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<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="A hedge maze within a city center" height="4000" width="5333" msid="93035079" hostid="261"></div><ul class="summary-list"><li>Navigating numerous organizations and frameworks related to sustainable reporting can be confusing.</li><li>It's most important to focus on what's critical for your company's stakeholders, then connect with the right resources to help.</li></ul>When it comes to <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> disclosure, organizations, and metrics, there are a lot of acronyms — from <keyword id="14519825" type="UNKNOWN" weightage="60" keywordseo="sasb" source="Orion">SASB</keyword> to <keyword id="14519826" type="UNKNOWN" weightage="60" keywordseo="gri" source="Orion">GRI</keyword> to <keyword id="14519824" type="UNKNOWN" weightage="60" keywordseo="tfcd" source="Orion">TFCD</keyword>. Between them, they may provide frameworks and guidelines, help set goals, and assess how businesses may be affected by things like climate change. For companies getting started down their own path towards sustainable accountability, it can be daunting. And now that the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> has proposed a rule change that requires companies to disclose climate-related risks to their business, it's imperative that leaders learn to navigate the universe of tools out there — especially because they are likely based on structures already being used by companies. "The proposed disclosures are similar to those that many companies already provide based on broadly accepted disclosure frameworks," according to the <a href="https://www.sec.gov/news/press-release/2022-46" target="_blank" rel="noopener nofollow sponsored">SEC statement announcing the proposed rules</a>. "Such as the Task Force on Climate-Related Financial Disclosures [TFCD] and the Greenhouse Gas Protocol [GHG]."The anticipation of new rules is motivating corporate leaders. "Today, we're on the precipice of regulated ESG in the US, and the EU is moving forward on ramping up its ESG disclosure regulations," said Christine Robinson, a partner in sustainability and ESG services at <keyword id="11939352" type="UNKNOWN" weightage="60" keywordseo="deloitte" source="Orion">Deloitte</keyword>. "There is a sense of urgency to understand the acronyms, how they fit together, and what [they] mean in the context of what could be regulated disclosures."While numerous organizations exist, it's possible to narrow down the important ones by focusing on the stakeholders that are most critical to the company. <h2>First, figure out what's important</h2>Robinson says that before diving into frameworks and guidelines, companies should focus on a materiality assessment that will inform what's necessary to track and report. Therefore, what frameworks and organizations support your needs. "In the context of ESG, that's an assessment of peer and industry benchmarking ... what are the topics the industry is focusing on," she said. For example, companies within the healthcare vertical may have different priorities than companies in retail or real estate sectors. Figuring out what sustainability issues a company's competitor is reporting is a solid way to narrow focus. A materiality assessment also looks at what stakeholders are most critical, whether it's investors, employees, customers, or NGOs. "Engaging with them in a way you can understand the topics they are expecting to hear from you about," Robinson said. "Marry that with what is happening inside the business and with what leadership is seeing and hearing every day."The point is, take the time to figure out what's important to the business and to the people who matter most. "It helps a company think through their priority stakeholders and what their expectations are," Robinson said. "That's going to be a key driver of the standards that are accepted for use in disclosure."And that information will help direct the company to the most important framework or organization.