Welcome!

News Feed Item

SASB Releases Provisional Sustainability Accounting Standards for Financials Industries, Second Set of Standards Issued for Use by Companies and Investors

Standards development process included feedback from individuals representing $1.3 trillion in market capital and $5 trillion in assets under management

SAN FRANCISCO, Feb. 25, 2014 /PRNewswire/ -- The Sustainability Accounting Standards Board™ (SASB)™, a 501c3 non-profit organization that provides sustainability accounting standards for use by publicly listed corporations in the U.S., today released provisional standards for industries in the Financials sector. SASB standards help corporations comply with existing regulation, Regulation S-K, to disclose all material issues in the Form 10-K. SASB is accredited to set standards by the American National Standards Institute (ANSI).

SASB's provisional standards address the environmental, social and governance (ESG) issues likely to be material for companies in seven industries in the Financials sector: Asset Management & Custody Activities, Commercial Banks, Consumer Finance, Insurance, Investment Banking & Brokerage, Mortgage Finance, and Security & Commodity Exchanges. Examples of issues included are customer privacy and data security; integration of ESG factors in credit risk analysis, investment management and advisory; and responsible lending and debt prevention.  

SASB standards—which identify the minimum set of sustainability issues for each industry—are designed to be cost effective for companies and decision useful for investors. The average number of sustainability issues in each Financials standards is four and 79 percent of suggested accounting metrics are quantitative.

"The Financials sector is unique, in that it's comprised of both issuers and investors," says Dr. Jean Rogers, Founder and Executive Director of SASB. "As issuers, Financials companies can compete and improve performance on the sustainability issues most relevant to business success. As investors, Financials companies can compare corporate performance on material sustainability issues and direct capital accordingly."

SASB's standards development process includes research supported by Bloomberg data, multi-stakeholder industry working groups, a public comment period, and review by an independent Standards Council. The working groups for the Financials sector— which included 302 registrants— represented publicly traded companies with more than $1.3 trillion market capital and investment firms with more than $5 trillion in assets under management. A full list of working group members can be found here. SASB's standards for the Financials sector will be considered provisional for one year after the issuance date. SASB welcomes feedback on the standards during the provisional phase.   

"Our clients increasingly demand decision-useful sustainability information," says Daniel L. Doctoroff, CEO and President of Bloomberg L.P. "The release of SASB's Financials standards marks the beginning of a new era in market transparency and a new model for 21st century corporate reporting."

"The standards being developed by SASB are the clear answer to the compelling demand from almost all investors for broader disclosure of non-financial information," says Samuel Di Piazza, Jr., Retired CEO, PricewaterhouseCoopers, International. "The standards create comparative, industry-based benchmarks. Their adoption over time is simply inevitable."

Companies seeking assistance using SASB standards are invited to apply to the SASB Corporate Roundtable. SASB standards will be developed for 80+ industries in 10 sectors through the beginning of 2016. View the full schedule of SASB's standards development process here.

About SASB
The Sustainability Accounting Standards Board™ (SASB)™ is an independent 501(c)3 organization that develops industry-specific standards for use in disclosing material sustainability issues in mandatory filings to the Securities and Exchange Commission. More than 1,000 individuals from individuals representing $13.9T assets under management and $5.7T market capital have participated in multi-stakeholder industry working groups informing standards development for five sectors to date.  For more information about SASB, visit www.sasb.org, or follow us on YouTube, Twitter or LinkedIn.

CONTACT:
Michael Boonshoft
1-212-994-7538
[email protected]

SOURCE Sustainability Accounting Standards Board (SASB)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...