The new proposed structure would see the onus shift much more onto corporates as they would have to decide for themselves what is material, who their key stakeholders are, and what their obligations are in respect of the public interest. The FRC held a webinar last week and suggested that the necessary legislation to bring these proposals to life would likely take about 10 years to materialise. With the Chancellor's recent announcement about TCFD-aligned disclosures rolling out across the economy by 2025, it's likely that many firms would be captured by both TCFD and this FRC proposal.