Sustainability Officer Examples

Tuesday, October 19, 2021 11:58:54 PM

Sustainability Officer Examples

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Sustainability Officer

Another example is United Airlines. The airline aims to reduce its environmental impact through the participation of all its suppliers in its Sustainable Supply Chain initiative. While companies like Wal-Mart and United Airlines aim for a complete transformation of their businesses, small companies are setting goals and commitments according to their scope of action. Initiatives mainly focus on cost reductions from energy use, waste management and commuting practices, as well as social actions in the community like local development projects and volunteering campaigns.

Once the goals are established, specific systems and detailed processes need to guide the implementation of each initiative. Throughout the design, processes and policies in place must be taken into consideration and collaboration among areas encouraged. At this point, gaining executive commitment is crucial. The appointment of an internal sustainability champion as the main driver of sustainability and the development of a successful employee engagement model are also good practice. Under the leadership of its CEO Paul Polman, this ten-year sustainability plan has already accomplished considerable progress in its first two years. Under the umbrella of its comprehensive overall sustainability strategy, Unilever is utilizing its wide array of brands to target distinct social issues, invest in sustainable technologies and change consumer behavior.

Unilever has also accomplished to fully embed sustainability across the company and to successfully engage external actors. Lastly, it is important to set a system that measures the performance towards each goal. Defining key performance indicators to meet the identified goals will allow to detect areas for improvement and will gather relevant data to track progress. Metrics and indicators are also central for the reporting and communicating activities of the company.

Internally, the availability of data contributes to the prioritization of issues and initiatives and to promote employee involvement around sustainability. Companies reporting under the Global Reporting Initiative guidelines have already embraced the development of indicators. In addition to these guidelines, the Sustainability Accounting Standards Board is currently preparing frameworks that will standardize sustainability key indicators per sector. Understand sustainability and recognize what it means to the company As a first step, it is important to define what sustainability means for every area in the company and to identify its benefits. Set goals and commitments Once key environmental, social and governance issues have been identified and engagement methods for each stakeholder group have been defined, efforts must focus on reducing risks and seizing opportunities around these issues centered on sustainable practices.

Establish systems and processes Once the goals are established, specific systems and detailed processes need to guide the implementation of each initiative. Track progress, communicate actions and meet expectations Lastly, it is important to set a system that measures the performance towards each goal. 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. SASB standards average five topics and 14 metrics 79 percent quantitative per industry.

Researchers used SASB standards to produce the first significant study that differentiated between those sustainability factors that are likely to have material financial impacts and those that are not. Using historical data, the study tracked the performance of 2, unique firms over 13, 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.

These findings have since been replicated in a variety of contexts. 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. Clearly there are other ESG issues that matter to society, but the list that are directly related to shareholder value creation is fairly small. This is good news for companies. SASB uses a project-based model, approaching updates to the standards on an issue-by-issue basis, rather than updating all the standards at once.

This approach allows SASB to address priority broad themes, regulatory changes, and market trends. 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. SASB's Rules of Procedure establishes the processes and practices followed by SASB in its standard-setting activities, and in its governance and oversight of related activities undertaken by its staff. In establishing a formal governance model, the rules describe SASB's organizational structure, including the roles, composition, and operating procedures of the Standards Board.

The Rules also provide an overview of SASB's standard-setting due process, which involves the systematic, independent evaluation of evidence-based research, stakeholder consultation, proposed updates, public comment, and ratification—all of which are subject to public transparency. SASB maintains a list of current research and standard-setting projects on its website. Industry leaders from many disciplines seek to better understand and manage ESG-related risk and opportunities [31] and many are turning to SASB standards.

SASB standards and tools enable businesses around the world to identify and manage financially material sustainability issues and communicate on these issues to investors. As of the beginning of , of the more than companies using the standards, 76 were based in the US, while 44 were domiciled elsewhere. The global marketplace for unique and creative goods Etsy, Inc. Etsy prepared a detailed sustainability report based on SASB standards, engaged its auditor PwC to provide a review report on its sustainability report, included its sustainability report in its K, and referred readers to its investor relations website, which includes PwC's name and a copy of the review report. Investors and analysts are increasingly looking beyond financial statements for a more comprehensive view of company performance and seeking out sustainability data to enhance their understanding of ESG-related risks and opportunities.

Asset managers and owners around the world have used SASB standards to inform their analysis and decision-making across a variety of asset classes and investment strategies, including fundamental equity and fixed income analysis, index construction, private market fund monitoring, manager evaluation, corporate engagement, proxy voting, and more. While no framework is perfect, BlackRock believes that the Sustainability Accounting Standards Board SASB provides a clear set of standards for reporting sustainability information across a wide range of issues, from labor practices to data privacy to business ethics.

SASB established its Investor Advisory Group IAG in late to provide investor feedback and guidance for the organization, and to demonstrate investor support for a market standard for investor-focused sustainability disclosure. It comprises leading asset owners and asset managers who are committed to improving the quality and comparability of sustainability-related disclosure to investors. These offerings will help investors track companies and create sustainable, long-term value in a way that supports their fiduciary responsibilities.

Rating, ranking, and scoring is the role of licensees. The SASB Foundation has licensed its standards and related resources to power a variety of investment strategies, platforms, and products. Licensing organizations include asset managers and asset owners; banks and multilateral organizations; data, analytics, and research firms; and corporate reporting software companies. SASB standards offer an industry-focused perspective on a subset of issues that are financially material. 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.

Sustainability accounting is an emerging practice, and SASB is working to build expertise in the field. 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. 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. From Wikipedia, the free encyclopedia. Non-profit accounting standards organization. Sustainability Accounting Standards Board. Retrieved Accounting Today. London Stock Exchange Group.

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