The IIRC fully supports and encourages the collaboration between GRI and SASB. It follows the commitment made at COP26 to consolidate staff and resources of leading global sustainability disclosure initiatives to support the IFRS Foundations new International Sustainability Standards Boards (ISSB) work to develop a comprehensive global baseline of sustainability disclosures for the capital markets. SASB also engaged in consultation with corporations, many with multinational operations. The Value Reporting Foundation will merge the SASB and IIRC into a credible, international organization that maintains the Integrated Reporting Framework, advocates integrated thinking, and sets . It will enable businesses to take climate and human capital better into account, improving environmental, economic and social outcomes.. Prior, Janine was CEO of the SASB Foundation (SASB). Statement of Intent To Work Together Towards Comprehensive Corporate Reporting, Progress Towards a Comprehensive Corporate Reporting System, Markets Are Speaking, the IFRS Foundation Is Listening, IFRS Foundation Aims for Coherence, Not Complexity, Promoting Clarity and Compatibility in the Sustainability Landscape, EU Directive Can Lay the Foundation for a Global ESG Disclosure Solution. The International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) today officially announce their merger to form the Value Reporting Foundation. [59] SASB also participates in the Impact Management Project, which is a forum for organizations to build consensus on how to measure, compare and report impacts on environmental and social issues."[60]. The Value Reporting Foundation supports business and investor decision-making with three key resources: Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards. By merging two organizations focused on enterprise value creation, we hope to simplify the field. Aug. 01, 2022. If you accept all cookies now you can always revisit your choice on ourprivacy policypage. Over those 10 years we both built solid support, changing the way countless businesses and investors think about how value is created, preserved or eroded over time. [11] The merged organization will be governed by the Value Reporting Foundation Board, which will be chaired by Robert Steel and Richard Sexton, with Mary Schapiro and Helen Brand serving as Vice-Chairs. The Value Reporting Foundation Board of Directors will be complemented by existing advisory bodies including the Business Network, the Council, the SASB Investor Advisory Group, and the SASB Standards Advisory Group. We hope this merger will be a catalyst for the harmonization of sustainability standards and metrics.. What benefits do theybring to the worldeconomy? Using historical data, the study tracked the performance of 2,307 unique firms over 13,397 unique firm-years across 6 sectors and 45 industries, and found that firms enjoyed significantly higher accounting and market returns when they addressed financially material sustainability factors, and significantly higher returns still when they efficiently concentrated on financially material sustainability factors to the exclusion of immaterial sustainability factors. The IFRS Foundation's logo and theIFRS for SMEslogo, the IASBlogo, the Hexagon Device, eIFRS, IAS, IASB, IFRIC, IFRS,IFRS for SMEs, IFRS Foundation, International Accounting Standards, International Financial Reporting Standards, NIIFand SICare registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. APPLYING STANDARDS PROJECTS NEWS & EVENTS SERVICES SUSTAINABILITY The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards. We therefore continue to support their work and offer our intellectual capital as a resource. In November 2021, the IFRS Foundation announced it would consolidate the VRF and Climate Disclosure Standards Board with its own newly formed International Sustainability Standards . Just as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have established International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP), respectively, which are currently used in the financial statements, SASB's stated mission is to establish industry-specific disclosure standards across ESG topics that facilitate communication between companies and investors about financially material, decision-useful information. Managing conflicts of interesta governance issueis critical for an investment bank. For more, see "EU Carbon Price Tracker," Ember, accessed January 24, 2023. a . Vornado attached a press release, a copy of its ESG reportwhich included detailed SASB and GRI reports and respective review and examination reports from its auditor Deloitte & Touche as exhibits. He will serve on the Foundation Board and chair the Framework Committee within the Board. The end result will be comparable, consistent and reliable information that enables more holistic decision making by businesses and investors., Charles Tilley, CEO of the IIRC until the completion of the merger and now Board Director and Senior Advisor to the Value Reporting Foundation said: Both the IIRC and SASB are celebrating their 10-year anniversaries. The Value Reporting Foundation will operate as one global organisation with one unified strategy. Please see answers to your most frequently asked questions below. Efforts put into reporting on sustainability matters now is expected to help companies implement the ISSBs standards in the future. It comprises leading asset owners and asset managers who are committed to improving the quality and comparability of sustainability-related disclosure to investors. Website Terms of Use World Economic . Accessibility This merger is another important step forward towards a stronger, more resilient economy and a brighter, safer future., Prof. Judge. