SAN FRANCISCO, April 26, 2018 /PRNewswire/ -- The Sustainability Accounting Standards Board (SASB) Foundation has appointed Robert K. Steel, Partner & CEO at Perella Weinberg Partners, to serve as its next Chair of the Board of Directors. The Board also named Michael R. Bloomberg, who has been serving as Chair for the past four years, to be Chair Emeritus of the SASB Foundation Board.
"Bob possesses the depth and breadth of experience required to lead the Board and SASB through this next important phase of SASB's growth," said Bloomberg. "Bob's strategic and operational wisdom will help SASB transition and grow as they move forward from developing standards to market implementation."
New Chairman brings blend of investor, business, government experience
Steel's career spans a wide range of experience across both the public and private sectors. Prior to his current role as Partner & CEO at Perella Weinberg Partners, he served as Deputy Mayor of NYC for Economic Development in the Bloomberg administration. Steel also served as Under Secretary for Domestic Finance at the U.S. Department of Treasury from 2006 to 2008. He also served as president and CEO of Wachovia and as co-head of the US Equities division and Vice Chair of Goldman Sachs, where he worked for 30 years.
"SASB has an outsized opportunity to make a fundamental difference in establishing critical market infrastructure," said Steel, who has been Co-Vice Chair of the SASB Foundation Board since January 2017. "I'm proud to have the opportunity to continue Mike's leadership and help SASB work toward achieving its goals."
Bloomberg to continue as powerful, persuasive voice for SASB
For the past seven years, SASB has been developing standards for companies to use when reporting on financially-material sustainability topics like environmental impacts. The development of standards for 79 industries, across 11 sectors, reached an important milestone recently, as SASB concluded a public comment period to allow more stakeholders—investors, companies, and industry associations, among others—to provide feedback. That feedback will inform the codified set of standards, scheduled to be released later this year.
Now, with these standards nearly complete, the organization is preparing to support investors and businesses aiming to adopt the SASB reporting standards. Bloomberg's new role, along with a new grant of $2.4 million from Bloomberg Philanthropies, will help ensure SASB has the voice and the resources needed to succeed in this next phase.
Mary Schapiro, former Chair of the US Securities & Exchange Commission, who joined the board in 2014, will continue as Vice Chair, providing further continuity of leadership.
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 financially material sustainability information that meets investor needs. The SASB Foundation is responsible for the financing, oversight, administration and appointment of the SASB, and works to provide the market with education and resources that advance the use of SASB standards and the field of sustainability accounting. For more information, visit www.sasb.org and follow us on Twitter @SASB.
Jonathan Spampinato Director of Communications, SASB Tel: +1 (518) 822-7334 [email protected]