<h2>The rapidly changing nature of global organizations </h2>When speaking to sustainability experts, SASB is an acronym that frequently comes up. It stands for <a href="https://www.sasb.org/about/" target="_blank" rel="noopener nofollow sponsored">Sustainability Accounting Standards Board</a> (SASB) and is "geared to the investor community," Robinson said. "They are grounded in the SEC definition of what is material for a reasonable investor."The board produces the SASB Standards, a set of global guidelines to share with investors the environmental, social, and governance (ESG) issues that impact companies' financial performance. SASB standards are directed toward investors. They are available for 77 different industries, as the issues that impact financial performance often differ depending on the industry.But the world of disclosure organizations has been dynamic over the past year. In fact, as of June 2021, SASB had merged with the International Integrated Reporting Council (IIRC) to form the <a href="https://www.valuereportingfoundation.org/" target="_blank" rel="noopener nofollow sponsored">Value Reporting Foundation</a>. And that, in turn, merged into the <a href="https://www.ifrs.org/groups/international-sustainability-standards-board/" target="_blank" rel="noopener nofollow sponsored">International Sustainability Standards Board.</a>"This is all happening very quickly," Robinson said. "What the ISSB is doing is trying to deliver a comprehensive baseline of global sustainability standards, specifically for investors and capital market participants about a company's ESG risks, performance, and opportunities." <h2>The right framework for the right stakeholders </h2>As those global standards move more companies towards things like integrated ESG and financial reporting, organizations that are just getting started will benefit most by zeroing in on the most important audiences for their information.If employees or customers are the key stakeholders, companies will look to GRI standards. "Employee sentiment may bring up ideals like purpose, and tying the work you do to your own values, that's the sentiment employees bring," Robinson said. "That's not in the SASB standards. That's a place where I would advise companies to look at GRI." The <a href="https://www.globalreporting.org/about-gri/#:~:text=GRI%20(Global%20Reporting%20Initiative)%20is,language%20to%20communicate%20those%20impacts." target="_blank" rel="noopener nofollow sponsored">Global Reporting Initiative</a> (GRI) is an international organization that helps companies worldwide hold themselves accountable for sustainability practices beyond just climate. The <a href="https://www.globalreporting.org/standards/" target="_blank" rel="noopener nofollow sponsored">GRI Standards</a> allow organizations to better understand and report credibly on their impacts on the environment, economy, and people. The standards are designed to encompass a wide variety of stakeholders, including investors, employees, and more. If the key stakeholders are the investment or financial community, TFCD is the acronym of choice. The <a href="https://www.fsb-tcfd.org/about/" target="_blank" rel="noopener nofollow sponsored">Task Force on Climate-Related Financial Disclosures</a> (TCFD) was spearheaded by the Financial Stability Board Chairman Mark Carney and chaired by Mike Bloomberg, the former mayor of New York City and media entrepreneur.It gives companies a framework on what they to disclose to investors and other financial stakeholders to accurately assess climate change-related risks and opportunities. The goal is to drive capital towards more sustainable investments. "You go through the TFCD framework and do things like establish governance at the board and management level, identify risks and opportunities, run through risk mitigation plans and decarbonization strategy, and report metrics," Robinson said. "To help you measure your performance on climate and how you, as a company, are tracking against and anticipating a transition to a low-carbon economy.""It really does all go back to the stakeholder," Robinson said. She said that while the SEC might require investor-facing reports, that doesn't mean companies should stop doing voluntary disclosures on other topics around sustainability that are not financially material. "Companies have to learn how to operate in a world of regulated ESG disclosure. But that doesn't negate or do away with voluntary disclosure to all others but investors."

