Former New York City Mayor Michael Bloomberg and former chair of the Securities and Exchange Commission (SEC), Mary Schapiro have taken up leadership positions with the Sustainable Accounting Standards Board (SASB). Bloomberg has been named as board chair and Schapiro as vice-chair of the organization.
SASB, a relative new entrant in the field of corporate reporting, was launched publicly less than two years ago. With the enlisting of powerful allies in the area of finance such as Bloomberg and Schapiro, the San Francisco-based nonprofit is set to extend its impact within the business and investment communities.
SASB provides an industry-specific reporting framework for crucial sustainability issues that integrates with the companies’ quarterly 10-K financial disclosures, which are required by the SEC. Bloomberg said that the idea that greater market transparency leads to better investment decisions lies at the core of SASB’s mission.
SASB aspires to redefine the way the markets look at corporate success, leading investors and business leaders to recognize that promoting sustainability can also improve the bottom line. Bloomberg Philanthropies, which is already a prime funder of SASB, and Bloomberg LP, will help bring in the money and in-kind resources to SASB.
SASB founder and executive director Jean Rogers said that the no-nonsense approaches of both Bloomberg and Schapiro are an excellent match with the culture of SASB. Schapiro’s deep knowledge of the investment and policy worlds would help to integrate materiality standards into the existing market infrastructure.
SASB is working on reporting guidelines for 88 industries across 10 sectors. It has already completed standards for financial, technology and healthcare firms. By next month it expects to have fourth sector of oil, gas and mining companies completed. As SASB continues to build standards for six more sectors, Roger says its new co-chairs will help to promote awareness and credibility. The first SASB board chairman, Harvard Business School professor Robert Eccles, will continue to serve on the board.
Source: Business Green
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