"We are proud to announce SASB's transition to a two-tier governance structure commencing April 1, 2017," says Mary Schapiro, Vice Chair of the SASB Foundation Board of Directors and former Chair of the U.S. Securities and Exchange Commission. "This additional layer of governance separates fiduciary responsibility from standards setting, which will help ensure the independence and rigor of SASB's standards-setting process."
SASB is now in a period of deep consultation with issuers, investors and others on the provisional standards prior to finalization in Q4 2017. SASB invites issuers and investors to participate in the consultation process through April 1, 2017. Feedback received prior to April 1 will inform the technical agenda for the new SASB board to consider as it contemplates necessary changes to the provisional standards in order to strengthen the materiality, consistency, cost-effectiveness, and decision-usefulness of the standards. Feedback on industries and/or cross-cutting issues is welcome via consultation meetings or formal letters. SASB is also discussing with a number of companies the possibility of their using the final standards in their SEC filings for calendar year-end 2017.
Click here to read the Rules of Procedure and Conceptual Framework. For a summary of comments received during the public comment period and SASB's responses, please click here.
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 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. With significant input from corporations and investors, SASB has issued provisional sustainability accounting standards for 79 industries in 10 sectors, and is now undertaking a period of deep consultation to gather input before the standards are codified. 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)