SASB Draws Robust Response to Public Comment Period

SAN FRANCISCO, Feb. 7, 2018 /PRNewswire-USNewswire/ -- The Sustainability Accounting Standards Board (SASB) concluded its latest public comment period on January 31, 2018, with a substantial response and constructive input for every sector. This represents SASB's eleventh and final public comment period prior to the launch of its codified standards, which is expected in mid-2018.

"We are pleased with the detailed, industry-specific nature of the comments, which came from companies, investors, industry associations and others across all 11 sectors," said David S. Post, Director of Research at SASB. "Industry associations represented our largest group of commenters, a positive sign given the breadth of companies represented by these organizations."

SASB received 120 letters from 97 unique commenters, more than 80% coming from organizations. Comments were constructive, generally reflecting a high level of detail and attention to financially material sustainability issues. Two thirds of comment letters were industry specific.

"This was a great result—getting candid, constructive feedback that helps us make SASB standards even more cost-effective and decision-useful," said Jean Rogers, SASB Founder and Chair of the SASB. Rogers added, "Transparency is a hallmark of our standards development process. It ensures that the standards we create for the market reflect the needs of issuers and investors alike."

Notable issuers who provided comments include Salesforce.com, General Electric, United Technologies, Chevron and AT&T. Industry associations are important because of the number of issuers they represent. For example, the International Petroleum Industry Environmental Conservation Association (IPIECA), one of the organizations that submitted comments, represents over 400 oil and gas companies; IPIECA members account for over half the world's oil production.

SASB staff will address 100% of the comments with the SASB and, per its process, will publish comment summaries organized by sector prior to codification of its standards. Completion of the public comment period marks the beginning of a multi-stage process to address all comments and codify the standards mid-year for companies and investors to use. SASB has created an Implementation Guide to help companies navigate their way through implementation of the standards. As previously announced, SASB is also forming Sector Advisory Groups to provide a more direct way for companies to provide ongoing dialogue and feedback on the standards on behalf of their respective sectors and industries. Companies, along with financial institutions and third parties with industry expertise, are encouraged to submit an expression of interest form on SASB.org.

About SASB

Established in 2011, the Sustainability Accounting Standards Board (SASB) is an independent standards-setting organization dedicated to enhancing the efficiency of the capital markets by fostering high-quality disclosure of material sustainability information that meets investor needs. The SASB develops and maintains sustainability accounting standards—for 79 industries in 11 sectors—that help public corporations disclose material information to investors. For more information, visit www.sasb.org and follow us on Twitter @SASB.

Media Contact

Matt Garrison
Director of Communications
SASB
(646) 512-4038
[email protected]

SOURCE Sustainability Accounting Standards Board (SASB)

Related Links

http://www.sasb.org