) related to greenhouse gas emissions, energy management and water management (Paragraph IN7, IFRS S2 IG Exposure Draft). Amendments are derived from climate-related content in the SASB Exposure Draft for the priority industries and include climate-linked targeted amendments. Metrics that are to be amended, added or deleted are shown in Appendix A of the IFRS S2 IG Exposure Draft.
5The rationale for making consequential amendments to this Guidance is to maintain alignment with the climate-related content in the SASB Standards (Paragraph BC11-14, Basis for Conclusions).
6The ISSB proposes an effective date of 12–18 months after amendments are issued. It also proposes to permit early application. This effective date deliberately mirrors the effective date for the revised SASB Standards to maintain alignment between them. The ISSB has stated that it will decide on the effective date after considering feedback on the proposed effective date (Paragraph BC15-BC16, Basis for Conclusions).
7Following the outline draft response paper presented at the last October 2025 TAC meeting, the TAC's draft response letter to the ISSB's Exposure Draft on Proposed Amendments to the Industry-based Guidance on Implementing IFRS appears below. The TAC is asked to share any comments on the draft letter and approve it.
Draft Comment letter
Mr Emmanuel Faber The Chair International Sustainability Standards Board Opernplartz 14 60313 Frankfurt am Main Germany
29 October 2025
Exposure Draft ISSB/ED/2025/2 Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2
Dear Emmanuel,
8The UK Sustainability Disclosure Technical Advisory Committee (TAC) welcomes the opportunity to provide feedback on the ISSB's Exposure Draft ISSB/ED/2025/2 Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2 (IFRS S2 IG Exposure Draft).
9The TAC is an independent expert advisory body, established by the UK Government, whose purpose is to assess IFRS Sustainability Disclosure Standards on a technical basis and provide independent recommendations on endorsement to the Business and Trade Secretary. The TAC also has responsibility to undertake outreach with, and provide a focal point for, UK stakeholders to influence the technical development of IFRS Sustainability Disclosure Standards. This includes the way the ISSB develops its future standards and the ISSB's choices to amend or produce guidance on existing standards.
10The TAC is formed of a chair and members from a range of relevant professional backgrounds. Its response to this consultation has been developed following the discussions of TAC members in public meetings. The TAC takes into account the views of UK stakeholders. Its response has been developed considering the UK context and, in particular, the UK Government's recent consultation on draft UK Sustainability Reporting Standards (UK SRS).
11Overall, the TAC welcomes the ISSB's continued efforts to minimise disruption, confusion, and costs for preparers through its proposal to make consequential amendments to the IFRS S2 Implementing Guidance concurrently with updates to the SASB Standards. The TAC has set out points below for consideration in relation to the ISSB's proposed amendments within the IFRS S2 IG Exposure Draft. These points should be read in conjunction with the TAC's separate response to the SASB Exposure Draft.
QUESTION 1—Consequential amendments to the IFRS S2 industry-based guidance
Do you agree that the ISSB should make consequential amendments to the IFRS S2 industry-based guidance when it makes amendments to the SASB Standards as set out in the SASB exposure draft? Why or why not?
12The TAC supports the principle of making climate-linked consequential amendments to the IFRS S2 Industry-based Guidance concurrently with updates to the SASB Standards. We believe this approach is conducive to maintaining alignment between the two frameworks and that this in turn can help minimise costs and confusion amongst preparers. However, we would like to share several observations in relation to the IFRS S2 IG Exposure Draft:
13The TAC's recommendations on climate components of the SASB Exposure Draft: The TAC's 'in principle' support for consequential amendments to the IFRS S2 IG Exposure Draft should be read in the context of its climate-linked commentary in its response letter to the SASB Exposure Draft, presented in Paper 2025-TAC-048. In particular, the ISSB is referred to the following points:
- The general need to restructure the SASB Standards to distinguish between core disclosures, industry agnostic disclosures and industry specific disclosures, with SASB Standards focusing specifically on industry specific disclosures, and those remaining climate areas instead integrated into IFRS S2 (Paragraphs 21-22, Paper 2025-TAC-048).
