A week ago, I wrote about upcoming project decisions for the first two sector standards: Mining, Quarrying and Coal and Oil and Gas. These drafts were adopted by consensus by the Sustainability Reporting TEG, with few dissenting votes on individual disclosure requirements. The drafts will now be taken up by the Sustainability Reporting Board, and when adopted, will be sent out for public consultation.
Each of the standards is more than 60 pages long. The first standard has 35 disclosure requirements, 18 of which enrich the disclosure requirements from the universal standards and 17 are additional requirements specific to the Mining, Quarrying and Coal sector. The second standard has 46 Disclosure Requirements, of which 25 enrich requirements from universal standards and 21 requirements specific to the Oil and Gas sector. The number of Disclosure Requirements developed shows how important a role sector-specific standards will play in the sustainability reporting system. They are not a minor addition to what the universal standards prescribe for reporting, but will shape an important part of the reports.
In addition to the standards for the two SR sectors, TEG has also adopted the draft SEC1 standard, which establishes the classification of all sectors. There will be 41 of them:
| Macrosector | Sector | Code |
| Agriculture | Agriculture, Farming and Fishing | AAF |
| Forestry | AFO | |
| Construction | Construction and Engineering | CCE |
| Energy | Power Production and Energy Utilities | EPU |
| Oil and Gas - from Midstream to Downstream | EEA | |
| Water and Waste Services | EWW | |
| Entertainment | Gaming | EGA |
| Recreation and Leisure | ERL | |
| Financial Institutions | Capital Markets | FCM |
| Credit Institutions | FCI | |
| Insurance | FIN | |
| Health Care | Health Care and Services | HHC |
| Hospitality | Accomodations | HAC |
| Food and Beverage Services | HFB | |
| Manufacturing | Building Materials | MMB |
| Chemical Products | MCP | |
| Construction and Furnishing | MCF | |
| Defence | MDE | |
| Electronics and Electrical Equipment | MEL | |
| Food and Beverages | MFB | |
| Machinery and Equipment | MME | |
| Medical Instruments | MMI | |
| Metal Processing | MMP | |
| Motor Vehicles | MMV | |
| Paper and Wood Products | MPW | |
| Pharma and Biotechnology | MPB | |
| Sporting Equipment and Toys | MSE | |
| Textiles, Accessories, Footwear and Jewelleries | MTA | |
| Tobacco | MTO | |
| Mining | Coal Mining | MCM |
| Mining | MMI | |
| Oil and Gas - Upstream and Services | MOG | |
| Real Estate | Real Estate and Services | RRE |
| Sales and Trade | Sales and Trade | SST |
| Services | Education | SED |
| Marketing | SMA | |
| Professional Services | SPS | |
| Technology | Information Technology | TIT |
| Media and Communication | TMC | |
| Transportation | Other Transportation | TTR |
| Road Transport | TRO |
The list may still change, of course, as the two sectors related to the oil and gas industry have already been provided with a single standard, as have coal mining and mining of other resources. If the Sustainability Reporting Board agrees with SR TEG's proposed approach, then the standards for these sectors will remain combined.
A discussion of the approach taken to determining materiality at the level of sector standards requires a longer explanation, so I will write about that next week.
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