SASB Issues Provisional Sustainability Accounting Standards for Resource Transformation Industries
Standards include input from individuals representing $4.7 trillion in assets under management and $1.3 trillion in market capitalization
SAN FRANCISCO, March 25, 2015 /PRNewswire-USNewswire/ -- 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 issued provisional standards for five industries in the Resource Transformation sector. These provisional standards, like all SASB standards, help corporations comply with existing regulation, Regulation S-K, to disclose material information in the Form 10-K.
SASB's provisional standards in this sector address sustainability disclosure topics relevant for companies in the following industries:
- Aerospace & Defense
- Chemicals
- Containers & Packaging
- Electrical/Electronic Equipment
- Industrial Machinery & Goods
Example disclosure topics include hazardous waste management, product safety, fuel economy and emissions in use-phase, and materials sourcing. The standards average seven topics per industry, and 83 percent of metrics are quantitative.
"The Resource Transformation sector is responsible for manufacturing at a massive scale—everything from the planes we ride in to the packages we ship items in. Population growth has led to greater demand of these products, and in turn, more carbon emissions, overstressed water sources and depleted natural resources," says Dr. Jean Rogers, Founder and CEO of SASB. "In order to remain competitive, companies in this sector must address these challenges."
"SASB's work to develop accounting standards for specific sustainability metrics is key to helping organizations determine what is material to their businesses and report on these metrics in a consistent manner," said Nick Pfeiffer, Corporate Controller for FMC Corporation. "It is also important to get people involved across organizations from areas such Finance, Internal Audit, Legal, and Government Affairs in addition to members of Sustainability teams so everyone understands why reporting on non-financial metrics is tied to future business success."
SASB's standards development process is rooted in evidence and shaped by consensus. The working groups for Resource Transformation industries, which included 225 registrants represented publicly traded companies with $1.3 trillion market capitalization and investment firms with $4.7 trillion in assets under management.
SASB standards remain provisional for at least one year after the issuance date. To provide feedback at any time, please visit SASB's public comment portal.
About SASB
The Sustainability Accounting Standards Board™ (SASB)™ is an independent 501(c)3 organization that issues industry-specific standards for use in disclosing material sustainability information in mandatory filings to the Securities and Exchange Commission. Michael R. Bloomberg, founder of Bloomberg LP, and Mary Schapiro, former SEC chairman, serve as chair and vice chair of SASB's Board of Directors, and Dr. Jean Rogers serves as Founder and CEO. More than 2,300 individuals representing $23T assets under management and $10.5T market capital have participated in multi-stakeholder industry working groups informing standards development to date. For more information about SASB, visit www.sasb.org, or follow us on YouTube, Twitter or LinkedIn.
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SOURCE Sustainability Accounting Standards Board (SASB)
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