UKSIF response: UK Sustainability Disclosure Technical Advisory Committee (TAC) Call for Evidence on endorsement of IFRS S1 and S2

We are pleased to respond to the UK Sustainability Disclosure Technical Advisory Committee’s (TAC’s) call for evidence on the UK’s endorsement of the International Sustainability Standard Board’s (ISSB’s) IFRS S1 and IFRS S2 standards.

As a global leader already on climate-related disclosures, the full, swift adoption by government of the IFRS S1 and IFRS S2 standards would represent a natural, next step in the UK’s climate leadership. For our members, it would help provide them with the sustainability information required to better support growth opportunities and help drive the global transition to net-zero carbon emissions.

We, along with many in the investment community, are reassured by the recent signals provided by policymakers in regards to the UK’s envisaged endorsement process of the IFRS S1 and IFRS S2; in particular, recent confirmation that the UK-endorsed standards will only diverge from the ISSB’s baseline “if absolutely necessary for UK specific matters.” We look forward to supporting the Technical Advisory Committee’s upcoming work to undertake a technical assessment of the standards, and we hope to see the Committee’s work progress at pace over the coming months to ensure the UK can deliver on its objective to adopt the IFRS S1 and IFRS S2 in the next several years. Along with our members, UKSIF stands ready to assist the TAC’s important work.

In our response to the TAC’s call for evidence, we restate our and investors’ support for the UK to move ahead in its endorsement process for the IFRS S1 and IFRS S2, as well as clarifying the legal adoption mechanism for their delivery, the envisaged implementation timelines, and interaction with the UK’s economy-wide Sustainable Disclosure Requirements (SDRs) and other upcoming reporting requirements.

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