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). We do this because the quality of implementation and application of the Standards affects the benefits that investors receive from having a single set of global standards. Their goal is to create a single standard for sustainability reporting that will be used worldwide. Through this combination, the organizations aim to provide investors and companies . To learn more, visit www.valuereportingfoundation.org. It will continue to as a principles-based disclosure framework that supports effective communication and reporting on strategy, governance, performance and prospects. The resources including Integrated Thinking Principles, the Integrated Reporting Framework and SASB Standards can be used alone or in combination, depending on business needs. Capital markets must evolve to deliver long-term value to shareholders while also helping secure the future of our people and our planetimproving reporting is an important means to this end. While the Value Reporting Foundation will provide guidance on how to use both together, we expect organizations to use the standards and/or frameworks best suited to their needs to fulfil demands for transparent, robust reporting to a broad range of stakeholders. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK.The IFRS Foundation UK is incorporated in England and Wales. We undertake various activities to support the consistent application of IFRS Standards, which includes implementation support for recently issued Standards. By more closely aligning the Integrated Reporting Framework and the SASB Standards, the Value Reporting Foundation will make it easier for businesses to communicate their long-term strategy and provide a more comprehensive view of business performance to investors and other providers of capital. [55] In 2019, the Corporate Reporting Dialogue an initiative bringing together the major ESG standard setters and framework providers globally, including SASB released a report showing high levels of alignment between the frameworks on the basis of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.[56]. Why do we need a global baseline for capital markets? SASB As of the beginning of 2020, of the more than 120 companies using the standards, 76 were based in the US, while 44 were domiciled elsewhere. SASB has developed a unique standard for each industry. Yet, another step towards a more simplified corporate reporting landscape. These tools, already adopted in over 70 countries, comprise the 21st century market infrastructure needed to develop, manage and communicate strategy that creates long-term value and drives improved performance. Clearly there are other ESG issues that matter to society, but the list that are directly related to shareholder value creation is fairly small. [21] It is important to note that SASB's mission statement was revised in 2018, and the Conceptual Framework does not reflect the current mission statement. to support the new International Sustainability Standards Board (ISSB) and drive connectivity between sustainability disclosure and financial statementsread the announcement. Effective August 1, 2022, the Value Reporting Foundationhome to the SASB Standardsconsolidated into the IFRS Foundation, which established the first International Sustainability Standards Board (ISSB). Some of the prominent members of the SASB Foundation Board of Directors have included a former SEC chair, former FASB chair, former mayor of New York City, a chair of the central bank of the Netherlands, De Nederlandsche Bank, chair of the World Benchmarking Alliance, as well as many other distinguished individuals. SASB operates with a set of core principles that guide its approach to standard setting, as defined in its Conceptual Framework. Eccles. Value Reporting Foundation's Post Value Reporting Foundation 9,548 followers 8mo Report this post Report Report. [5] This was completed by August 2022, when all the open SASB Standards projects were transitioned to the ISSB.[6]. Janine Guillot is CEO of the Value Reporting Foundation, a nonprofit that helps businesses and investors develop a shared understanding of drivers of enterprise value. Together, as the Value Reporting Foundation we can go further and faster, working with our partners towards a globally agreed system that supports much needed sustainable development around the world., Michael Bloomberg, Chair Emeritus, Value Reporting Foundation said: Were seeing a lot of great progress on sustainability disclosure and integrated reporting, especially when it comes to the risks and opportunities around climate change. IIRC and SASB form the Value Reporting Foundation, providing comprehensive suite of tools to assess, manage and communicate value. The purpose of the Value Reporting Foundation is to merge SASB and IIRC into a credible, international organization that maintains the integrated reporting framework, advocates integrated thinking, and sets sustainability disclosure standards for enterprise value creation. Trade mark guidelines State Street Global Advisors (SSGA) announced the R-Factor scoring system, a transparent scoring system that generates a unique ESG score for publicly listed companies, measuring the performance of a companys business operations and governance as it relates to financially material ESG challenges facing the companys industry. SSGA uses SASB's materiality framework to generate its scores, explaining that to access appropriate data, we leverage raw metrics from three different ESG data providers, and identify which metrics are material to an industry according to the SASB framework.