The UK’s Financial Reporting Council (FRC) has updated its statement of intent on ESG, which highlights areas including ESG data and materiality disclosures. The regulator published its first ESG statement of intent in 2021, which it followed up with the establishment of the FRC ESG Group – an advisory body that provides cross-FRC thinking and response to ESG challenges – in 2022. The statement spotlights the FRC’s key areas of focus on ESG reporting in 2023, including projects and thematics on how and where to find ESG data and use it effectively, as well as examining how companies develop, assess and use materiality to consider how enhancements to materiality processes could be made. Later in the year, the watchdog will publish a further thematic report focused on metrics and targets for four key industries, as part of its response to the Transition Plan Taskforce’s work.
— Financial Reporting Council (@FRCnews) January 30, 2023