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What ESG-Related Disclosures Should the SEC Mandate? (Financial Economist Roundtable)

The Financial Economist Roundtable weighs in on the SEC’s proposed climate-related disclosure rules. Their advice: limit rules to ESG related-cash flows and avoid “proxy legislation” of social and environmental policy.

https://www.tandfonline.com/doi/full/10.1080/0015198X.2022.2044718

The Financial Economist Roundtable (FER) is a group of senior financial economists who have made significant contributions to the finance literature and seek to apply their knowledge to current policy debates. FER was founded in 1993 and meets annually. Members attending an FER meeting discuss specific policy issues on which the FER may adopt statements. When the FER issues a statement, it reflects a consensus among at least two-thirds of the attending members, and all the members who sign it support it. The list of signatories for the 2021 statement can be found at http://www.financialeconomistsroundtable.com/.

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2021 in Review

For sustainability, 2021 was a year of strong words, a couple of practical steps forward and some contact with harsh realities. Let’s review.

1) Commitments to net zero increased, but so did carbon emissions.

2) Water scarcity came back into focus.

3) Governments continued to demonstrate unbridled haplessness despite all words and enthusiasm at COP26.

4) The world received its first sustainability accounting body, the most important development of the year..

5) We learned that an energy transition takes years and not months.

6) Greenwashing started to not pay as experienced by Deutsche Bank.

7) China made some noises, and then erected a massive array of coal burning utilities.

8) Germany surrendered its energy policy to Russia.

9) The U.S. came up with a massive climate policy and then failed to pass it.

10) Boards upped their diversity efforts (prompted by SROs/regulators).

Looking forward to seeing what 2022 brings.

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Two significant announcements this past week on ESG standards

  1. IFRS Foundation announces the creation of the International Sustainability Standards Board (ISSB). The Value Reporting Foundation (SASB) and CDSB will be folded into the new organization by June 2022.

https://www.ifrs.org/news-and-events/news/2021/11/ifrs-foundation-announces-issb-consolidation-with-cdsb-vrf-publication-of-prototypes/

2. CFA Institute announces final ESG Investment Product Disclosure Standards

https://www.cfainstitute.org/en/ethics-standards/codes/esg-standards

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Registration is now open for the Sustainability 2.0 Conference at Marquette University!

Monday, October 11, 2021, 11:00 am – 5:00 pm

Campus

Monaghan Ballroom, Alumni Memorial Union

In 2019, Marquette Business held its first ever Responsible Investment Symposium, a successful event that brought together experts on sustainable investment practices from across the country. Since that time, more companies and organizations have adopted ESG and sustainability standards, creating an emerging paradigm for responsible and ethical business practice moving into the future.  

This fall Marquette Business is excited to present the Marquette Sustainability 2.0 Conference. Expanded in size and scope, this conference brings together experts from across the country to discuss this new era of sustainability, featuring top thought leaders from academia and non-profit organizations, as well as chief sustainability executives from firms across a variety of industries. 

Keynote Speaker – Jeffrey Hales, Ph.D

Charles T. Zlatkovich Centennial Professor of Accounting at the University of Texas at Austin & Chair of the SASB Standards Board

Headshot Dr. Jeffery Hales
SASB Logo

To Register:

https://alumni.marquette.edu/sustainability

Website:

https://alumni.marquette.edu/sustainability