FRC updates its 2021 Statement of Intent on ESG

  • FRC Image

01 Feb, 2023

The Financial Reporting Council (FRC) has published an update to its Statement of Intent on Environmental, Social and Governance (ESG).

The FRC first published its Statement of Intent on ESG in 2021.  In it the FRC identified underlying challenges with the production, audit and assurance, distribution, consumption, supervision and regulation of ESG information.  

The update sets out areas of ongoing challenges with ESG reporting, actions to address these, and the FRC's planned activities in this area.  It also sets out a number of initiatives that have been undertaken by the FRC to support its wide range of stakeholders in driving high-quality and comparable ESG reporting and disclosure.  

Looking forwards, the FRC’s key areas of focus regarding ESG reporting during 2023 will include projects and thematics on:

  • ESG Data - how and where to find it and use it effectively
  • Materiality disclosures – what should be considered when determining what are material issues?
  • Support for FRS 102 preparers
  • What are the ESG reporting requirements of the Corporate Governance Code?
  • The link between investors and ESG reporting

A press release and the updated Statement of Intent on ESG is available on the FRC website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.