[49], Bloomberg launched the Bloomberg SASB ESG Index Family[50] in late 2019, leveraging SASB standards and SSGA's scoring system. SASB Standards will continue to be set according to the principles, processes, and practices outlined in the SASB Conceptual Framework and Rules of Procedure. The Value Reporting Foundation The International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) announced their agreement to merge into a unified organization, the Value Reporting Foundation. July 08, 2021, 5:45 p.m. EDT 8 Min Read. Under her leadership, SASB and the International Integrated Reporting Council merged . APPLYING STANDARDS PROJECTS NEWS & EVENTS SERVICES SUSTAINABILITY The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards. As Eccles has noted, For each industry, standards have been established for the ESG issues most likely to be material to investors.[23] SASB developed standards for 77 industries across 11 sectors. [1] SASB Standards guide the disclosure of financially material sustainability information by companies to their investors. [10] Initial funding for the organization came from private donors. After a six-year effort, SASB launched the standards in November 2018.[15]. With employees spread across four continents, the purpose of the VRF to support and develop an advanced corporate reporting system, which it plans to do so through . It also helps us ensure that the website is functioning correctly and that it is available as widely as possible. The IAG's founding members included large, mainstream asset managers such as BlackRock, Goldman Sachs Asset Management, Nordea Asset Management, and State Street Global Advisors, as well as prominent asset owners such as CalPERS, CalSTRS, and Ontario Teachers Pension Plan. Business leaders from Australia, Brazil, Canada, Germany, France, India, Italy, Indonesia, Japan, South Korea, the UK and the US have welcomed the Value Reporting Foundation as a means to enabling robust long-term thinking and more holistic corporate reporting. Public consultations are a key part of all our projects and are indicated on the work plan. "[57] The GRI Standards support broad and comprehensive disclosures for a comprehensive understanding of the organization's impacts on economy, environment, and society. Barbara Zvan, Chief Risk & Strategy Officer of the Ontario Teacher's Pension Plan, also chaired the group from May 2019[48] to April 2020. SASB's approach differs from that of the Global Reporting Initiative (GRI), but the organizations have stated that their standards complement one another. The current chair of the Foundation Board of Directors is Robert K. Steel. How does the Value Reporting Foundation's consolidation with the IFRS Foundation affect the FSA credential? Describes 'sustainability' and its relationship to financial value creation. [37], Vornado Realty, a $13 billion market cap Real Estate Investment Trust (REIT), was the first company to report on sustainability through a current report on SEC Form 8-K and the first company to include an examination report of ESG topics in an SEC filing in 2019. | Source: Some cookies are essential to the functioning of the site. SASB Chair Jeff Hales writes that a market-informed approach to standard setting has always been in SASBs DNA". Eivind Lorgen, CEO and President of Nordea Asset Management in North America, is the current Chair and Hans Op t Veld, Head of Responsible Investment at PGGM, is the Vice Chair of IAG. APPLYING STANDARDS PROJECTS NEWS & EVENTS SERVICES SUSTAINABILITY The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards. If you register with us for a free acccount, you can access PDF files of this year's consolidated IFRS Accounting Standards, IFRIC Interpretations, theConceptual Framework for Financial Reporting andIFRS Practice Statements,as well as available translations of Standards. The Value Reporting Foundation has now consolidated into the IFRS Foundation to support the new International Sustainability Standards Board (ISSB) and drive connectivity between sustainability disclosure and financial statements read the announcement Learn more about the IFRS Foundation SASB Standards Now part of the IFRS Foundation The IFRS Foundation's logo and theIFRS for SMEslogo, the IASBlogo, the Hexagon Device, eIFRS, IAS, IASB, IFRIC, IFRS,IFRS for SMEs, IFRS Foundation, International Accounting Standards, International Financial Reporting Standards, NIIFand SICare registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. The Value Reporting Foundation (VRF) developed tools that connect sustainability, disclosure and financial statements using as its basis the merged work of the International Integrated Reporting Council (IIRC), London, and the Sustainability Accounting Standards Board (SASB), San Francisco. As we are progressing with the Value Reporting Foundation (VRF) consolidation process, and after the IFRS Foundation clarified its plans for the SASB Standards, the International Accounting Standards Board (IASB) Chair Andreas Barckow and International Sustainability Standards Board (ISSB) Chair Emmanuel Faber have communicated plans for . We use analytics cookies to generate aggregated information about the usage of our website. Erkki Liikanen, Chair of the IFRS Foundation Trustees, said: Richard Sexton and Robert K Steel, Co-Chairs of the Value Reporting Foundation Board, commented: 1Any standard-setting proposals of the IASB or ISSB are subject to due process. Thus, as we look ahead, SASB will place greater emphasis on how it complements other approaches, including the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the framework of the Climate Disclosure Standards Board (CDSB), and the Global Reporting Initiative (GRI).