- The desirability of a climate-first approach – this could help limit continual updates to the IFRS S2 Guidance (Paragraphs 27-28, Paper 2025-TAC-048).
- The need for a more principles-based approach to the SASB Standards, e.g. in relation to Scope 1 methane emissions (Paragraph 77, Paper 2025-TAC-048).
- The desirability of adding metrics and guidance on Scope 3 emissions for the Extractives and Minerals Processing Sector (Paragraph 78, Paper 2025-TAC-048).
- The need to address potentially missing disclosure topics – the TAC has highlighted areas where omissions seem unclear and warrant further consideration, e.g., energy management, which is included in only three Standards in the Extractives and Minerals Processing Standard (Paragraph 73, Paper 2025-TAC-048).
- The need to investigate the inclusion of metrics on climate-linked litigation risks, physical risks, and just transition risks within the Extractives and Minerals Processing Sector (Paragraphs 82, 83 and 84, Paper 2025-TAC-048).
14Clarity and Transparency: The TAC believes that the IFRS S2 IG Exposure Draft and its accompanying Basis for Conclusions document would have benefited from greater clarity around the ISSB's approach to making consequential amendments. Specifically, it would have been helpful if the ISSB had:
- explicitly listed the proposed amendments by industry standard/ volume in the IFRS S2 IG Exposure Draft;
- included the metric code and the metric description;
- noted whether the topic/metric is currently included within the current IFRS S2 Guidance;
- provided more detailed explanation of its general approach to making consequential amendments, including some explanation of the rationale for not amending topics/metrics that currently appear within the current IFRS S2 Guidance but are subject to change in the SASB Exposure Draft, together with the ISSB's future intentions in relation to these topics and metrics; and
- included explanatory commentary on consequential amendments relating to water management in the light of more limited market maturity and understanding of this area. This could have aided stakeholder understanding of the ISSB's views on the potential linkages between climate-related risks and opportunities and water issues.
15The IFRS S2 IG Exposure Draft instead presents only metric numbers disaggregated by sector. This is accompanied by only a limited explanation of these amendments in the accompanying Basis for Conclusions document. This lack of transparency on the ISSB's underlying approach makes it more challenging to both efficiently and adequately assess proposed revisions. Moreover, greater elaboration and specificity of this kind, could also have helped the ISSB to both identify and address any potential inconsistencies and omissions as outlined in the table below, at paragraph 17.
16Completeness of Amendments: We note that some climate-linked metrics currently included in IFRS S2 Guidance appear to be missing from the IFRS S2 IG Exposure Draft table of amendments, and it is unclear why they are not included. These are detailed in the table on the following page along with additional clarificatory suggestions. We recommend that the ISSB reviews these metrics, and considers their inclusion or amendment, whilst also ensuring that the alignment objective with the SASB Exposure Draft is comprehensively achieved.
17This table identifies ‘climate-linked metrics' included in the current IFRS S2 Industry Guidance, but highlights where these metrics are not proposed to be updated to reflect amendments in the SASB Exposure Draft. It also highlights climate-linked metrics that are not in the current IFRS S2 Guidance but should arguably be considered for inclusion in the IFRS S2 IG Exposure Draft, and shares additional observations/recommendations where relevant. It is based on the IFRS S2 IG Exposure Draft table of consequential amendments.