Acronyms and jargon make sustainability reporting confusing. Focusing on the important stakeholders within your business can clear up the process.

<ul class="summary-list"><li>Robert Flores, VP of <keyword id="11896309" type="UNKNOWN" weightage="60" keywordseo="sustainability" source="Orion">sustainability</keyword> at plastics manufacturing leader <keyword id="13431442" type="UNKNOWN" weightage="60" keywordseo="berry-global" source="Orion">Berry Global</keyword>, said the Fortune 500 company's 2021 <keyword id="12011554" type="UNKNOWN" weightage="100" keywordseo="esg" source="Orion">ESG</keyword> report is "night and day" from earlier efforts.</li><li>Berry Global's ESG reporting has evolved and expanded, with detailed key metrics aligned with its Impact 2025 sustainability strategy and an expanded focus on DE&amp;I initiatives.</li><li>The company reports to several common voluntary ESG disclosure frameworks, including GRI, SASB, and TCFD.</li></ul>Berry Global, a Fortune 500 global manufacturer and marketer of plastic packaging products based in Evansville, Indiana, had no metrics in its first report on sustainability, published in 2017. But the company's 2021 ESG report, published on March 1, is "night and day" from earlier efforts, Robert Flores, VP of sustainability, told Insider. It includes dozens of key metrics as well as reporting to several common voluntary ESG disclosure frameworks, including the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and, new this year, the Task Force on Climate-Related Financial Disclosures (TCFD). ESG reporting, he pointed out, is no longer a nice-to-have — it is table-stakes. "ESG is now an expectation with high visibility for a broad range of internal and external stakeholders, going beyond a niche effort that companies did to go above and beyond," he said. "Everyone's looking at these reports, looking for key metrics — we benchmark our peers to see where they're at and I've had peers tell me that they benchmarked us to help determine their own reporting." Earlier sustainability reporting efforts were targeted, for the most part, to employees, Flores said. Now, the company speaks to a wide, diverse audience of investors and customers, groups that each have long lists of ESG-related questions that require a lengthier, more detailed report. "This is a monster report," he said. "I don't think anyone's going to sit down and read it cover to cover, but it is an opportunity to get all of the latest numbers out there and really helps us throughout the year because we can just point back to that single document." That is particularly true when it comes to the social and governance aspects of ESG, with more and more questions arising around diversity, equity, and inclusion (DE&amp;I). "People want to know what we are doing when it comes to employee engagement and community involvement," he said. "I'm glad to shine a light on that." Still, as a manufacturer, it's not surprising that Berry Global fields the most questions on environmental issues such as greenhouse gas emissions. "And as a plastic company, we also get a lot of questions about what percentage of our packaging is reusable, recyclable, or compostable," he said. "We have the goal to have 100% reusable, recycled, or compostable packaging by 2025, as well as an average of 10% recycled content across our packaging." According to Berry's 2021 ESG report, 86% of the company's packaging is currently reusable, recycled, or compostable, while it has 6.1% recycled content across its total business. However, as more reporting frameworks emerge, the more challenging ESG becomes, Flores admitted. Berry's early reports only included GRI, while SASB soon emerged with some differences "but mainly overlap," he said. In 2021, the company added TCFD for the first time. "We also quite frankly erred on the side of transparency this year," he explained. "Instead of doing GRI Core, we did GRI Comprehensive." That decision was made not only to appeal to stakeholders, but ESG ratings agencies and web crawlers that seek out specific metrics, he added. Overall, though, Flores emphasized that Berry's ESG reporting is meant to be an insightful "good read." "If you look at any given section, I would like to think that it is a complete story in itself that grabs the reader, with key metrics for that topic, our management approach and what we're doing," he said. And by staying on the forefront of voluntary disclosure frameworks, Berry stays ahead of formal requirements by default. "I'm not worried about being caught by surprise when it comes to potential regulatory requirements," he explained. "We follow industry trends so we'll always be ahead of what is required." Still, Flores emphasized that he does not spend most of the year thinking about ESG reporting. "Most of the time I'm thinking about how we're going to be better," he said. "Then, at the end of the year, it's just about reporting that."

ESG reporting has evolved amid rising stakeholder expectations, says Berry Global's VP of Sustainability

