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TAC Public Meeting April 2026 Paper 4: Nature-related Disclosures Research Project plan and timeline
Executive summary
| Date | 21 April 2026 |
| Paper reference | 2026-TAC-010 |
| Project | Research on nature-related disclosures |
| Topic | Project management plan and timeline |
Objective of the paper
This paper presents the project management plan and proposed timeline for research into nature-related disclosures in the UK, designed to prepare the TAC for the expected publication of Exposure Draft relating to nature-related disclosures by the ISSB later in 2026.
Decisions for the TAC
The TAC is asked to approve the project management plan and proposed timeline.
Appendices
There are no appendices to this paper.
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.
Context
1The ISSB has been researching nature-related risks and opportunities (then referred to as Biodiversity, Ecosystems and Ecosystems Services (BEES)) since 2024. In its December 2025 meeting, the Board voted for the project to move from research to standard-setting, and an Exposure Draft is now anticipated for October 2026.
2In preparation for the publication of this Exposure Draft, the TAC is seeking to better understand: the current reporting landscape for nature-related information in the UK; the challenges of reporting nature-related information; and the views of preparers and users of reported information.
3It is noted that the ISSB's standard-setting project is still in its early stages and as such there remains some uncertainty over what shape the expected Exposure Draft may take. The TAC will continue to monitor ISSB discussions on the topic and may need to reconsider or pivot this research project as the ISSB makes further decisions.
Role of the TAC
4Undertaking the project is relevant for the TAC because:
- of the TAC's remit to undertake technical analysis of IFRS Sustainability Disclosure Standards. This research will support the TAC to be best prepared to undertake this analysis upon the publication of the Exposure Draft.
- there is an opportunity to provide insight to the ISSB from the UK perspective in advance of the publication of the Exposure Draft. This falls under the TAC's responsibility to influence the technical development of IFRS Sustainability Disclosure Standards on behalf of UK stakeholders (paragraph 6 of the Terms of Reference).
- in a letter to the TAC Chair from the Department for Business and Trade dated 16 March 2026, the TAC was asked to take steps to influence the development of the standard-setting project on nature-related disclosures. Specifically, it was requested that the TAC should build a comprehensive view of the existing landscape for nature-related disclosures, and the views of UK stakeholders.
5We anticipate that undertaking the project will deliver the following benefits for the TAC.
- This research will enable the TAC to contribute new, UK-specific evidence to ongoing international conversation on nature-related disclosures, which could help shape standard-setting to best achieve long-term public good for the UK.
- Undertaking stakeholder outreach as part of this research project will contribute to building relationships with UK preparers and users of nature-related information. These relationships will continue to be an important source of input as the TAC begins to assess the anticipated Exposure Draft.
Project overview
Objectives
6The objectives of this research project are to:
- provide a snapshot of the current approach to nature-related disclosures in the UK market;
- understand the reasons behind the current disclosure approach;
- anticipate any areas of difficulty regarding nature-related reporting in the UK;
- understand the general readiness of UK reporters to report nature-related disclosures; and
- understand the general appetite of UK users (including investors and creditors) to consider nature-related disclosures.
Research questions
7Based on the above objectives, we have developed a set of project-level research questions:
- What is the current reporting practice in the UK?
- What are the challenges in reporting nature-related information?
- How might nature-related risks and opportunities affect a company's prospects?
- What are primary users' expectations?
- Might there be any specific issues in the UK with introducing nature-related disclosure requirements?
Approach
8The TAC Secretariat proposes undertaking both desk-based research and stakeholder engagement to best capture current UK market practice.
9Desk-based research will provide an oversight of current thinking in regards to nature-based disclosures, and an analysis of current reporting in practice. While this will provide a snapshot of the state of nature-related reporting in the UK, we are aware that many companies may be having conversations internally—and even undertaking further work internally—that is not captured in published documents. Therefore, stakeholder engagement is also proposed to compile a more detailed understanding of the readiness of UK entities to prepare nature-related disclosures, and the appetite of UK users to consider nature-related disclosures.
10To cover each source of insight into current practice, we propose three workstreams, detailed as follows.
Workstream 1: Review of existing literature on nature-related disclosures
11We propose undertaking a literature review of existing materials relating to nature-related disclosures. This would include, though not necessarily be limited to:
- academic papers and articles;
- reports and research produced by standard-setters and regulators in other jurisdictions;
- news articles; and
- reports and research produced by third parties such as consultancies, audit firms, and NGOs.
12Proposed output: A written summary of findings in line with the research questions detailed in paragraph 7 of this paper.
Workstream 2: Content analysis of FTSE 100 reports
13Alongside a review of general literature, we would also undertake an analysis of current UK reporting of nature-related disclosures. Given time and resource constraints, we would narrow the scope of this review to consider FTSE 100 entities' (defined as of the start date of the research) 2025 Annual Reports and Accounts, as well as any further materials referenced within the Annual Report.