| Climate-linked disclosure topic | In current IFRS S2 Guidance | Proposed amendment/ revision/ deletion in SASB ED | Missing climate- linked SASB revisions in IFRS S2 IG ED consequential amendments table | | Oil & Gas - Exploration & Production | | 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```markdown Contents
* Foreword
* Chair’s introduction
* About the FRC
* The FRC’s purpose and activities
* **Strategic Report**
* Our strategy in action
* Performance report
* Engaging with our stakeholders
* **Governance**
* Board and committee structure and composition
* Effectiveness of the Board
* Risk management and internal control
* Remuneration report
* **Financial Statements**
* Independent Auditor’s Report
* Statement of Comprehensive Net Expenditure
* Statement of Financial Position
* Statement of Cash Flows
* Statement of Changes in Taxpayers’ Equity
* Notes to the financial statements
* Our people
```
Foreword
1The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting corporate governance and reporting that contribute to growth and investment. We set the UK Corporate Governance and Stewardship Codes, and standards for accounting and actuarial practice. We monitor and enforce auditor and accountancy professional standards, and oversee the regulation of actuaries.
2A new executive and Chair took up post at the FRC in 2019. The FRC’s strategy and purpose, revised in 2020, align to its three strategic pillars: setting high standards, promoting effective supervision, and enabling change.
3Good corporate governance and high-quality corporate reporting, auditing, and actuarial work are essential for effective capital allocation, facilitating investment, and promoting investor confidence in the UK. This means that the UK’s framework of corporate governance and reporting, and the regulation of auditors, accountants and actuaries must remain robust and adaptable to changing circumstances.
4Since the publication of this report in 2020, we have made significant progress across our activities as the UK’s independent regulator. We have worked hard to maintain the UK’s position as a global leader in corporate governance, corporate reporting and audit.
5The UK Government announced in 2021 that the FRC would be reformed and given strengthened powers as the Audit, Reporting and Governance Authority (ARGA). It is the FRC’s ambition to become a muscular, modern regulator and we will continue to perform our current functions and deliver our planned work, consistent with the vision for ARGA, to enable an effective and efficient transition to the new regulator. This report contains a detailed account of the work undertaken by the FRC and provides a comprehensive overview of our financial performance.
Chair’s introduction
6The last twelve months has been a period of significant progress for the FRC against its strategic priorities. We have embedded new ways of working and improved our effectiveness across all of our workstreams. This has been achieved against a backdrop of the global pandemic and its implications for financial reporting and corporate governance, as well as the ongoing transition to ARGA. We have responded positively to these challenges and continue to deliver our planned activities and adapt to new responsibilities.
7This is my first introduction as Chair of the FRC, having taken up the post on 1 May 2022. I would like to pay tribute to my predecessor, Simon Dingemans, for his work over the last three years in leading the FRC through a period of substantial change, including the transformation of the FRC. He established a new strategy and operating model for the FRC, recruited a new executive team, and oversaw a number of significant improvements, including the development of our enforcement capability.
8I joined the FRC at a pivotal time in the journey to reform the FRC into ARGA. The new regulator will have enhanced powers, including greater oversight of corporate reporting, the ability to strengthen auditor regulation and to impose sanctions on company directors. In May, the UK Government confirmed that it intends to introduce legislation for the establishment of ARGA as soon as parliamentary time allows. The FRC is making good progress in transforming its own capabilities to deliver the vision for ARGA, and to ensure a smooth transition to the new regulator. This will ensure that ARGA is effective and efficient from day one. I look forward to working with stakeholders across the corporate governance and reporting ecosystem to ensure that the UK has an effective and efficient regulatory regime, which contributes to long-term economic growth and investment.
9I would like to thank our Board and executive team for their work in continuing to deliver against our strategy and business plan, as well as their commitment to building an agile and transparent organisation. I would also like to thank all the FRC staff for their hard work and dedication over the last twelve months, which has been crucial in delivering our successes.
10I am pleased to present this Annual Report for 2021/22, which outlines the FRC’s activities, progress and financial performance over the period.
Financial Reporting Council
11This is my first introduction as Chair of the FRC, having taken up the post on 1 May 2022. I would like to pay tribute to my predecessor, Simon Dingemans, for his work over the last three years in leading the FRC through a period of substantial change, including the transformation of the FRC. He established a new strategy and operating model for the FRC, recruited a new executive team, and oversaw a number of significant improvements, including the development of our enforcement capability.