<ul class="summary-list"><li>Rebecca House, Rockwell Automation's SVP and chief and legal officer, joined the industrial automation leader in 2017. </li><li>The company's corporate responsibility report, which began publishing annually over 15 years ago, evolved into an ESG-focused <keyword id="49089" type="General" weightage="60" keywordseo="sustainability" source="Orion">sustainability</keyword> report in 2020. </li><li>Rockwell Automation's 2021 Report includes the company's first TCFD (Task Force on Climate-Related Disclosures Report), adding to its SASB and GRI disclosures. </li></ul>For Milwaukee, Wisconsin's Rockwell Automation, a Fortune 500 industrial automation company with reported 2021 global sales of $7 billion, <keyword id="77363" type="General" weightage="100" keywordseo="esg" source="Orion">ESG</keyword> reporting has been "more of an evolution than a revolution," Becky House, senior vice president and chief people and legal officer, told Insider. More than 15 years ago, she explained, the company began producing and publishing what was then called a corporate responsibility report. Two years ago, that evolved into an ESG/sustainability report that reflects market trends and expectations, focused on three key pillars – fostering a sustainable company, customers, and communities. In addition to the title change, Rockwell partnered with an outside consultant to do a materiality assessment, which is the process of identifying, refining, and assessing potential ESG issues. "We took the opportunity to kick the tires and talk to a diverse set of stakeholders – customers, employees, distribution partners, investors, and suppliers – to understand what's important to them across this wide-ranging set of possible ESG focus areas," she said. The company also focused on different structured frameworks that offer industry standards and benchmarks around ESG reporting. That included a SASB (Sustainability Accounting Standards Board) report, and in 2020 Rockwell Automation published their first GRI (Global Reporting Initiative) report. In 2021, the ESG report also included the company's first TCFD (Task Force on Climate-Related Disclosures) report. In addition, there are organizations the industry calls "raters and rankers," that look at company ESG disclosures and rank them across diverse sets of metrics. For example, Rockwell's stakeholders pay attention to Morgan Stanley Capital International (MSCI) and Sustainalytics. "We look at benchmarks around reporting that resonate and give an apples-to-apples comparison," House explained. "We structure our sustainability report to tell our story in a strategic way, but also meet the market demand for some standardized reporting." As the U.S. Securities and Exchange Commission (SEC) shows signs it may soon adopt specific ESG disclosure requirements, the expectation for "tangible, auditable, measurable results has increased, around everything from energy and emissions management and responsible supply chain to ethics, compliance, product quality, DE&amp;I, and health and safety, " she added. However, the big challenge around having so many standards, frameworks, and disclosure expectations is the sheer diversity of approaches, as well as the fact that there is not one right way to measure, House said. "The industry has pretty well-established ways to measure safety, health, and safety of your employee base, or how do you look at the diversity of your workforce. But when it comes to environmental disclosures – Scope 1, Scope 2, and Scope 3 emissions – there are multiple ways to measure." In addition, tracking, reporting, and understanding the data around ESG and turning it into meaningful results is a challenge. "There are different systems and rubrics you need to apply," she said. "It's striking to me…there are lists that are pages long of different potential reporting and metrics, and raters and rankers who want to prioritize one or the other, so how we're graded by one can be materially different from another even though they have access to the same disclosures." Ultimately, Rockwell's 2021 Sustainability Report focuses on the industry it serves and the company's priorities, including a goal to be carbon neutral (Scopes 1 &amp; 2) by 2030; an expansion of the company's corporate sustainability team and function; and the use of Rockwell technologies and expertise to drive sustainable innovations in industries including solar, steel, and packaging. "We are all about making our customers more sustainable and productive, so even as we look at our product and service offerings, we look at how we can make our transparency efforts self-evident to our customers, as well as how our offerings help them achieve their sustainability goals," she explained. "Where is the energy reduction? How can we help them with their carbon footprint?" In a global business like Rockwell Automation, House emphasized that ESG is a key business priority. "It's not just a focus on sustainability because it's a good thing for the whole world, but it also is part of the business imperative," she said. "It's embedded within what we're doing, our product plans, service offerings and approach to the marketplace."

Structured frameworks add standards and challenges to ESG reporting, says Rockwell Automation's SVP and chief people and legal officer

