5 January to 6 February 2026: UK Sustainability Disclosures Policy and Implementation Committee (PIC) – summary minutes
Published 17 February 2026
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For more information on the remit and responsibilities of the Policy and Implementation Committee (PIC), see our Framework for developing UK Sustainability Reporting Standards. In these minutes, “committee” refers to the PIC. “The secretariat” refers to the PIC Secretariat, provided by Department for Business and Trade (DBT).
These minutes summarise the endorsement-related discussions carried out over correspondence in January and February 2026.
1. Sustainability Accounting Standards Board (ISSB) amendments to IFRS S2
The secretariat updated the committee on the UK Sustainability Disclosure Technical Advisory Committee’s (TAC) recommendations on the targeted amendments issued by the ISSB for IFRS S2 in December 2025.
These were included in the TAC’s supplementary analysis, published on 26 January 2026. The TAC recommended the ISSB amendments are incorporated into UK SRS S2, except for amendments to the effective date and transition in relation to adjusting comparatives.
The secretariat also updated on feedback received to DBT’s consultation on draft UK SRS regarding the ISSB’s proposed amendments.
2. Approach to transitional reliefs
The secretariat updated the committee on its approach to take forward the proposed amendment on the linking of transitional relief periods to the introduction of any mandatory reporting requirements.
3. Financed emissions
The secretariat updated the committee on the TAC’s supplementary analysis and recommendations (as published on 26 January 2026). These cover the revision of comparative information and the use, by some financial institutions, of prior period balance sheet data to calculate financed emissions.
The TAC recommended clarifying that any revision of comparative information is subject to the overarching financial materiality test, and also recommended that a clarificatory amendment on financed emissions was made to UK SRS S2.
4. Carbon credits
The secretariat updated on consultation feedback regarding the question on carbon credits and its proposed next steps.
5. Guidance
The secretariat updated on consultation feedback regarding the question on guidance and its proposed next steps.