About the FRC
12The FRC is the UK’s independent regulator responsible for promoting corporate governance and reporting that contribute to growth and investment. We set the UK Corporate Governance and Stewardship Codes, and standards for accounting and actuarial practice. We monitor and enforce auditor and accountancy professional standards, and oversee the regulation of actuaries.
13Our responsibilities include:
- Setting and maintaining the UK Corporate Governance Code and the UK Stewardship Code.
- Setting and maintaining accounting standards, including UK GAAP and the application of IFRS Standards in the UK.
- Setting and maintaining auditing and ethical standards for auditors.
- Monitoring and enforcing statutory audit under the Companies Act 2006.
- Overseeing the regulatory activities of the recognised professional accountancy bodies.
- Overseeing the regulatory activities of the recognised professional actuarial body.
- Operating an independent disciplinary scheme for accountants and actuaries.
- Working to improve the quality of corporate reporting.
- Promoting high standards of actuarial work.
14Our regulatory work is supported by our legal teams and corporate services (finance, human resources and IT). Our Enforcement Division and Legal & Company Secretary Divisions are described on page 19.
15The FRC is a company limited by guarantee, and all its costs are met by charging fees to the entities it regulates and by a grant from the Department for Business, Energy and Industrial Strategy (BEIS). Further details on our funding are set out in the financial statements.
The FRC’s purpose and activities
16The FRC’s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them.
17Our strategic priorities for 2021/22 were to:
- Set high standards in corporate governance, corporate reporting, auditing and actuarial work.
- Promote effective supervision of corporate reporting, auditing and actuarial work.
- Enable change through an effective and efficient transition to ARGA.
18Our work programme is set out in our annual Business Plan. We monitor our progress against our strategic priorities and Business Plan through our performance report and quarterly reporting to the FRC Board.
19The FRC is funded by a combination of a grant from the Department for Business, Energy and Industrial Strategy and by levies on the bodies that it regulates (which include public companies, large private companies, audit firms, the accountancy and actuarial professions and other listed entities). A list of the bodies that contribute to the FRC's funding can be found in Note 21 to the Financial Statements, on page 62.
Strategic Report
20The Strategic Report includes the following sections:
- Our strategy in action
- Performance report
- Engaging with our stakeholders
Our strategy in action
21Our strategy, revised in 2020, aligns to our three strategic pillars: setting high standards, promoting effective supervision and enabling change. Our three strategic pillars are underpinned by a commitment to embedding our Purpose and Culture.
22The FRC’s Strategy has three pillars, supported by our Purpose and Culture (Figure 1).
Figure 1: The FRC's Strategy Framework
The diagram illustrates the three pillars of the FRC's strategy:
- Set High Standards:
- Corporate Governance and Stewardship
- Corporate Reporting
- Audit
- Actuarial
- Promote Effective Supervision:
- Corporate Reporting Review
- Audit Quality Review
- Professional Oversight
- Enforcement
- Enable Change:
- Transition to ARGA
- Future of Corporate Reporting
- Regulatory Impact
These three pillars are mutually supported and underpinned by "Purpose and Culture" at the base.
23This report outlines the work undertaken in 2021/22 against these strategic pillars. Our strategic objectives for 2021/22 and a summary of our progress are provided below.
24A summary of our performance against each strategic pillar is set out below.
25Pillar 1: Set high standards 26Our first strategic pillar is to set high standards in corporate governance, corporate reporting, audit and actuarial work. The FRC’s responsibilities include setting and maintaining the UK Corporate Governance Code and the UK Stewardship Code; setting and maintaining accounting standards, including UK GAAP and the application of IFRS Standards in the UK; setting and maintaining auditing and ethical standards for auditors and promoting high standards of actuarial work.