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="A photo of Novartis headquarters building with the logo" height="2756" width="3674" msid="92709566" hostid="261" sizebytes="513936"></div><ul class="summary-list"><li><keyword id="14386095" type="UNKNOWN" weightage="60" keywordseo="novartis" source="Orion">Novartis</keyword>'s first integrated social impact report was released earlier this year.</li><li>A coalition of <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> organizations has recommended integrated reporting to improve the quality of information.</li></ul>In March 2022, global pharmaceutical company Novartis published its first-ever <a href="https://www.reporting.novartis.com/2021/novartis-in-society.html">Novartis in Society</a> integrated report.That means the company combined its report on annual financial performance together with details of its progress toward sustainability goals, or <keyword id="12011554" type="UNKNOWN" weightage="60" keywordseo="esg" source="Orion">ESG</keyword>. Other companies that produce integrated reports include <a href="https://investors.etsy.com/financials/annual-reports-and-proxy/default.aspx">Etsy</a> and <a href="https://corporate.ford.com/social-impact/sustainability.html">Ford.</a> From Ford's 2022 report: "Last year we were proud to launch our inaugural Integrated Sustainability and Financial Report,building on more than two decades of sustainability reporting at Ford and giving our stakeholders a more holistic view of our performance." Such reporting is not new, but it's also not universally adopted. Advocates of this type of reporting say that it deepens the connection between business strategy and sustainable goals.Global organizations for decades have wrangled with not just what to report on sustainability goals, but how to report. Novartis' decision to combine financial and sustainability reporting into one combined overview is something more companies may choose to do as international bodies adopt these standards. <h2>Measuring impact on community health</h2>Public health and sustainability goals are not new to Novartis, but the global pandemic clearly brought them under a new kind of scrutiny. Lutz Hegemon, group head of corporate affairs and global health, told Insider about how the pandemic had impacted the company's community health goals. "Our priority now, more than ever before, is to ensure uninterrupted supply of essential medicines, including antibiotics, to all those who need them, wherever they may be," he said.Hegemann also said that the pandemic had demonstrated how fragile infrastructures and public health systems fail to reap the benefits of health innovation. "COVID-19 reinforces the need to continue to do more to strengthen healthcare systems across the globe as we implement the Novartis Access Principles across our portfolio," he said.To learn more about the Novartis Access Principles, Insider turned to the company's integrated report. "We aim to implement an access strategy for all new medicines launched," the report reads. "These strategies include innovative pricing and access models, earlier launches in low- and middle-income countries, and approaches to strengthen healthcare systems." The report includes a data table of patients reached through "access approaches," at 56.2 million in 2021, including the proportion that was funded by the <a href="https://www.novartis.com/news/media-releases/novartis-reinforces-commitment-patient-access-pricing-eur-185-billion-sustainability-linked-bond">company's 2020 sustainability-linked bond</a>. In keeping with the principles of the integrated report, it also includes broader reporting of the company's financial performance, reflecting $52 billion in net sales, a 4% increase over the past year. <h2>Global reporting standards </h2>Integrated reporting is not a new concept. According to <a href="https://www.esgthereport.com/why-are-integrated-reports-increasing-in-popularity/">ESG - The Report</a>, the International Integrated Reporting Council (IIRC), issued its first global framework in 2013, following consultation with accounting, business, and investor groups. Other acronym-heavy organizations have recently weighed in on the benefits of combining externally facing materials. On <a href="https://www.ifrs.org/news-and-events/news/2022/05/integrated-reporting-articulating-a-future-path/">May 25, 2022</a>, the International <keyword id="12759223" type="UNKNOWN" weightage="60" keywordseo="financial-reporting" source="Orion">Financial Reporting</keyword> Standards Foundation (IFRS), the chairs of the International Accounting Standards Board (IASB), and the International Sustainability Standards Board (ISSB), announced they would be incorporating the IIRC's current framework."We are convinced that the Integrated Reporting Framework drives high-quality corporate reporting and connectivity between financial statements and sustainability-related financial disclosures which improves the quality of the information provided to investors," read a statement by Andreas Barckow, chair of the IASB, and Emmanuel Faber, chair of the ISSB.Hegemann said Novartis decided to merge its previous Novartis in Society ESG Report and Annual Review into one document to "increase the quality of our ESG disclosures by providing a streamlined and integrated view of how we create value for our stakeholders through our purpose and corporate strategy."Novartis tapped the Integrated Reporting Framework in developing the report, as well as SASB Standards provided by the <keyword id="14386096" type="UNKNOWN" weightage="60" keywordseo="value-reporting-foundation" source="Orion">Value Reporting Foundation</keyword>.Standards are constantly evolving, and Hegemann said the integrated approach leaves the company "well positioned to continue to enhance our ESG disclosures and adapt to emerging ESG reporting standards."