[58], SASB is a member of the Better Alignment Project, a project facilitated by the Corporate Reporting Dialogue. SASB's work is overseen by the SASB Foundation Board of Directors and carried out by the Standards Board and SASB staff. Through the Better Alignment Project, participants will map their respective sustainability standards and frameworks to identify the commonalities and differences between them, jointly refining and continuously improving overlapping disclosures and data points to achieve better alignment. What do we do once weve issued a Standard? In researching and developing its standards, SASB identifies the sustainability risks and opportunities for which clear evidence exists that companies in an industry are financially impacted and investors are interested in those impacts. We do not use cookies for advertising, and do not pass any individual data to third parties. The founding chair of the organization's Board of Directors was Robert G. [34], SASB standards and tools enable businesses around the world to identify and manage financially material sustainability issues and communicate on these issues to investors. We do not use cookies for advertising, and do not pass any individual data to third parties. Other cookies are optional. VRF: Value Reporting Foundation, formed in June 2021 through the merger of the IIRC and SASB; Listen: ESG basics in this 21-min podcast. The ISSB will build upon the SASB Standards and embed SASBs industry-based standards development approach into the ISSBs standards development process. The VRF officially consolidated into the IFRS Foundation on August 1, 2022. Your action was not processed, please try again later. Reporting and disclosure-focused organizations the International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB) announced today an agreement to merge and form the Value Reporting Foundation. All legal information Is this a signal to report preparers that they should do both Framework and the SASB Standards? The merger will advance the concepts CDP, CDSB, GRI, IIRC and SASB set out in their Statement of Intent To Work Together Towards Comprehensive Corporate Reporting, which outlines a vision for a comprehensive corporate reporting system. A technical report providing guidance is planned to be published in December. (SASB and GRI have already started a joint workplan designed to help companies use both sets of standards more easily.). Privacy Policy. Janine Guillot, CEO, Value Reporting Foundation said: We have listened to the strong demand from businesses and investors for a simplified corporate reporting landscape. Companies like GM, Merck, Nike, Host Hotels & Resorts, Kilroy Realty, and JetBlue were early adopters of SASB standards, using the provisional standards to report on financially material ESG issues. The FSA Credential continues to be offered under the IFRS Foundation following the consolidation of the Value Reporting Foundation into the IFRS Foundation in August 2022. It means that the often-complained-about reporting burden is not a large one for an investor audience.[28], In 2018, SASB announced a group of 87 industry experts to serve on the organizations inaugural Standards Advisory Group (SAG) the number has since grown to over 150 individuals. Read more. This approach allows SASB to address priority broad themes, regulatory changes, and market trends. Value Reporting Foundation UK is incorporated in England and Wales as a private company limited by guarantee - company no. The Framework provides principles-based guidance for reporting structure and content, while SASB Standards provide specific metrics to help understand non-financial risks and opportunities in greater detail. SASB standards offer an industry-focused perspective on a subset of issues that are financially material. In response, in November 2020 the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) announced their intention to merge into the Value Reporting Foundation, which was officially formed in June 2021. In addition to the State Street and Bloomberg examples cited above, licensing applications include investment strategies from Russell Investments, services from TruValue Labs and RepRisk, and indices developed by ET Index. Preference cookies allow us to offer additional functionality to improve the user experience on the site. By integrating two entities that are focused on enterprise value creation, this merger represents significant progress towards simplifying the corporate reporting landscape. [12] As a result, beginning in 2018, SASB began to encourage (public and private) companies around the world to report using SASB disclosure topics and metrics in all communications with investors not just in US public filings. Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB). For a full list of FAQs, please click here. The IFRS Foundation has today announced the completion of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation. The resources including the Integrated Thinking Principles, the Integrated Reporting Framework and SASB Standardscan be used alone or in combination, depending on business needs. SASB standards average five topics and 14 metrics (79 percent quantitative) per industry.