S1 & S2 published
25 Feb 2026
DBT · voluntary use ↗
Independent analysis · UK SRS
The standards are here. Now the arguments begin.
UK SRS S1 and S2 were published on 25 February 2026 by the Department for Business and Trade, available for voluntary use.
The FCA’s consultation on mandatory use, CP26/5, closed on 20 March 2026. A Policy Statement is expected in autumn 2026.
srsreport.co.uk reads all of it so you can read us — independent analysis and commentary, every figure cited to its primary source.
Scroll to descend
The document record
We keep the paper trail.
Every document the regime produces — standards, consultations, responses, statements — logged from the primary source, dated, and read in full. Analysis you can check is the only kind worth reading.
The recordPrimary sources
The scope question
Who’s in — and who was left out.
The FCA’s proposal reaches approximately 500 companies in UK Listing Rules categories 6, 16 and 22 — and not the wider market shorthand you’ll read elsewhere. The categories are the story: who’s named, who’s adjacent, and who’s watching from outside the rope.
Scope brief1 / 3
UKLR categories per CP26/5 — click for the next
The reference sites tell you what the standards say.
We tell you what they mean.
Descending into the detail — the analysis chapters.
The regime, dated
Four years, five dates, one decision.
Publication on 25 February 2026. Consultation closed 20 March 2026. Proposed mandatory climate reporting from 1 January 2027, Scope 3 relief to 2028, S1 from 2029. Between now and all of that sits one document: the FCA’s autumn Policy Statement.
The regime timeline2026 — 2029
Every cell links to its primary source — the citation rule, made structural
The open questions
What autumn must settle.
The consultation closed on 20 March 2026 — the arguing didn’t. The Policy Statement has to land the final scope, hold or move the 1 January 2027 start, and set the tone on assurance and enforcement. These are the questions our analysis tracks.
Question ledgerTracked to the PS
Still open
Does the ≈500-company scope survive contact?
proposed: UKLR categories 6, 16, 22 (CP26/5) · watch for category edits in the PS
Does 1 January 2027 hold?
an autumn PS leaves roughly a quarter’s runway — tight, not impossible · our read below
Half open
How hard is “comply-or-explain” allowed to be?
Scope 3 from 2028, S1 from 2029 (CP26/5) · the explain half is where reporting goes to hide
Settled — for now
Voluntary use is live
S1 & S2 published 25 Feb 2026 (DBT) · early adopters are the PS’s best evidence
Inside the standard
What S2 actually asks for.
Strip the adjectives and UK SRS S2 is four demands: governance, strategy, risk management, metrics and targets — the ISSB architecture, carried into UK law with Scope 3 deferred a year. We annotate it pillar by pillar so the reading is done before your meeting is.
Reading the standardUK_SRS_S2 · annotated
Click a pillar note to mark it read
The comment
Analysis that argues both sides.Comment
Our signature format: the question of the season, argued honestly in both directions before we tell you where we land. Facts carry citations; judgment is labelled as judgment. This season’s question — does 1 January 2027 hold?
Cited
facts, always
Labelled
judgment, always
The question · arguedComment
Will the 1 January 2027 start date hold?
PS · autumn
For
Against
Holds—Slips
Enough depth.
Back to daylight — what it means for Monday.
The coverage
Where to go from here.
The site, mapped — reference reading on the left, judgment on the right
Why we exist
Independent. Sourced.
Readable.
The reference sites hold the record; we hold opinions about it — openly argued, honestly labelled, and cited so you can check us. That’s the whole editorial policy, and it fits in one sentence.