Novartis debuted its first integrated sustainability and finance report this year — more companies are likely to follow suit

<ul class="summary-list"><li>The CEO of $7 trillion investment firm BlackRock said in his annual letter on Tuesday that climate change will become the center of the firm's investment strategy </li><li>The risk from climate change will force businesses and investors to shift their strategies, leading to a "fundamental reshaping of finance," Larry Fink said.</li><li>Fink warned that risk will cause a "significant" reallocation of capital "sooner than most anticipate." </li><li>He called on governments, companies, and investors to combat climate change. </li></ul>Climate change will be at the center of $7 billion BlackRock's investment strategy, the firm's CEO Larry Fink announced on Tuesday. In his <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter">annual letter to CEOs</a>, Fink said that climate change will lead to a "fundamental reshaping of finance" and that the evidence on climate change is "compelling investors to reassess core assumptions about modern finance."The move could signal a significant shift in investment banking and business as a whole. Fink's influential letter is highly regarded by CEOs and finance executives, and often sets the tone for the industry. Fink warned that aside from the physical risks, climate change could also impact anything from municipal bonds to 30-year mortgages to inflation and interest rates. "Investors are increasingly reckoning with these questions and recognizing that climate risk is investment risk," Fink said in the letter. He warned companies, investors and governments that "in the near future - and sooner than most anticipate - there will be a significant reallocation of capital." BlackRock will start integrating climate change as a central part of its investing by exiting investments with a "high sustainability-related risk," such as thermal coal producers, Fink said. The firm will also launch new investment products that screen fossil fuels and more broadly make sustainability "integral" to the way it builds investment portfolios. "Our investment conviction is that sustainability- and climate-integrated portfolios can provide better risk-adjusted returns to investors," Fink said. "And with the impact of sustainability on investment returns increasing, we believe that sustainable investing is the strongest foundation for client portfolios going forward." <h2>A call for help from others</h2>Aside from BlackRock's changes in strategy, Fink also called on governments and other companies around the world to combat climate change. "While government must lead the way in this transition, companies and investors also have a meaningful role to play," Fink said. "Every governnment, company and shareholder must confront climate change." He predicted that companies who shift to a more climate-friendly strategy will reap the benefits."Companies and countries that champion transparency and demonstrate their responsiveness to stakeholders... will attract investment more effectively, including higher-quality, more patient capital," he said.Fink also mentioned that BlackRock will work to be more transparent, adding that firm will use frameworks like the Sustainability Accounting Standards Board (SASB) as a set of standards for reporting sustainability information.Beyond that, Fink said BlackRock will use its position as an industry leader and proxy-voting titan to impress environmentally sustainable practices."Where we feel companies and boards are not producing effective sustainability disclosures or implementing frameworks for managing these issues, we will hold board members accountable," Fink said.He continued: "We will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them."

'A fundamental reshaping of finance': The CEO of $7 trillion BlackRock says climate change will be the focal point of the firm's investing strategy