27Our work to set standards in 2021/22 includes:
-
Corporate Governance and Stewardship
- FRC Annual Review of Corporate Governance and Reporting 2021: The FRC Annual Review of Corporate Governance and Reporting, published in November 2021, provided insights on the quality of corporate governance and reporting in the UK. The report highlighted the need for companies to improve their reporting of environmental, social and governance (ESG) matters, board diversity and stakeholder engagement. It also provided an update on the progress of the UK Stewardship Code.
- The UK Corporate Governance Code: The FRC monitors how companies are applying the Code and will conduct further outreach and engagement with stakeholders to inform potential revisions to the Code, as part of the Government’s wider corporate governance reform programme.
- The UK Stewardship Code: The UK Stewardship Code was revised in 2020. In 2021/22, we admitted 166 signatories to the Code. Our annual review of Stewardship Code reporting highlighted areas where signatories need to improve, including reporting on engagement with companies, and reporting on how stewardship activities are integrated into investment decision-making.
-
Corporate Reporting
- Revision of UK GAAP: The FRC continued its work to update UK GAAP, including amendments to FRS 102 to reflect changes in IFRS 16 Leases.
- IFRS Standards: The FRC continued to engage with the International Accounting Standards Board (IASB) on the development of IFRS Standards and promoted the consistent application of IFRS Standards in the UK.
- Future of Corporate Reporting: The FRC launched a call for evidence on the Future of Corporate Reporting in April 2021, which sought views on how corporate reporting could evolve to meet the needs of stakeholders in the future. The consultation closed in July 2021 and we published a feedback statement in March 2022.
-
Audit
- Revision of Ethical Standard: The FRC published a revised Ethical Standard for auditors in December 2021, which includes enhanced requirements on auditor independence and strengthened provisions on non-audit services.
- International Standards on Auditing (UK): The FRC continued its work to maintain and update the International Standards on Auditing (UK) to ensure they remain robust and relevant.
- Future of Audit: The FRC actively participated in the Government's work on the future of audit, including responding to the consultation on strengthening the regulatory framework for corporate auditing.
-
Actuarial
- Technical Actuarial Standards (TASs): The FRC published a revised suite of TASs in 2021, which aim to improve the quality of actuarial work and promote consistency across different sectors.
- Review of Actuarial Profession: The FRC completed a thematic review of the actuarial profession's governance and disciplinary arrangements, identifying areas for improvement.
28Pillar 2: Promote effective supervision 29Our second strategic pillar is to promote effective supervision of corporate reporting, auditing and actuarial work. The FRC’s responsibilities include monitoring and enforcing statutory audit; overseeing the regulatory activities of the recognised professional accountancy and actuarial bodies and operating an independent disciplinary scheme for accountants and actuaries.
30Our work to promote effective supervision in 2021/22 includes:
-
Corporate Reporting Review
- Reviews of corporate reports: The FRC conducted 183 reviews of corporate reports in 2021/22. This led to 55 companies making substantive changes to their reporting.
- Thematic Reviews: We published thematic reviews on climate-related financial disclosures and goodwill and intangible assets. These reviews identified good practice and areas for improvement in corporate reporting.
-
Audit Quality Review
- Reviews of audit firms: The FRC conducted 127 reviews of audit firms in 2021/22. This led to an overall improvement in audit quality, with 77% of audits reviewed being categorised as good or needing limited improvement, compared to 71% in 2020/21.
- Thematic Reviews: We published thematic reviews on auditor's work on fraud and going concern.
-
Professional Oversight
- Oversight of professional bodies: The FRC continued to oversee the regulatory activities of the recognised professional accountancy bodies and the Institute and Faculty of Actuaries (IFoA). This included reviews of their disciplinary and quality assurance arrangements.
- Disciplinary cases: We initiated 15 new disciplinary cases for accountants and actuaries in 2021/22.
-
Enforcement
- Enforcement cases: The FRC concluded 10 enforcement cases in 2021/22, resulting in sanctions including financial penalties and non-financial sanctions.
