Earlier this month, the Sustainability Accounting Standards Board (SASB) announced that Michael Bloomberg, founder of Bloomberg LP and the 108th mayor of New York City, and Mary Schapiro, previous SEC chairman, have joined SASB’s leadership board as chair and vice chair (respectively). What does this mean for the sustainability reporting industry? SASB, whose mission is to develop industry-specific sustainability accounting standards for listed U.S. corporations, now has two influential superstars in its arsenal. With Bloomberg and Schapiro on board, SASB has extended its reach into a wider financial community – all while continuing to change the industry landscape around non-financial disclosures.
In a Financial Times article, Bloomberg and Schapiro mentioned “financial statements are an incomplete picture of a company’s health,” and adopting non-financial standards is an important step towards transparency in capital markets. Transparency, Bloomberg and Schapiro claimed, can bring significant financial benefits to investors and shareholders, and the two are committed to framing non-financial disclosures as a competitive advantage. SASB’s uniform metrics will allow investors to compare across industries and help companies gauge their position relative to competitors.
CSRware is a member of SASB’s test program to help develop sustainability standards for the technology and communications sector. Our software products help businesses track and manage their environmental footprint in energy, GHG emissions, supply chain, conflict minerals compliance, and sustainability reporting. Currently, SASB has standardized metrics for 19 industries, and we believe our work with SASB will continue to push this number higher towards their 80+ industry goal by 2016. CSRware looks forward to seeing the great work SASB will continue to do with their new leadership.
To see how our software can help manage your environmental performance, please visit our products page at CSRware.com/portfolio.