Five framework and standard-setting organizations—CDP, CDSB, GRI, IIRC and SASB—have put forth a shared vision for a comprehensive corporate reporting system and a commitment to collaborate to achieve it. The joint statement presents common language and visuals to describe how existing sustainability standards and frameworks can complement generally accepted financial accounting principles (Financial GAAP) and can fit together to form the basis for a coherent and comprehensive corporate reporting system. Read more about the joint statement and its significance.
As outlined in the joint statement, these five frameworks and standards offer complementary approaches. However, each framework and standard is designed for a unique set of stakeholders and objectives. In SASB’s view, companies can use different frameworks and standards to develop a system of disclosure tailored to the unique needs of their stakeholders.
Companies can use SASB Standards to provide a baseline of investor-focused sustainability disclosure. For example, SASB Standards can be used by companies as a practical tool for implementing the principles-based framework recommended by the Task Force for Climate-related Financial Disclosures (TCFD). Similarly, SASB Standards enable robust implementation of the Integrated Reporting (<IR>) framework, providing the comparability sought by investors. Other sustainability-related disclosure frameworks serve their own unique purposes, and ultimately, companies must evaluate and decide which meet the needs of their key stakeholders.