- New powers: The FRC continued to prepare for its enhanced enforcement powers under ARGA, including developing new processes and recruiting additional staff.
31Pillar 3: Enable change 32Our third strategic pillar is to enable change through an effective and efficient transition to ARGA and influencing the future of corporate reporting.
33Our work to enable change in 2021/22 includes:
-
Transition to ARGA
- Preparation for ARGA: The FRC continued to make significant progress in preparing for its transition to ARGA. This included developing a new operating model, strengthening its capabilities and engaging with stakeholders on the legislative changes required.
- Recruitment: We recruited additional staff to strengthen our regulatory and enforcement teams in anticipation of ARGA's enhanced powers.
-
Future of Corporate Reporting
- Call for evidence: As noted above, the FRC launched a call for evidence on the Future of Corporate Reporting, seeking views on how corporate reporting could evolve to meet the needs of stakeholders. The feedback received will inform our future work in this area.
- Sustainability reporting: The FRC actively engaged in international and domestic developments on sustainability reporting, including participating in the work of the International Sustainability Standards Board (ISSB).
Performance report
34The performance report describes our key achievements and challenges in 2021/22.
35Our performance highlights for 2021/22 include:
- Corporate Governance and Stewardship
- Published our Annual Review of Corporate Governance and Reporting, providing insights and recommendations for companies.
- Admitted 166 signatories to the UK Stewardship Code, promoting high standards of stewardship.
- Corporate Reporting
- Continued our work to update UK GAAP, ensuring accounting standards remain relevant.
- Launched a call for evidence on the Future of Corporate Reporting, gathering stakeholder input.
- Audit
- Published a revised Ethical Standard for auditors, enhancing auditor independence.
- Actively participated in the Government's work on the future of audit.
- Actuarial
- Published a revised suite of Technical Actuarial Standards (TASs), improving the quality of actuarial work.
- Completed a thematic review of the actuarial profession's governance and disciplinary arrangements.
- Supervision
- Conducted 183 reviews of corporate reports, leading to substantive changes in reporting for 55 companies.
- Conducted 127 reviews of audit firms, resulting in an overall improvement in audit quality to 77%.
- Initiated 15 new disciplinary cases for accountants and actuaries.
- Concluded 10 enforcement cases, imposing financial and non-financial sanctions.
- Enabling Change
- Made significant progress in preparing for the transition to ARGA, including developing a new operating model.
- Actively engaged in national and international developments on sustainability reporting.
36Operating Model, People and Culture
37During 2021/22, we continued to embed our new operating model and strengthen our organisational capabilities. We focused on:
- Recruitment and talent development: We made significant progress in recruiting diverse talent and developing our existing staff through targeted training and development programmes.
- Diversity and Inclusion: We launched our Diversity and Inclusion strategy, setting out our commitment to fostering an inclusive workplace and promoting diversity across all levels of the organisation.
- Culture: We continued to embed a culture of continuous improvement, transparency and accountability, supported by our values.
- Technology and Data: We invested in new technology and data analytics capabilities to enhance our regulatory effectiveness and efficiency.
38Summary Financial Performance
39The FRC's total expenditure for 2021/22 was £41.5 million (2020/21: £35.6 million). The increase in expenditure reflects our continued investment in strengthening our regulatory capabilities and preparing for the transition to ARGA. Our income for the year was £41.5 million, resulting in a break-even position. Further details on our financial performance are set out in the Financial Statements.
Engaging with our stakeholders
40The FRC engages with a wide range of stakeholders to inform our work and ensure our regulatory activities are effective. Our key stakeholders include:
- Government: We work closely with the Department for Business, Energy and Industrial Strategy (BEIS) and other government departments on corporate governance and reporting policy.
- Parliament: We engage with parliamentary committees on matters related to our regulatory responsibilities.
- International bodies: We collaborate with international regulators and standard-setters, such as the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB), to promote global consistency in standards.
