UK SRS S1 will require UK-listed companies to disclose decision-useful information on material sustainability-related risks and opportunities affecting long-term value, replacing current TCFD reporting. Management should prepare for more integrated disclosures while minimising duplication with existing reporting.
Many listed and several categories of larger UK companies are required to disclose in their annual reports how they manage climate-related risks. The required disclosures (often referred to as TCFD) are detailed and are evolving over time and regulators, investors and other stakeholders have increasing expectations of companies here.
Understanding and meeting the government’s reporting requirements
The FCA has issued a consultation proposing that UK-listed companies will be required to report under UK SRS, the UK’s adaptation of the International Sustainability Standards Board’s (ISSB) standards from 2027. UK SRS currently consists of two standards: SRS S1, which covers general sustainability requirements and SRS S2, which is specifically on climate risk.
The UK Government has announced the endorsement of the UK version of the IFRS Foundation’s Sustainability Reporting Standards (UK SRS) with immediate effect. This will provide a framework for companies to report on a voluntary basis. This sits alongside the FCA’s consultation to finalise UK Listing Rules around the mandatory adoption of UK SRS S2 to replace TCFD.
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