C40 Board President Appointed as Chair of Sustainability Standards Board
C40 President of the Board and 108th Mayor of New York City Michael R. Bloomberg has been appointed chair of the Sustainability Accounting Standards Board (SASB), a not-for-profit entity that is developing sustainability accounting standards for publicly-listed U.S. corporations. Investor decision making, to date, has been informed by information disclosed in financial statements, but this information does not tell the complete story of a company's long-term sustainability. Matters such as supply chain challenges and access to natural resources are not uniformly gathered or reported.
Mayor Bloomberg's experience as the founder of Bloomberg LP and expertise as the former chair of C40 make him uniquely equipped for the position.
"More than 30 years ago I started a company on the idea that greater market transparency leads to better investment decisions, and that idea is at the heart of SASB's mission," said Mayor Bloomberg. "The more complete and reliable the information that investors have, the better markets work—and that benefits not only individual investors but all of society."
Former SEC Chairwoman Mary Schapiro will serve as vice chair for the Board of Directors.
To read the press release from the announcement, click here.
For more about the Sustainability Accounting Standards Board, click here.