[26]. For example, market input from reporting companies helps SASB leverage commonly used metrics from existing frameworks and regulations to ensure use of the standards is cost-effective. Will there be changes to SASB Standards or how they are set? These tools, already adopted in over 70 countries, comprise the 21st century market infrastructure needed to develop, manage and communicate strategy that creates long-term value and drives improved performance. The PhRMA Foundation's 2022 Annual Report provides an overview of the organization's activities and highlights our 2022 awardees, including summaries of their research projects. The International Framework and SASB Standards will remain complementary tools. SASB was founded as a nonprofit organization in 2011 to help businesses and investors develop a common language about the financial impacts of sustainability. When research and market consultation indicates that issues identified by SASB's project-based model warrant standard-setting, SASB applies the due process outlined in its Rules of Procedure. Across all C-suite executives, the importance of broader information was undisputed, and more business leaders than ever before felt that it is important to consider broader information alongside financial information. Overwhelmingly, business leaders agree that understanding multiple sources of value is important to making timely, well informed decisions, with 99% of respondents to an upcoming Value Reporting Foundation, AICPA and Black Sun survey reporting this belief. [51], The SASB Foundation has licensed its standards and related resources to power a variety of investment strategies, platforms, and products. SASB works to educate future business leaders as well, through ongoing collaboration with colleges and universities, such as Fordham University's Gabelli School of Business. Integrated reporting is a key enabler ensuring business risks are clearly understood, and that there is comparable reporting. Accessibility They include managing registrations. I am excited and confident that the endeavours of the Value Reporting Foundation will take us closer to the opening of that door to what I call the end game., Ilmi Granoff, Program Director, Sustainable Finance, ClimateWorks Foundation said: We are proud to represent a coalition of funders supporting this workThe Value Reporting Foundation will accelerate progress towards a global, standardized, comparable and comprehensive corporate reporting system. In 2019, SASB began a collaboration with the Climate Disclosure Standards Board (CDSB) to create an effective solution for TCFD implementation by global organizations across all industries. This is due to the fact that sustainability issues manifest differently from one industry to another due to differences in business models, resource dependencies, and other factors. SASB initiated a project to update its Conceptual Framework in September 2019.[22]. [61] Fordham currently offers a class which gives students the opportunity to complete various research projects in partnership with the SASB. Read the Annual R eport to learn how Foundation-funded researchers are exploring the frontiers of drug discovery, drug delivery, translational medicine, value . We hope this merger will be a catalyst for the harmonization of sustainability standards and metrics.. We believe it is incumbent on all market participantsinvestors, boards, and management aliketo embrace the disclosure of sustainability risks that bear on a companys long-term value creation prospects.[46]. No, we have been clear on the role of the Framework as the connector that drives holistic and connected reporting across sustainability disclosure and financial and other capital reporting. [9] Its primary aim was to develop standards for use in corporate filings to the U.S. Securities and Exchange Commission (SEC). The IFRS Foundation is focused on continued market participation in the development of IFRS Sustainability Disclosure Standards, as well as on connectivity in the reporting required by the IASB and the ISSB. Privacy and Cookies Policy The Value Reporting Foundation is a global nonprofit organization that offers a comprehensive suite of resources designed to help businesses and investors develop a shared understanding of enterprise valuehow it is created, preserved or eroded over time. SASB offers a Fundamentals of Sustainability Accounting (FSA) credential for professionals interested in improving their understanding of the connections between sustainability information and financial performance. It is a major advancement towards building a more comprehensive and coherent corporate reporting system. But communications equipment, computers and peripherals, and office electronics have very similar sustainability issues. GRIs standards are the leading standards for sustainability reporting to multiple stakeholders, and SASB and GRI continue to be committed to improving the interoperability of the SASB and GRI standards. The conceptual underpinnings of the Frameworks six capitals and the SASB Standards five sustainability dimensions are already well aligned, and under the Value Reporting Foundation, we will link the concepts between the Framework and SASB Standards even further. 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