SAN FRANCISCO, Aug. 28, 2020 (GLOBE NEWSWIRE) -- August 28, 2020—The Sustainability Accounting Standards Board (SASB) today released proposed revisions to two documents—the SASB Conceptual Framework and the SASB Rules of Procedure—for a 90-day public comment period. The revisions are designed to further clarify and explain SASB’s approach to standard setting, including its principles, processes, and practices.
SASB issued the existing Conceptual Framework and Rules of Procedure in February 2017. The Conceptual Framework sets out the basic concepts, principles, definitions, and objectives that guide the SASB Standards Board and technical staff in their approach to setting SASB Standards. The Rules of Procedure establishes and describes the policies and practices followed by the Standards Board in developing, issuing, and maintaining the Standards. Together, these documents serve as the primary governance documents that guide the activities of the Standards Board in its efforts to fulfill SASB’s organizational mission.
“The current Conceptual Framework and Rules of Procedure date back to early 2017, and a lot has happened since then. We launched the SASB Standards in late 2018 and have now moved into a new phase of our work,” says Dr. Jeffrey Hales, Chair of the SASB Standards Board. “While the Standards Board is updating these documents to more clearly articulate and explain our existing approach to standard setting, these revisions are not changing our fundamental approach to, or processes for, setting SASB Standards.”
In September 2019, the Standards Board began projects to revise and update the 2017 Conceptual Framework and Rules of Procedure. The Board’s decision to undertake these projects was based on the outdated organizational mission statement contained in the existing documents, as well as the Board’s view that the existing documents do not reflect SASB’s global perspective and that they contain outdated assumptions, definitions, and data. On August 25, 2020, the Standards Board approved the release of the Conceptual Framework and Rules of Procedure exposure drafts for 90-day public comment periods.
“SASB Standards are designed to evolve over time, in order to address dynamic sustainability issues, regulatory changes, and other trends that affect multiple sectors,” says Janine Guillot, CEO of SASB. “We utilize a thorough and rigorous due process to guide the evolution of the Standards, as articulated by these two foundational documents. Market feedback is essential to our work—we invite public comment on these revisions, which are designed to clarify our existing approach and processes.”
The exposure drafts of the Conceptual Framework and Rules of Procedure, as well as a Bases for Conclusions & Invitation to Comment document explaining the revisions, are available for download on the SASB website. SASB welcomes feedback on the proposed revisions through November 30, 2020. For more information, attend a webinar on September 10.
Visit SASB.org for more information about SASB's standard-setting process and current projects.
About SASB
The Sustainability Accounting Standards Board (SASB) connects businesses and investors on the financial impacts of sustainability. SASB Standards enable businesses around the world to identify, manage, and communicate financially material sustainability information to investors. SASB Standards are industry-specific and are designed to be decision-useful for investors and cost-effective for companies. They are developed using a process that is evidence-based and market-informed. To download any of the 77 industry-specific standards, or learn more about SASB, please visit SASB.org.