Here are some key takeaways:

• CAQ looked at the most recent publicly available ESG data for S&P 500 companies.
• We found that 95% of S&P 500 companies had detailed ESG information publicly available. The information the CAQ examined was primarily outside of an SEC submission in a standalone ESG, sustainability, corporate responsibility, or similar report. Of the remaining 5%, most companies published some high-level policy information on their website.
• Roughly 6% of S&P 500 companies received assurance from a public company auditing firm over some of their ESG information.

Review the publication on the CAQ's website.

XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. The XML standard is used for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format.

Public comment period details:

SASB seeks public feedback on the draft taxonomy to ensure that it is useful both for data producers as well as data consumers. They encourage you to also consider the following questions as you consider providing a public comment:

1. Do you foresee any issues with the taxonomy being used globally across jurisdictions?
2. Do you have any recommendations to enable wider adoption of XBRL-based SASB reporting?
3. Do you agree with the recommendation of anchoring that we have proposed for taxonomy extension?
4. Should the SASB XBRL taxonomy use elements from GAAP/IFRS taxonomies where applicable?
5. Should the SASB XBRL taxonomy use typed dimensions?
6. Has the taxonomy adequately addressed tagging of TCFD disclosures?

Review the press release and SASB XBRL Taxonomy on the SASB's website.

The SASB Standards Board is an independent standards board that is accountable for the due process, outcomes, and ratification of SASB Standards, including any changes to the Standards. It is part of the Value Reporting Foundation.

The Agenda items in­cluded:

• Standard-setting Agenda Overview
• Standard-Setting Projects
  • Tailings Management in Extractives
  • Systemic Risk in Asset Management
• Other Projects
  • Conceptual Framework
• Additional Research
  • Alternative Meat & Dairy Research Project
  • Marine Transportation Working Group

Re­view the Summary of Meeting Outcomes on the SASB’s web­site.

SASB Standards identify the subset of environmental, social, and governance issues most relevant to financial performance in each of 77 industries. They are designed to help companies disclose financially-material sustainability information to investors.

SASB’s rigorous and transparent standard-setting process includes evidence-based research, broad and balanced participation from companies, investors, and subject matter experts, and oversight and approval from an independent Standards Board. Supporting materials related to the development of the standards are available in the Standard-Setting Archive.

Review the press release and download the standards on the SASB's website.

Consistent with increasing investor focus and reliance on climate and ESG-related disclosure and investment, the Climate and ESG Task Force will develop initiatives to proactively identify ESG-related misconduct.  The task force will also coordinate the effective use of Division resources, including through the use of sophisticated data analysis to mine and assess information across registrants, to identify potential violations.

The initial focus will be to identify any material gaps or misstatements in issuers’ disclosure of climate risks under existing rules.  The task force will also analyze disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies.

Review the press release on the SEC's website.

She is directing the Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings. The Commission in 2010 provided guidance to public companies regarding existing disclosure requirements as they apply to climate change matters.

As part of its enhanced focus in this area, the staff will review the extent to which public companies address the topics identified in the 2010 guidance, assess compliance with disclosure obligations under the federal securities laws, engage with public companies on these issues, and absorb critical lessons on how the market is currently managing climate-related risks. The staff will use insights from this work to begin updating the 2010 guidance to take into account developments in the last decade.

Review the statement on the SEC's website and the 2018 GAO report on the US Government Accountability Office's website.

The introduction to the consultation notes that when the Task Force issued its final recommendations, "it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at the time, and anticipated that metric disclosure would evolve as climate-related financial reporting matured". The developments especially noted are around global standard convergence:

• The “Group of Five” (CDP, CDSB, GRI, IIRC, SASB) and their prototype climate-related financial disclosure standard;
• the announcements of the IFRS Foundation Trustees regarding a possible International Sustainability Standards Board (ISSB), their strategic direction, and the formation of a working group; and
• the IOSCO announcements welcoming the IFRS Foundation initiative and announcing plans to work with the IFRS Foundation as well as noting strong support for this work coming out of its stakeholder groups.

In response to these developments, progress around certain metrics and newly identified areas warranting additional guidance, the TCFD has developed its Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans to serve two purposes:

• to provide general guidance for organizations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities, and
• to propose specific changes to the guidance for all sectors and supplemental guidance in the 2017 final report and in the guidance on implementing the recommendations.

Comments on the proposed guidance, which comes with an associated Measuring Portfolio Alignment: Technical Supplement, are requested by July 7, 2021.

The Task Force will take the consultation responses into consideration when releasing final guidance in the fall of 2021.

Review both documents on the TCFD's website.

The COVID-19 pandemic accelerated digital transformation across enterprises in ways that few could have anticipated a year ago. Not only are many organizations making their operations nimbler and more efficient but they are also adapting to dramatic fluctuations in demand and customer expectations, among other sudden shifts. In this environment, C-suite executives have little time to waste—they must solve for the needs of the here and now while also confidently laying the groundwork needed to create opportunities for future transformation.

Review the full article.

The Financial Accounting Standards Board (FASB) and Securities Exchange Commission (SEC) have been providing guidance, making statements and delivering speeches about accounting and financial reporting considerations for environmental, social and governance (ESG) matters since the beginning of spring to address growing interest and concerns from investors, credit rating agencies, lenders, financial statement preparers, and a host of other stakeholders. The media has covered this regulatory activity, while also focusing much of the discussion about how ESG matters will affect a company’s business strategy, operations, and long-term value.

Lost, however, or what could be viewed as a blind spot in the coverage is a discussion about any related impact on a company’s current accounting conclusions and financial reporting. Accordingly, there have been some questions about whether a company needs to incorporate ESG considerations when preparing its current financial statements. The answer, is a resounding “yes.”

This article looks at certain potential effects of ESG matters on a company’s financial accounting and reporting in the context of the existing accounting guidance and the current regulatory environment. While these effects will vary depending on the company’s industry along with factors such as relevant regulatory, legal, and contractual obligations, all entities should evaluate ESG-related financial accounting and reporting implications.

Review the article on FEI's website.

The paper is a follow-up to the perspectives papers A Framework to Assess ESG Value Creation released in May 2021 and ESG and Business Valuation released in March 2021, which explore how ESG characteristics are, or can be, incorporated into the value measurement process.

Review ESG and Real Estate Valuation on the IVSC's website.