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">GuidestarJames Lum.</div></div></div>Creating the greatest impact on the causes you care about can be a difficult task. Sure, you can donate to a group that claims to support a cause that is close to your heart, but there is no guarantee that the agency you are supporting is using the funds it collects responsibly.That's where Guidestar comes in. The company tracks every IRS-registered nonprofit in the US.The social-good platform provides users with information about each program's mission, legitimacy, impact, reputation, finances, programs, transparency, governance, and more. Business Insider sat down with Guidestar <keyword id="53346" type="POSITION" weightage="100" keywordseo="CFO">CFO</keyword> James Lum to discuss the role of the CFO at a nonprofit and the state of the charitable-giving industry. Business Insider: How is a CFO role different at a nonprofit compared to a for-profit company?James Lum: The biggest difference is the importance of focusing on a mission. Every company has a central reason for being. It's even more important in the nonprofit sector. In fact, it can sometimes blind the organization from other important metrics like financial performance.What is your day-to-day work like at as a nonprofit CFO?JL: I spend a lot of time juggling different tasks. I will typically work with our marketing and sales groups to find the next opportunity. I help them assess their plans and spend a good amount of time finding better ways for my teams to perform. Much of the job lands squarely within the typical CFO realm. I look at daily metrics such as sales and collections, and I examine general daily tasks that are being completed or that need to be finished. I definitely think CFOs in nonprofits spend more time thinking about fundraising. I also manage marketing initiatives at Guidestar. What are the main challenges for CFOs at nonprofits in today's market?JL: Being relevant is often a big question. Nonprofits are under a lot of pressure right now. There is an increasing focus on showing the impact of your mission statement. People are increasingly aware of the importance of impact and want to see it being quantified and tracked over time.Nonprofits are now competing with corporate- and social-responsibility programs, and even startups that are all mixing business and mission. Nonprofits need to show why they are the best at accomplishing a specific goal and with specific types of impact. Are companies and nonprofits being more transparent with how they raise funds and where those funds go?JL: I don't think there is good transparency. Is it better than what we have had in the past? Certainly. Is it where we want it to be? Not at all. Not for corporate-social-responsibility programs, not for nonprofit financials or operations, not for the whole sector.The entire sector is full of vanity metrics. It's what you want to put out. There is no real or strenuous requirement to put things out that are not flattering. Everything that is put out there for the most part is not questioned.Organizations are being more transparent, but there simply isn't a lot of accountability being examined by members of the press, analysts, and outside investors.How can more accountability be achieved?JL: Right now we rely on IRS 990 tax filings to examine a company's current financial situation. Those forms are over a year old. It's not timely. If you were making equity market decisions with year-old data what would happen? Wall Street would fall apart, but that is fundamentally how nonprofits work.Guidestar is personally doing impact calls, which are like earnings calls. Forty-five days after our quarter ends we report on financial and programmatic results. During our calls potential investors have an opportunity to look at what we are doing right then. They can then ask questions and decide to if they want to work with Guidestar or donate to our cause.I would love to see big nonprofits in the United States think about being more transparent and accountable in a more real-time fashion. Do you think for-profits are becoming better at offering transparency?JL: They are doing a better job and they are seizing the momentum from nonprofits and corporate-social-responsibility programs have really matured to a large degree.There is better consistency in standardization amongst that group in how they want to go about industry best practices. They are definitely developing.Things like SASB, the sustainability accounting standards board, and other impact-measure boards are all steps in the right direction at for-profit agencies. It was a fragmented market for standards and metrics, and they are starting to come together.What advice can you give to people who are trying to pick the right charity to support?JL: I would recommend that they be as thoughtful as possible. It is always good to give with your heart. That is the way a majority of Americans give.If you want to make an impact simply be thoughtful about what you think is important. Is it climate change, poverty, education? What social issue do you see as being the problem?Do you want to reduce fossil-fuel usage? Then you should look for the metric that you think is most important and impactful when it comes to reducing fossil-fuel usage, and then you find the people who are looking into that direct impact. You need to look for the outcome and not the output, and after you determine what the outcome is you can find the groups that are looking for the output. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-charitable-country-world-caf-not-the-us-2015-11">The most charitable country in the world is not the US</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B0d2dyeDo-rTMDDm5Re2sBv0AS4mNHmA" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "sasb" and got 6 results

Acronyms and jargon make sustainability reporting confusing. Focusing on the important stakeholders within your business can clear up the process.

Julia Hood,Elisa Xu

ESG reporting has evolved amid rising stakeholder expectations, says Berry Global's VP of Sustainability

Sharon Goldman

Structured frameworks add standards and challenges to ESG reporting, says Rockwell Automation's SVP and chief people and legal officer

Sharon Goldman

Novartis debuted its first integrated sustainability and finance report this year — more companies are likely to follow suit

Julia Hood

'A fundamental reshaping of finance': The CEO of $7 trillion BlackRock says climate change will be the focal point of the firm's investing strategy

Bryan Pietsch

Guidestar's CFO discusses the challenge of being relevant and making an impact as a nonprofit

James Kosur

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