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UPCOMING COMMITTEE MEETINGS D02 June 2024 Committee Week, June 16-20, 2024 JW Marriott Austin, Austin, TX USA
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Bioenergy and Industrial Chemicals from Biomass (E48) Wear and Erosion (G02)
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A ROAD MAP TO ESG
Corporate reporting of environmental, social, and governance metrics will be easier to grasp thanks to an ASTM standard guide currently in the works. BY: JACK MAXWELL
An investor examining the performance of a firm she’s thinking about buying stock in. A government procurement officer who must confirm the hiring and diversity bona fides of a potential contractor. A philanthropist looking for not-for-profit advocacy groups that place a high priority on sustainability.
These are just some examples of individuals seeking a deeper, more nuanced understanding of an organization’s values and strategic positioning than can be afforded by simply examining balance sheets and price-to-earning ratios. But where does one go to find such information? One key source is what are known as ESG disclosures.
ESG stands for environmental, social, and corporate governance (ESG). The term encompasses three specific measures of an organization’s performance that may fall outside the parameters of traditional financial reporting but nonetheless could have a profound effect on its image, attractiveness to investors, and bottom-line results.
Those who “consume” ESG information as part of their decision- making process are not the only stakeholders in this scenario, however. Those who produce the information — regulated entities that are required to disclose it (or that choose to do so voluntarily), municipalities and local governments, nonprofits — also need guidance on how best to present it.
PIN ANNUAL BUYERS’ GUIDE 2024
Fortunately for both those who must compile and disclose ESG information and those who rely on that information, ASTM International is on the case. Through the efforts of the committee on environmental assessment, risk management, and corrective action (E50), with help from the committee on sustainability (E60), a new standard guide is about to be finalized that will help stakeholders on both sides navigate the complex ESG landscape.
WHAT IS ESG?
The acronym is spelled out above, but what exactly do “environmental,” “social,” and “governance” mean in this context?
According to the Corporate Finance Institute (CFI) website, “environmental factors refer to an organization’s environmental impact and risk-management practices. These include direct and indirect greenhouse gas emissions, management’s stewardship over natural resources, and the firm’s overall resiliency against physical climate risks (like climate change, flooding, and fires).”
CFI defines “social” in terms of an organization’s relationship with stakeholders, including employees and the communities in which it operates. Specific elements of this component of ESG
PARALLEL TASK GROUPS
“The Guide for Environmental, Social, and Governance (ESG) Disclosure Related to Climate and Community” (WK77095) is the first product of a task group established within the relatively new subcommittee on climate and community (E50.07). Helen Waldorf, an ASTM member for nearly 30 years and the 2021 recipient of ASTM’s Award of Merit for her contributions to E50, was the driving force behind the creation of this subcommittee in May 2020 and continues to serve as its chair.
include fair wages, worker safety, employee engagement, and how an entity impacts its neighbors.
“Governance,” the third leg of the ESG triad, refers to an organization’s management culture and oversight by its board of directors. According to CFI, one measure is the way shareholder rights are honored and expectations met. Another is whether internal controls that promote transparency and ensure accountability on the part of leadership are in place.
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