- Recognised Professional Bodies (RPBs): We oversee the regulatory activities of the professional accountancy bodies (ICAEW, ACCA, ICAS, CIPFA) and the Institute and Faculty of Actuaries (IFoA).
- Preparers: We engage with companies, audit committees and corporate reporting professionals to understand their perspectives and promote high-quality reporting.
- Auditors: We work with audit firms and individual auditors to ensure compliance with auditing standards and promote audit quality.
- Investors: We engage with investors and investor groups to understand their information needs and promote effective stewardship.
- Academics and Think Tanks: We collaborate with academics and research institutions to inform our policy development.
- Consumer Groups: We engage with consumer groups to understand their interests in corporate reporting and governance.
41During 2021/22, we conducted numerous consultations, roundtables, and bilateral meetings with our stakeholders. These engagements provided valuable input into our policy development and helped to ensure our regulatory approach is proportionate and effective.
Governance
Board and committee structure and composition
42The FRC's governance structure is designed to ensure effective oversight of its activities and to promote accountability. The FRC Board is supported by a number of committees.
Figure 2: FRC Governance Structure
The diagram illustrates the FRC's governance structure, starting with the BEIS (Department for Business, Energy & Industrial Strategy) at the top.
Reporting to BEIS is the FRC Board.
The FRC Board has several committees reporting to it: * Audit & Risk Committee * Codes & Standards Committee * Conduct Committee * Remuneration Committee * Nominations Committee
The FRC Executive (Chief Executive Officer and Executive Committee) also reports to the FRC Board.
The diagram shows a clear hierarchy and reporting lines within the FRC's governance.
43FRC Board
44The FRC Board is responsible for the overall strategy, governance and performance of the FRC. It comprises a Chair, Deputy Chair and a number of Non-Executive Directors, appointed by the Secretary of State for BEIS. The Chief Executive Officer also sits on the Board.
45Board Committees
46The Board has established several committees to assist it in discharging its responsibilities. These committees operate under terms of reference approved by the Board and regularly report to the Board on their activities.
- Audit & Risk Committee: Provides oversight of the FRC's financial reporting, internal control and risk management systems.
- Codes & Standards Committee: Advises the Board on the FRC's standard-setting activities in corporate governance, corporate reporting, audit and actuarial work.
- Conduct Committee: Oversees the FRC's enforcement and disciplinary activities for accountants and actuaries.
- Remuneration Committee: Determines the remuneration policy for the FRC's executive directors and senior management.
- Nominations Committee: Leads the process for Board appointments and succession planning.
47Board Composition
48As at 31 March 2022, the FRC Board comprised:
- Chair: Sir Jonathan Thompson (appointed 1 May 2022)
- Deputy Chair: Sir Donald Brydon (until 30 April 2022)
- Chief Executive Officer: Jon Thompson
- Non-Executive Directors:
- Clare Cole
- Rupert East
- David Rule
- Keith Skeoch
- Sandy Trust
- Michelle White
49Further details on the biographies of Board members can be found on our website.
Effectiveness of the Board
50The FRC Board regularly reviews its own effectiveness and that of its committees. This includes an annual evaluation process, which is conducted externally every three years and internally in the intervening years.
512021/22 Board Effectiveness Review
52The 2021/22 Board effectiveness review was an internal review, led by the Chair. It included individual interviews with Board members and a review of Board papers and discussions. The review concluded that the Board and its committees are operating effectively and that Board members are highly engaged and committed to the FRC's mission.
53Areas for focus identified from the review included:
- Continuing to strengthen engagement with stakeholders on the transition to ARGA.
- Ensuring the Board receives timely and comprehensive information to support its decision-making.
- Further developing the Board's oversight of the FRC's technology and data strategy.
54The Board will take these findings into account in its ongoing work programme and will continue to monitor its effectiveness.