14This analysis would focus on answering the following questions:
- Location: Where are disclosures located?
- Frameworks:
- What, if any, frameworks are referred to?
- If the Taskforce on Nature-related Financial Disclosures (TNFD) is referred to, to what extent is reporting aligned to its framework?
- Impacts and dependencies:
- Does reporting consider the entity's dependencies upon nature?
- Does the reporting consider the impact of nature-related risks and opportunities on the entity's prospects?
- Risks and opportunities:
- What, if any, nature-related risks are reported? And what are the most commonly reported nature-related risks?
- Environmental assets and ecosystem services: What, if any, environmental assets and ecosystem services are recognised as material?
- Climate/nature nexus: Does nature-related reporting overlap with climate reporting?
- Scale: Is nature understood more in a global context or local/place-based context?
- Stakeholders: Which stakeholders are referenced in relation to nature?
- Maturity: How mature is reporting? Is any assurance provided on nature-related reporting?
Workstream 3: Stakeholder engagement
16To gain further insight beyond published information, we propose organising a series of roundtables with experts on nature-related disclosure. Stakeholder groups represented would include preparers, primary users (e.g. investors and creditors), academics, data providers and others, all bringing expertise on nature-related reporting.
17We propose holding roundtables to cover a number of themes (which are discussed in more detail in Paper 2026-TAC-011), which might include:
- metrics (cross-industry and industry-based);
- nature-related impacts and dependencies, and risks and opportunities;
- identifying potential challenges of nature-related reporting;
- the climate/nature nexus;
- sources of guidance;
- location specificity and aggregation of information;
- targets and transition plans; and
- the ISSB's Exposure Draft, once published.
18Roundtables are expected to be held in May, July, and September 2026. Further stakeholder outreach, possibly alongside a further roundtable in this series, will be undertaken once the Exposure Draft is published and as part of the TAC's future project to develop its response.
19Proposed output: a written summary of stakeholder feedback.
Key tasks and proposed timeline
20The TAC's process for undertaking research includes the following stages:
| Task description | Due Process Policy ref.1 | Indicative timeline |
|---|---|---|
| Project initiation | ||
| Project management plan and proposed timeline to be discussed and agreed at April 2026 TAC meeting (this meeting). | Paragraphs 29-30 | 21 April 2026 TAC meeting |
| Project delivery | ||
| The Secretariat undertakes desk-based research activities. | N/A | April – September 2026 |
| The Secretariat will engage in stakeholder outreach, including conducting interviews and roundtables. | Paragraph 31 | May – September 2026 |
| Final research summaries are prepared and reviewed by the TAC. | Paragraph 31 | 15 September 2026 TAC meeting |
| Project closure | ||
| The TAC is asked to approve a Due Process Summary at the 13 October 2026 TAC meeting, which will be subsequently published on the FRC website. | Paragraphs 37 – 40 | 13 October 2026 meeting |
| A lessons learned exercised is performed by the TAC. | Paragraphs 37 – 40 | tbc |
Project Timeline Overview
This timeline visualizes the key project activities from April to October 2026.
| Activity | April '26 | May '26 | June '26 | July '26 | August '26 | September '26 | October '26 |
|---|---|---|---|---|---|---|---|
| Project initiation | X | ||||||
| Project management plan & proposed timetable | X | ||||||
| Workstream 1 (literature review) | X | X | X | X | X | X | |
| Workstream 2 (content analysis) | X | X | X | X | X | X | |
| Workstream 3 (stakeholder engagement) | X | X | X | ||||
| Expert roundtable | X | X | X | ||||
| Project delivery | X | ||||||
| Final research summaries | X | ||||||
| Project closure | X | ||||||
| Due process summary | X |
Assumptions, constraints and risks
21When developing the project management plan, the Secretariat has taken into consideration the following assumptions and constraints:
- That the planned research will result in sufficient analysis for the TAC to be prepared to assess the ISSB's Exposure Draft.
- That the scope of the ISSB's standard-setting project does not significantly change.
- That the timeline of the ISSB's standard-setting project does not significantly change.
- That the capacity of the TAC and the Secretariat does not significantly change, for example should other projects emerge and require prioritisation.
- The expected available resources are 0.5 FTE project directors, 0.5 FTE project associates and oversight from the Head of the Secretariat.
- The availability of suitable stakeholders to engage with in the time allocated.
- This is the first time that the TAC and the Secretariat will be undertaking research on this topic.
Questions for the TAC
- Does the TAC approve the project management plan?
- Does the TAC approve the proposed timeline?
-
As per paragraph 25 of the TAC Due Process Policy, the TAC will consider the relevancy of due process tasks on a case-by-case basis when undertaking research projects. ↩