{"id":1707,"date":"2018-11-14T10:59:15","date_gmt":"2018-11-14T09:59:15","guid":{"rendered":"http:\/\/hear-ir.com\/?p=1707"},"modified":"2023-12-20T20:58:52","modified_gmt":"2023-12-20T19:58:52","slug":"sasb-launches-new-materiality-reporting-framework","status":"publish","type":"post","link":"https:\/\/hear-ir.com\/it\/sasb-launches-new-materiality-reporting-framework\/","title":{"rendered":"SASB launches new materiality reporting framework"},"content":{"rendered":"
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From Ben Ashwell DIGITAL EDITOR at IR MAGAZINE<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Non-profit has spent six years developing 77 industry-specific reporting standards<\/h3>\n<\/div>\n<\/div>\n
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The Sustainability Accounting Standards Board (SASB) today launched its 77 industry-specific reporting standards for companies to disclose material environmental risks.<\/h2>\n

SASB had previously issued provisional reporting standards that were adopted by a selection of companies \u2013 such as GM, Merck, Nike and JetBlue \u2013 and\u00a0praised by investors\u00a0for their focus on industry-specific materiality issues.<\/p>\n

The new standards are the culmination of SASB\u2019s efforts since its launch as a non-profit in 2011. They were developed with input from an investor advisory group comprising 56 members representing $29 tn in assets under management, an eight-person standard-setting board and several periods of public comment.<\/p>\n

\u2018What makes SASB standards unique in the marketplace is their focus on industry specificity and financial materiality \u2013 universal concepts that are important for investors and businesses around the world,\u2019 says SASB\u2019s chair Jeffrey Hales in a statement. \u2018Companies and investors around the world now have codified, market-based standards for measuring, managing and reporting on sustainability factors that drive value and affect financial performance.\u2019<\/p><\/blockquote>\n

 <\/p>\n

Speaking exclusively to\u00a0IR Magazine<\/em>, Hales says SASB has gained more traction with investors than issuers since its launch in 2011, but expects the launch of the formalized standards will change that. \u2018There\u2019s been a very big recent shift in awareness among mainstream investors, which are very quickly becoming aware of the importance of good ESG disclosure,\u2019 he says. \u2018It\u2019s been more of a struggle with companies. But we\u2019re optimistic and excited.\u2019<\/p>\n

SASB is in the process of forming a new advisory council of up to 150 members, of which about 60 percent will be issuers. This council will help to promote the new standards, encourage their adoption and ensure they resonate with the issuers in the same way they do with investors.<\/p>\n

This advisory council, along with the standard-setting board, will assess the standards and likely request updates to specific standards when needed. But Hales doesn\u2019t anticipate another wholesale update for some time.<\/p>\n

 <\/p>\n

SASB and other reporting standards<\/strong><\/h3>\n

With SASB, the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures, Carbon Disclosure Project, the International Integrated Reporting Council (IIRC) and many other reporting frameworks, some commentators have likened the reporting landscape to\u00a0an alphabet soup.\u00a0But Hales explains that each group does have a unique purpose and they regularly meet at the Corporate Reporting Dialogue, which is hosted by the IIRC.<\/p>\n

\u2018Each of these organizations has its own mission and mandate, and that\u2019s important,\u2019 Hales says. \u2018I understand the alphabet soup problem, but we don\u2019t need these organizations to all go away. We just need a better understanding of them. It\u2019s a bit like turning on a TV channel when you\u2019re in a foreign country and not knowing which channel to watch \u2013 there are a lot of acronyms and you don\u2019t understand the difference. But the solution isn\u2019t to just have one channel.\u2019<\/p>\n

Hales says SASB\u2019s standards complement existing accounting standards because they speak the same language: materiality. In the ESG reporting world, he notes that SASB and GRI are complementary because GRI can be used by issuers to communicate to a broader stakeholder base, whereas SASB is primarily for investors.<\/p>\n

The new SASB standards are available on the organization\u2019s website.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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