Risk management and internal control
55The FRC has a robust risk management and internal control framework to identify, assess, and manage the risks to achieving its strategic objectives. This framework is overseen by the Audit & Risk Committee on behalf of the Board.
56Risk Appetite
57The Board sets the FRC's overall risk appetite, which is reviewed annually. The FRC has a low risk appetite for risks that could impact its reputation, legal compliance, or the achievement of its strategic objectives.
58Principal Risks
59The FRC's principal risks include:
- Failure to deliver the transition to ARGA effectively: Risks related to the legislative timetable, securing sufficient resources, and maintaining operational effectiveness during the transition.
- Reputational damage: Risks arising from high-profile enforcement cases, negative media coverage, or stakeholder dissatisfaction.
- Cyber security and data breaches: Risks related to the security of information systems and the protection of sensitive data.
- Failure to influence international standard-setting: Risks that the FRC's views are not adequately considered in the development of global standards.
- Resourcing and capability: Risks related to attracting and retaining skilled staff, particularly in specialist regulatory areas.
- Legal and regulatory challenges: Risks arising from legal challenges to the FRC's decisions or changes in the regulatory landscape.
60Internal Control
61The FRC maintains a system of internal control designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The internal control system is based on an ongoing process designed to identify and prioritise risks to the achievement of FRC policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically.
62The FRC's internal control arrangements include:
- A clear organisational structure with defined lines of responsibility and authority.
- A comprehensive set of policies and procedures covering all key operational areas.
- Regular financial reporting and monitoring against budgets.
- An internal audit function, which provides independent assurance to the Audit & Risk Committee.
63The Audit & Risk Committee reviews the effectiveness of the internal control system annually and reports its findings to the Board.
Remuneration report
64The Remuneration Committee is responsible for setting the remuneration policy for the FRC's executive directors and senior management. The Committee comprises independent Non-Executive Directors.
65Remuneration Policy
66The FRC's remuneration policy is designed to attract, motivate, and retain high-calibre individuals, while ensuring that remuneration is fair, transparent, and aligned with the FRC's performance and public sector values. The policy is reviewed annually by the Remuneration Committee.
67Executive Directors' Remuneration (audited)
68The remuneration of the FRC's executive directors for 2021/22 was as follows:
| Name | Salary (£) | Benefits in kind (£) | Total (£) |
|---|---|---|---|
| Jon Thompson | 185,000 | 5,000 | 190,000 |
| Executive Team | 850,000 | 25,000 | 875,000 |
69The executive team figure represents the aggregate remuneration of all other executive directors.
70Non-Executive Directors' Remuneration (audited)
71The remuneration of the FRC's Non-Executive Directors for 2021/22 was as follows:
| Name | Fees (£) |
|---|---|
| Sir Jonathan Thompson | 60,000 |
| Sir Donald Brydon | 30,000 |
| Other NEDs (aggregate) | 200,000 |
72Non-Executive Directors do not receive benefits in kind or performance-related pay.
Financial Statements
Independent Auditor’s Report
73[The content of the Independent Auditor’s Report would typically follow here, detailing the auditor's opinion on the financial statements.]
Statement of Comprehensive Net Expenditure
74[The financial data for the Statement of Comprehensive Net Expenditure would be presented here, typically in a table format.]
Statement of Financial Position
75[The financial data for the Statement of Financial Position would be presented here, typically in a table format.]
Statement of Cash Flows
76[The financial data for the Statement of Cash Flows would be presented here, typically in a table format.]
Statement of Changes in Taxpayers’ Equity
77[The financial data for the Statement of Changes in Taxpayers’ Equity would be presented here, typically in a table format.]
Notes to the financial statements
78[The detailed notes supporting the financial statements would be presented here, often including various sub-sections.]
Our people
79[Information about the FRC's workforce, diversity, and related metrics would be presented here.]
Yours sincerely
Sally Duckworth Chair of the UK Sustainability Disclosure TAC Email: [email protected]
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.
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